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Interra Copper and ArcWest Exploration Execute Rip Copper-Molybdenum Project Option and Joint Venture Agreement
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is p
About this update from Copper Quest Exploration Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) (\"Interra\" or the \"Company\") is pleased to announce that it has executed its Option with ArcWest Exploration Inc. (TSXV: AWX) (\"ArcWest\"), for up to an 80% earn-in and joint venture agreement on ArcWest's Rip Copper-Molybdenum (Cu-Mo) Project (\"Rip Project\" or the \"Project\"), in central British Columbia, a prolific mining region on Canada's west coast. A technical presentation for Rip is available for download here. The Rip Project comprises 2,309 ha and is located about 63 km south of Houston and 79 km southwest of Burns Lake in central British Columbia. The Rip Project is situated in Stikine Terrane in a prolific belt of Late Cretaceous (Bulkley Plutonic Suite) porphyry Cu-Mo deposits, which includes Imperial Metals' Huckleberry Mine, 33 km to the southwest and presently on care and maintenance. In addition to the Huckleberry Mine, the Bulkley porphyry belt includes the Whiting Creek, Poplar, Seel and Ox Cu-Mo (gold-silver) deposits. The fully permitted Rip Project is road accessible from either Houston or Burns Lake. Rip Project Earn-In Agreement with ArcWest Under the terms of definitive agreement, Interra has obtained a two-stage option to earn up to an 80% ownership interest in the Rip Project over up to an 8-year period. In the 1st stage, Interra has the option to earn, over a 4-year staged work-schedule, a 60% beneficial ownership in the Rip Project by issuing 1,050,000 shares of Interra, completing geological and exploration expenditures of C$2,000,000, and paying C$100,000 cash to ArcWest, over a period 4 years and 3 months, until December 31, 2027. Interra will issue 200,000 shares before December 4, 2023. C$25,000 of exploration is required by December 31, 2023, or payment to ArcWest in lieu. Figure 1. Location of Rip Project in North Central BC. The 2nd stage of the earn-in requires Interra to advance the Project to Feasibility Study level in order to obtain an additional 20% for a total of 80% ownership, within 4 years of completing the first tier earn-in, or at the latest December 31, 2031. This 2nd stage of the option requires Interra funding exploration work to reach a Feasibility Study and paying ArcWest C$250,000 per year. Possible extensions are granted to Interra Copp...