Vancouver —
The company can acquire the 64-sq.-km Wolverine property by making staged cash payments totalling $225,000 and issuing 450,000 shares over four years. The property is subject to a 2% net smelter return royalty that can be bought outright for $2 million.
The property covers a large-scale gold-copper porphyry target in a geological setting similar to the nearby Galore Creek and Red Chris gold-copper deposits, which are being explored by other junior companies.
Wolverine is 40 km northwest of Telegraph Creek, along the Golden Bear mine road. Previous operators identified a gold-copper soil geochemical anomaly measuring 4,700 metres long and up to 2,100 metres wide. The target is associated with a large regional airborne magnetic high and an intrusive contract.
Geochemical and geophysical surveys will be carried out in an effort to advance the target to the drill stage.
Amarc has other properties scattered across British Columbia, including: the Sitka gold property, near Port Hardy; the Bob and adjacent JMD gold properties, in the Nechako Plateau area; the RAD gold-copper project, near Williams Lake; and the BUCK claims, south of Houston.
The junior has $9.4 million in working capital and is managed by the Hunter-Dickinson group.
Be the first to comment on "Amarc acquires gold-copper project"