Business
ArcWest Exploration Inc. Signs Oxide Peak Earn-In Agreement with Locrian Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2019) - ArcWest Exploration Ltd. (...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"ArcWest Exploration Inc. Signs Oxide Peak Earn-In Agreement with Locrian Resources Inc.Vancouver, British Columbia--(Newsfile Corp. - December 23, 2019) - ArcWest Exploration Ltd. (TSXV: AWX) (\"ArcWest\" or the \"Company\") is pleased to announce that Locrian Resources Inc (\"Locrian\"), a privately held mineral exploration company that is partly owned by OceanaGold Corp., has entered into an agreement to explore ArcWest's Oxide Peak property (the \"Property\") in northern British Columbia. Locrian can earn an initial 60% interest (\"First Option\") in the Property by funding over a three-year period cumulative exploration expenditures of $2,400,000, and staged cash payments of $55,000. In addition, Locrian will issue to ArcWest 5% of its outstanding shares 12 months from signing, or immediately prior to a going public transaction. A minimum exploration expenditure of $400,000 is required before December 31st, 2020.Tyler Ruks, President and CEO of ArcWest commented: \"ArcWest is pleased to join with Locrian in advancing our Oxide Peak property, an exciting early stage porphyry copper -gold project in the prolific Kemess-Toodoggone porphyry copper-gold and epithermal gold-silver district of northern British Columbia. This agreement is consistent with ArcWest's goal of attracting partners to successfully explore and develop its projects while minimizing shareholder dilution. Discussions with potential joint venture partners for ArcWest's additional porphyry copper-gold projects throughout British Columbia are ongoing.\"Locrian may achieve the First Option by fulfilling the following terms:By December 31st, 2020, funding $400,000 of exploration expenditures on the Property;By December 31st, 2021, funding cumulative aggregate exploration expenditures of $900,000 on the Property, including a minimum 1,000 meters of drilling;By December 31st, 2022, funding cumulative aggregate exploration expenditures of $2,400,000 on the Property, including an additional minimum 1,000 meters of drilling.ArcWest's 100% owned Oxide Peak project is situated in the northern part of the Toodoggone gold-copper district, a region of extensive Early Jurassic porphyry copper-gold (Cu-Au) and epithermal gold-silver (Au-Ag) mineralization, including several past producing Au-Ag mines (Baker, Lawyers, Shasta) and the large Kemess South Au-Cu porphyry deposit. H...