ArcWest Exploration Inc. Closes Acquisition of the Sparrowhawk Property
ArcWest Exploration Inc. Closes Acquisition of the
Sparrowhawk Property
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2019) -
ArcWest Exploration Inc. (TSXV: AWX) ("
ArcWest
" or the
"
Company
") is pleased to announce that, further to its press releases dated January 22
nd
and March 20
th
, 2019, it has closed
its 100% acquisition of the Sparrowhawk Property (the "
Property
"). The Property is situated about 65 kilometers northeast of
Smithers, British Columbia, and 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 Company acquired a 100% interest in the Property through the issuance of 87,000 common shares to the vendor, Rolland
Menard, and a cash payment of $5,000. The vendor will retain a 1% net smelter return royalty, which can be purchased by
ArcWest for a cash payment of $2,000,000.
ArcWest President & CEO Tyler Ruks commented:
"The Babine area is a significant porphyry copper-gold district in British
Columbia which includes Glencore's past-producing Bell and Granisle mines, and Pacific Booker's advanced stage Morrison
project. 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. 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. We are looking forward to exploring the project in 2019."
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/43786