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ArcWest Exploration (TSXV: AWX) closed today the 100% acquisition of the Sparrowhawk property near Smithers, in the western Canadian province of British Columbia.
In a press release, the Vancouver-based miner explained that it decided to go ahead with the purchase because the property 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 Babine Porphyry
Belt. Map by ArcWest Exploration.
“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,” ArcWest President & CEO, Tyler Ruks, said in the media statement. “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.”
To complete the acquisition of the copper-gold project, ArcWest had to issue 87,000 common shares to the vendor, Rolland Menard, and proceed with a cash payment of $5,000. Menard will retain a 1% net smelter return royalty, which can be purchased by ArcWest for a cash payment of $2 million.
