Business
Aurwest Resources Acquires 50% of Stars Porphyry Copper Property
Calgary, Alberta--(Newsfile Corp. - September 27, 2021) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to announce that it h
About this update from Aurwest Resources Corp.
[{"type":"text","content":" Calgary, Alberta--(Newsfile Corp. - September 27, 2021) - Aurwest Resources Corporation (CSE: AWR) (\"Aurwest\" or the \"Company\") is pleased to announce that it has signed a Purchase and Sale Agreement with Pacific Empire Minerals Corp (TSXV: PEMC) (or the \"Vendor\") for their 50% interest in the Stars Property, a copper porphyry project, covering 2,136 hectares (\"ha\") contiguous to Aurwest's Stellar Property in central British Columbia. (See figure 1) The historical exploration activities and analytical results reported in this news release were taken from assessment reports filed with the department of Mines and Energy for British Columbia, BC MINFILES, and public company disclosure. Neither Aurwest nor a qualified person has verified the sampling, analytical, and exploration data contained in this news release. Colin Christensen, President & CEO of Aurwest Resources commented, \"The Stars Property has proven itself to be an exciting early-stage copper discovery. The Property is contiguous with our 24,533 hectare Stellar porphyry copper property, and provides Aurwest significant strategic participation in an early-stage porphyry copper discovery, complimenting the exciting upside we see developing on our Stellar Property. It makes a very compelling exploration package.\" Acquisition Terms Aurwest acquired the Vendor's 50% interest in the Stars Property by way of a Purchase and Sale Agreement, with an effective closing date of September 30, 2021. Terms of the transaction included a cash payment of C$350,000, and also grants to the Vendor a 2% net smelter return (\"NSR\"). Aurwest has the right to repurchase at any time one per cent of the Royalty (1.0%) for consideration of C$1 million dollars. The Stars Property The Stars Property consists of three mineral tenures (2,136 ha), located in the Omineca Mining District, located approximately 65 km southwest of Houston, British Columbia. The Property is located at UTM coordinates 612,900 mE and 6,010,400 mN, on NTS map sheet 093L / 03 and can be accessed by all-season forest roads, including the Chisholm Mainline FSR, which runs directly through the southern portion of the Property. The area comprising and surrounding the Stars property has been explored intermittently since the early 1970's. Historical exploration consisted of mapping, sampling, prospecting, airborne and ...