ArcWest Exploration Inc. Closes Acquisition of the Sparrowhawk Property
Vancouver, April 1, 2019 - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest" or the "Company") is pleased to announce that, further to its press releases dated January 22nd and March 20th, 2019, it has closed its 100% acquisition of the Sparrowhawk Property (the "Property"). The Property is situated about 65 kilometers 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 $5,000. The vendor will retain a 1% net smelter return royalty, which can be purchased by ArcWest for a cash payment of $2,000,000.
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."
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43786
