Chalcopyrite and molybdenite at Ike are moderately coarse grained. (Credit: Amarc Resources)
BRITISH COLUMBIA – Vancouver’s Amarc Resources has entered into a farm-in agreement with Hudbay Minerals of Toronto for Amarc’s Ike copper porphyry property near Gold Bridge and the former Bralorne mine.
This is a two-stage agreement. Under the stage one terms, Hudbay can earn a 49% interest by spending a total of $25 million before the end of 2020. Hudbay has already committed $3.3 million for 2017. Stage two involves a further $15 million commitment, also by Dec. 31, 2020, to earn an additional 1%, bringing Hudbay’s interest to 50%.
If the first two stages are completed, Hudbay may elect one of the following paths. It can replace Amarc as operator in a 50:50 joint venture. Or Hudbay can proceed to stage three of the farm in, acquiring an additional 10% interest by funding the provincial and/or federal environmental assessment applications for the Ike project. The project would then go forward as a 60:40 joint venture.
The Ike property is located in south-central British Columbia. Amarc outlined a significant new porphyry discovery over the last three years. Widely spaced drill holes have traced copper-molybdenum-silver mineralization over an area of 1,200 by 1,000 metres and to a depth of 875 metres. The mineralization is open in all directions.
More information about the Ike project is posted at www.AmarcResources.com.