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ArcWest Exploration Inc. Signs Eagle Earn-In Agreement with Wedgemount Resources Corp.
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2020) - ArcWest Exploration Inc. (TS...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"ArcWest Exploration Inc. Signs Eagle Earn-In Agreement with Wedgemount Resources Corp.Vancouver, British Columbia--(Newsfile Corp. - October 5, 2020) - ArcWest Exploration Inc. (TSXV: AWX) (\"ArcWest\" or the \"Company\") is pleased to announce that Wedgemount Resources Corp. (\"WMR\") has entered into an agreement to explore ArcWest's Eagle property (the \"Property\") in northern British Columbia, located approximately 90 kilometers northwest of Fort St. James. The project is situated midway between several significant copper-gold deposits. Centerra Gold's Mt. Milligan mine is located approximately 50 kilometers to the east. The advanced stage Kwanika porphyry copper-gold deposit (Serengeti Resources Inc. and Posco International Corp.) and the neighbouring Stardust carbonate replacement copper-gold deposit (Sun Metals Corp.) are located approximately 50 km to the northwest.WMR can earn an initial 60% interest (\"First Option\") in the Property by funding a total of $2,050,000 in exploration expenditures over a three-year period in addition to staged payments totaling $110,000 and 1,350,000 shares. A minimum exploration expenditure of $50,000 is required before December 31st, 2020.Payments to ArcWest can be made as cash or WMR shares or a combination of 50% cash and 50% WMR shares at ArcWest's election. Tyler Ruks, President and CEO of ArcWest commented: \"ArcWest is pleased to partner with Wedgemount in advancing our Eagle property, which is host to an underexplored porphyry copper-gold system of significant size. This agreement with WMR is consistent with ArcWest's goal of attracting partners to successfully explore and develop base and precious metals exploration opportunities while minimizing shareholder dilution.\"WMR may achieve the First Option by fulfilling the following:paying to ArcWest $110,000 and 1,350,000 common shares as follows:$15,000 and 150,000 common shares on signing of the agreement;$10,000 and 250,000 common shares on the commencement of trading of WMR's common shares on the Canadian Securities Exchange; $25,000 and 250,000 common shares on or before December 31, 2021;$30,000 and 300,000 common shares on or before December 31, 2022; and,$30,000 and 400,000 common shares on or before December 31, 2023.incurring $2,050,000 in exploration expenditures on the property as follows: not less than $50,000 on or be...