Vancouver — Hunter-Dickinson-led sister companies Rockwell Ventures (RCW-V) and Amarc Resources (AHR-V) have added new properties to their portfolios and inked a property reorganization agreement giving Amarc the right to explore the Fox River project in Manitoba.
“This series of transactions better matches the properties with the available corporate financial resources.” Says Rockwell’s CEO, Ronald Thiessen.
Amarc takes over the Fox River nickel-copper-platinum-palladium project from Rockwell by assuming exploration expenditures of $2.5 million and issuing up to 1 million two-year warrants initially exercisable at $1. The junior then holds the option to earn a 60% interest in the property from Falconbridge (FL-T) by spending $12.5 million over five years. The Fox River project covers a 150-km section of the Fox River belt, a 10-by-25 km sequence of Proterozoic rocks hosting on the World’s largest ultramafic intrusive complexes, in northern Manitoba.
“Amarc warrants will provide Rockwell shareholders with a continuing indirect interest in Fox River’s mineral potential,” adds Theissen.
In a separate deal, Amarc inked a deal to purchase the Inde gold property in Durango state, Mexico. The company must reimburse Hunter Dickinson’s cost of US$475,000, and pay the local vendor US$3.775 million over 4 years.
The 275-ha Inde property hosts gold-bearing carbonate replacement mineralization. Historical production exceeds 1 million oz. of gold over a strike length of 1.3 km. The oxide mineralization reported grades from 15-to-20 grams gold per tonne over an average width of 5 metres.
Rockwell can earn a 60% interest in a new nickel-copper discovery located somewhere in eastern Canada. Discovered by Falconbridge, the property reportedly hosts a Voisey Bay style target. The junior can earn a 60% stake by spending $10 million by April 30, 2006. The exact location is being kept quite, while additional staking is ongoing.
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