Business
ArcWest Exploration Inc. Signs Todd Creek Earn-In Agreement with Central Timmins Exploration Corp.
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - ArcWest Exploration Ltd. (TSXV:...
About this update from Arcwest Exploration Inc.
[{"type":"text","content":"ArcWest Exploration Inc. Signs Todd Creek Earn-In Agreement with Central Timmins Exploration Corp.Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - ArcWest Exploration Ltd. (TSXV: AWX) (\"ArcWest\" or the \"Company\") is pleased to announce that Central Timmins Exploration Corp. (\"CTEC\") has entered into an agreement to explore ArcWest's Todd Creek property (the \"Property\") in northern British Columbia. The Todd Creek property is located in BC's Golden Triangle, approximately 35 kilometers southeast of Pretivm Resources Inc.'s Brucejack mine, and Seabridge Gold's giant KSM-Iron Cap porphyry copper-gold deposits. CTEC can earn an initial 51% interest (\"First Option\") in the Property by funding over a five-year period cumulative exploration expenditures of $15,000,000 and staged payments of $1,150,000. A minimum exploration expenditure of $500,000 is required before December 31st, 2020, which includes a mandatory minimum of 1,000 meters of diamond drilling.Payments to ArcWest can be made as cash or CTEC shares or a combination of 50% cash and 50% CTEC shares at ArcWest's election. Tyler Ruks, President and CEO of ArcWest commented: \"ArcWest is pleased to join with CTEC in advancing our Todd Creek property which is host to some of the most compelling porphyry copper-gold and volcanogenic massive sulfide exploration targets in British Columbia. Joe Ovsenek and the team at CTEC have a track record of exploration success and mine construction in British Columbia, having most recently played critical roles in the construction of Pretivm's Brucejack Mine and the transformation of Pretivm into a multi-billion dollar company. This agreement with CTEC is consistent with ArcWest's goal of attracting partners to successfully explore and develop base and precious metals exploration opportunities while minimizing shareholder dilution.\"Explorers in BC's Golden Triangle are currently undergoing a surge in investment and a significant appreciation in share price. ArcWest has recently received multiple expressions of interest in its Oweegee Dome porphyry copper-gold exploration project, located due east of Seabridge Gold's giant KSM-Iron Cap porphyry copper-gold system and Tudor Gold's Treaty Creek project. \"ArcWest's porphyry copper-gold projects will undergo at least $1.5 million in mandatory minimum partner funded explorat...