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/