Business
Pacific Bay Signs Weaver Gold Property Option/Joint Venture Agreement
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2026) - Pacific Bay Minerals Ltd. (TSXV...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Signs Weaver Gold Property Option/Joint Venture AgreementVancouver, British Columbia--(Newsfile Corp. - January 6, 2026) - Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") reports that the Company has signed a Letter of Intent with Aurwest Resources Corporation (CSE: AWR) (\"Aurwest\") whereby Aurwest can earn a 50% interest in the Company's 100% owned Weaver Gold Project over three years (the \"LOI\").About Weaver Gold Located in southwestern British Columbia's prolific East Harrison Lake Belt, the Property hosts strong potential for orogenic gold-silver mineralization hosted in structurally controlled quartz-carbonate vein systems, with historical exploration yielding impressive high-grade results, including up to 63.77 g/t gold and 2,009.44 g/t silver from trench sampling, and multiple drill intercepts with multi-gram gold and silver over metre-scale widths. Situated near excellent infrastructure with year-round access via paved highways and forestry roads, the 725-hectare Property also offers secondary upside for magmatic nickel-copper sulphide mineralization, drawing parallels to the Pacific Nickel (Giant Mascot) Mine. The Company believes that Weaver Gold warrants continued exploration, supported by its favorable geological setting, confirmed mineralization continuity, and untapped potential along strike and at depth. \"Pacific Bay welcomes this partnership with Aurwest and looks forward resuming exploration at Weaver Gold in the near term,\" said PBM President & CEO David H. Brett. \"We are excited about the surging price of gold and believe Weaver Gold has significant potential.\"Under the LOI, Aurwest can earn a 50% interest in the Property by making cash and share payments over three years and completing exploration work as follows:Upon signing of this Agreement, $10,000 and 500,000 shares of Aurwest.Upon receipt of regulatory approval, payment to PBM of $20,000 worth of common shares of Aurwest based on the 20-day Volume Weighted Average Price of Aurwest (\"VWAP\").On or before the first anniversary of the LOI: $15,000 cash; $25,000 worth of Aurwest shares based on the VWAP; and $75,000 in exploration work on the Property.On or before the second anniversary of the LOI: $20,000 cash; $75,000 worth of Aurwest shares based on the VWAP; and an additional $100,000 in explorati...