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
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43786