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C3 Metals and Freeport Execute Earn-In Agreement for Up To US$75 Million on Bellas Gate Project, Jamaica
Toronto, Ontario--(Newsfile Corp. - February 11, 2025) - C3 Metals Inc. (TSXV: CCCM) (OTCQB: CU...
About this update from C3 Metals Inc.
[{"type":"text","content":"C3 Metals and Freeport Execute Earn-In Agreement for Up To US$75 Million on Bellas Gate Project, JamaicaToronto, Ontario--(Newsfile Corp. - February 11, 2025) - C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) (\"C3 Metals\" or the \"Company\") is pleased to announce that on February 10, 2025 it and certain subsidiary companies have entered into an Earn-In Agreement (\"EIA\") with Freeport-McMoRan Exploration Corporation (\"Freeport\"), a wholly-owned affiliate of Freeport-McMoRan Inc. (NYSE: FCX) relating to C3 Metals' 100%-owned Bellas Gate, Browns Hall and Arthurs Seat Special Exclusive Prospecting Licenses (the \"Bellas Gate Project\") in Jamaica. The Bellas Gate Project is immediately adjacent to the east of C3 Metals' and Geophysx Jamaica Limited's 50/50 joint venture Super Block project (Figure 1). \"US$\" refers to United States dollars. Under the terms of the EIA, Freeport has been granted a two-stage option to acquire up to a 75% ownership interest in the Bellas Gate Project by funding cumulative exploration and project related expenditures of US$75 million.Stage One of the EIA: Freeport is required to fund US$25 million of exploration and project related expenditures over five years to earn a 51% interest in the Bellas Gate Project. C3 Metals will remain the operator of the Bellas Gate Project during Stage One. Stage Two of the EIA: Once Freeport has earned its initial 51% interest, Freeport will have the option to become the operator and to fund an additional US$50 million of exploration and project related expenditures over an additional four years to earn an additional 24% interest in the Bellas Gate Project.Dan Symons, President and CEO, stated, \"Over the last 2.5 years we have gained a tremendous understanding of the geologic potential of the Bellas Gate Project through a systematic approach to our exploration programs. The data we have collected to date suggests the potential for a new and emerging copper-gold porphyry and epithermal belt. The Bellas Gate Project stretches over 18km with multiple porphyries intersected in our drilling campaigns. It is our view that the geometry of the porphyry prospects identified to date suggests we will require advanced targeting methods and extensive drilling to vector into the core of these systems. We believe Freeport is the ideal party aligned on implementing this strategy...