https://www.engineeringnews.co.za

Amarc options 60% stake in Joy copper/gold project to Hudbay

26th August 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Vancouver-based exploration junior Amarc Resources has agreed to option its Joy copper/gold project to Toronto-based Hudbay Minerals, the company announced last week.

The deal is structured like one Hudbay entered into with Amarc on the Ike copper/molybdenum property last month.

Under the first stage of the accord, Hudbay gained the right to earn a 49% interest in the Joy property, located 25 km north of AuRico Metals’ Kemess South mine project, by making staged payments totalling C$15-million before December 31, 2020. Hudbay will have to make an initial payment of C$1.9-million for 2017.

Stage two enables Hudbay to earn a further 1%, if the accumulated spending to the end of 2020 totals C$20-million. Amarc will be the operator during stages one and two.

The farm-in agreement also contains a provision to form a joint venture when Hudbay has acquired a 49% interest. Alternatively, should Hudbay earn its 50% interest, it can become operator of the project and earn an extra 10%, bringing its interest to 60%.

Earlier prospectors took surface samples from the Joy property, but no drilling has been done. Amarc believes that the targets at Joy are the northern extension of the Kemess porphyry copper/gold district.

Historical soil and rock sampling along with a recent soil survey, has revealed a regionally significant, 9 km2 copper, gold, molybdenum, silver and zinc geochemical anomaly, which potentially reflects a large and shallowly buried, copper/gold porphyry deposit.

“We believe that Joy has the potential to be a significant, new copper/gold camp in northern British Columbia, and an important extension to the Kemess district. Having secured the required permits, our crews have mobilised to the field to undertake a comprehensive exploration programme, including drilling, to assess the substantive porphyry copper/gold deposit targets,” stated Amarc president Diane Nicolson in a news release.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.16 0.227s - 156pq - 2rq
Subscribe Now