- ArcWest Exploration (AWX) has signed an earn-in agreement with Freeport-McMoRan Mineral Properties Canada Inc
- The earn-in agreement is for the purposes of advancing ArcWest’s Todd Creek copper-gold (Cu-Au) project, located in BC’s Golden Triangle
- To earn an initial 51-per-cent interest, Freeport is required to fund C$20 million of work expenditures over a five-year period and make staged cash payments to ArcWest totalling C$900,000
- ArcWest Exploration Inc. is a project generator focused on porphyry copper-gold exploration opportunities throughout western North America
- Arcwest Exploration Inc. (AWX) was up 63.636 per cent, trading at $0.09 at 9:54 AM ET
ArcWest Exploration (AWX) has signed an earn-in agreement with Freeport-McMoRan Mineral Properties Canada Inc.
The earn-in agreement is to advance ArcWest’s Todd Creek copper-gold (Cu-Au) project, located in BC’s Golden Triangle.
ArcWest’s 100-per-cent-owned Todd Creek project adjoins Newcrest Mining’s Brucejack mine property. In March 2022, Newcrest acquired Pretium Resources and its Brucejack mine in a transaction valued at C$3.5 billion.
The Todd Creek project is also situated approximately 40 km southeast of Seabridge Gold’s giant KSM-Iron Cap porphyry Cu-Au deposits and Tudor Gold’s Treaty Creek Au-Ag-Cu project.
Collectively, the KSM-Iron Cap and Treaty Creek deposits represent one of the largest Au-Cu concentrations in North America. Contained metal within Proven plus Probable Reserves at KSM-Iron Cap total 38.8 million ounces (oz) Au, 183 million oz Ag and 10.2 billion pounds of copper.
“ArcWest looks forward to advancing our Todd Creek project in partnership with Freeport, one of the world’s largest copper miners and a team with a track record of global copper-gold discoveries that have proceeded to mine development,” said Tyler Ruks, President and CEO of ArcWest.
Under the terms of the earn-in agreement, Freeport has a two-stage option to earn up to an 80-per-cent ownership interest in the Todd Creek project over up to a 10-year period.
To earn an initial 51-per-cent interest, Freeport is required to fund C$20 million of work expenditures over a five-year period and make staged cash payments to ArcWest, totalling C$900,000. ArcWest will be the operator during the initial earn-in period.
Upon Freeport earning such 51-per-cent interest, it can elect, at its sole discretion, to earn an additional 29-per-cent ownership interest in the Todd Creek project (for a total 80-per-cent interest) by sole funding a further C$30 million within the following five years and make staged cash payments to ArcWest, totalling C$750,000.
Once Freeport has finalized its earned ownership interest at either the 51-per-cent or 80-per-cent level, each party will be responsible for funding its pro rata share of project costs on a 51:49 or 80:20 basis.
ArcWest Exploration Inc. is a project generator focused on porphyry copper-gold exploration opportunities throughout western North America.
Arcwest Exploration Inc. (AWX) was up 63.636 per cent, trading at $0.09 at 9:54 AM ET.
