ArcWest Exploration completes Sparrowhawk property acquisition
Published by Claire Cuddihy,
Assistant Editor
Global Mining Review,
ArcWest Exploration Inc. (ArcWest) has announced that, further to its press releases dated 22 January and 20 March 2019, it has closed its 100% acquisition of the Sparrowhawk property. The property is situated about 65 km northeast of Smithers (British Columbia), and is adjacent to two significant porphyry copper-gold deposits, including Glencore Canada’s Bell and Granisle mines and Pacific Booker’s advanced stage Morrison project.
The company acquired a 100% interest in the property through the issuance of 87 000 common shares to the vendor, Rolland Menard, and a cash payment of CAN$5000. The vendor will retain a 1% net smelter return royalty, which can be purchased by ArcWest for a cash payment of CAN$2 million.
ArcWest President & CEO Tyler Ruks commented: “The Babine area is a significant porphyry copper-gold district in British Columbia which includes Glencore’s past-producing Bell and Granisle mines, and Pacific Booker’s advanced stage Morrison project. The Sparrowhawk Property is situated in between the Bell-Granisle and Morrison deposits, with mineral claims that are contiguous with both Glencore’s and Pacific Booker’s land positions. Importantly, the Sparrowhawk property is situated along a prospective corridor which contains both the controlling structures for Babine-district porphyry copper-gold deposits, and associated, widespread porphyry copper-gold occurrences and high grade breccias, all of which remain untested by drilling. We are looking forward to exploring the project in 2019.”
Read the article online at: https://www.globalminingreview.com/finance-business/02042019/arcwest-exploration-completes-sparrowhawk-property-acquisition/
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