ArcWest Provides Exploration and COVID-19 Health and Safety Update
Vancouver, May 21, 2020 - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to provide an update on partner-funded exploration activities planned for 2020. Collectively, ArcWest's porphyry copper-gold-molybdenum projects will undergo a minimum of $1,050,000 CAD in partner-funded exploration in 2020 including a first phase drill program at Teeta Creek (optioned to Teck Resources Limited "Teck" in October 2019); as well as mapping, sampling and geophysical programs at NVI (optioned to Teck in December 2019) and the Oxide Peak projects (optioned to Locrian Resources Inc. "Locrian" in December 2019). Details regarding the Teeta Creek, NVI and Oxide Peak earn-in and joint venture agreements can be found in ArcWest 2019 press releases dated October 15th, December 20th and December 23rd respectively.
Tyler Ruks, President and CEO of ArcWest commented: "ArcWest is pleased to explore its northern Vancouver Island and Kemess district porphyry copper-gold-molybdenum projects in partnership with Teck and Locrian, respectively. These agreements are consistent with ArcWest's goal of attracting partners to explore and develop projects while minimizing shareholder dilution. Advanced stage discussions with prospective partners for ArcWest's additional porphyry copper-gold projects throughout British Columbia are ongoing."
Teeta Creek
ArcWest's 100% owned, road accessible Teeta Creek project is located near Port Alice on Northern Vancouver Island. Teeta Creek is 23 kilometers south of BHP-Billiton's past producing Island Copper porphyry copper-molybdenum-gold mine and 40 km south of NorthIsle Copper and Gold's advanced stage Hushamu porphyry copper-gold project, currently being explored under an earn-in agreement with Freeport McMoRan. Porphyry copper mineralization at Teeta Creek was explored between 1967 and 1976 by Newmont, Cities Service Mineral Corp. and others. Eleven diamond drill holes completed during this period outlined a 950 by 500 meter zone of porphyry copper mineralization which remains open in all directions. Highlight drill intercepts include 0.35% Cu over 67.1 meters in S75-1, and 0.36% Cu over 36.5 meters in S68-3. Recent work by ArcWest and Seven Devils Exploration identified broad zones of intensely altered porphyry dykes, multistage breccias and porphyry Cu-Mo veins over 700 meters north and 200 meters elevation above the zone of historical drilling. Rock samples from the new exposures returned up to 0.473% Cu and 0.031% Mo. In addition, newly identified, porphyry hosted epithermal mineralization within structurally controlled zones of suspected advanced argillic alteration returned up to 21.1 g/t Au. Collectively, these newly discovered alteration zones suggest the Teeta Creek porphyry Cu and associated epithermal Au-Ag system is larger than previously recognized. Overall dimensions now measure at least 3 by 2 kilometers and remain open to the north and south.
Teck is planning a first phase drill program at Teeta Creek consisting of approximately 1000 drill-meters scheduled to commence in Fall 2020, subject to the removal of COVID19 travel restrictions. A minimum exploration expenditure of $500,000 CAD is required before December 31st, 2020.
NVI
ArcWest's 100% owned, road accessible NVI project is located approximately 16 km southwest of BHP-Billiton's past producing Island Copper porphyry copper-molybdenum-gold mine and approximately 40 km south of NorthIsle Copper and Gold's advanced stage Hushamu porphyry copper-gold project, part of which is currently being explored under an earn-in agreement with Freeport McMoRan. The 8529 hectare NVI property was staked to cover a zone of recently discovered porphyry copper style veining (NVI showing; see ArcWest August 23rd press release), multiple historic copper occurrences and a large belt of Miocene volcanic-intrusive centres that have recently been recognized as prospective for porphyry copper-gold mineralization. Similarly aged intrusions in northern Vancouver Island are host to significant porphyry copper-molybdenum-gold mineralization, including ArcWest's nearby Teeta Creek project, which was optioned to Teck in an earn-in agreement announced on October 15th.
On the west side, the NVI property is underlain by a multiphase dioritic intrusive complex containing porphyry copper style veining which extends 115 meters before disappearing under forest cover. The zone of porphyry style stockwork comprises early magnetite-chalcopyrite veins cut by quartz-magnetite-chalcopyrite+/-bornite veins. Chalcopyrite mineralized miarolitic cavities are locally abundant. Historic copper occurrences on the east side of the property have never been systematically explored and include showings described as porphyry related by previous workers.
Teck is planning a mapping, sampling and geophysical program at NVI. The program schedule is subject to the removal of COVID19 travel restrictions. A minimum exploration expenditure of $150,000 CAD is required before January 15th, 2021.
Oxide Peak
ArcWest's 100% owned Oxide Peak project is situated in the northern part of the Toodoggone gold-copper district, a region of extensive Early Jurassic porphyry Cu-Au and epithermal gold-silver (Au-Ag) mineralization. Past producing Au-Ag mines include Baker, Lawyers, Shasta and the large Au-Cu porphyry Kemess South deposit. Historical production in the district exceeds 3.2 million ounces of gold and 360,000 tonnes of copper (MINFILE, 2020). The property adjoins ground currently being explored for porphyry copper-gold by Freeport McMoRan. Neighbouring claims also include Benchmark Metals' Lawyers project.
The 8437 ha Oxide Peak property contains multiple undrilled zones of copper-gold mineralization that have yet to undergo systematic mapping and geophysical surveys. Historical grab samples from the property have returned assays up to 43.32 g/t Au and up to 3.64% Cu. In addition, the property contains zones of strong gold in stream sediment anomalies, including samples in excess of 10 g/t Au, that have yet to be traced to source (see ArcWest press release, July 26th 2019).
Locrian is planning a mapping, sampling and geophysical program at Oxide Peak, with an airborne magnetic survey of the property scheduled to commence June 2020. A minimum exploration expenditure of $400,000 is required before December 2020.
COVID-19 Safe Operations Protocols
In response to the COVID-19 pandemic, ArcWest has adopted safe operations protocols (SGDS HIVE, 2020) made available by the British Columbia Association for Mineral Exploration:
https://amebc.ca/wp-content/uploads/2020/04/20200416-AME_HIVE_COVID_FieldGuidelines.pdf
About ArcWest Exploration Inc.
ArcWest Exploration is a project generator focused on porphyry copper-gold exploration opportunities throughout western North America. The company is in possession of nine 100% owned projects throughout BC's premier porphyry copper-gold districts. By conducting partner-funded exploration on multiple exploration projects simultaneously, ArcWest's chances of discovery are enhanced while exposing shareholders to minimal dilution. The company is managed by an experienced technical team with a track record of discovery and a reputation for attracting well-funded senior partners, including Freeport McMoRan, Robert Friedland group companies, ITOCHU, Antofagasta and Teck.
Qualified Person
ArcWest's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Jeff Kyba, PGeo, VP Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101.
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695.
Investors are cautioned that ArcWest Exploration Inc. has not verified the data from the Island Copper, Hushamu and Kemess deposits. Further, the presence and style of mineralization on these properties is not necessarily indicative of similar mineralization on the ArcWest Exploration Inc. property. Historical assays from the Teeta Creek drill programs have not been verified by ArcWest but have been cited from sources believed to be reliable.
This news release contains statements about ArcWest's expectations and are forward-looking in nature. As a result, they are subject to certain risks and uncertainties. Although ArcWest believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and ArcWest undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56273