ArcWest Provides an Exploration Update for its Oweegee Porphyry Copper-Gold Project in B.C.'s Golden Triangle
ArcWest Provides an Exploration Update for
its Oweegee Porphyry Copper-Gold Project in
B.C.'s Golden Triangle
Vancouver, British Columbia--(Newsfile Corp. - November 8, 2023) - ArcWest Exploration (TSXV: AWX)
is pleased to provide an exploration update on completion of the 2023 3-D induced polarization (IP)
program on its Oweegee Porphyry Copper-Gold (Cu-Au) Project located within British Columbia's
renowned Golden Triangle, funded by partner Sanatana Resources (TSXV: STA) (see Sanatana news
release dated
October 4, 2023
). The 2023 IP program of 8.5 line kilometers expanded survey coverage
over one kilometer to the east, augmenting previous surveys in 2021 and 2022. The 2023 program has
outlined a 1 by 2 km chargeability anomaly (the "Junction" target), which provides a compelling untested
drill target situated beneath the overlying, variably Cu-Au mineralized QSP-altered porphyries and
associated breccias of the Delta Zone (
Figure 1
).
The Oweegee Cu-Au Project is situated proximal to Highway 37 and the Northwest Transmission Line.
The project covers a 152 square kilometer structural dome exposing a thick section of Stikine terrane,
host to numerous large copper-gold deposits, including Red Chris (Newmont Mining-Imperial Metals),
Saddle North (Newmont Mining), Galore Creek (Newmont Mining-and Teck Resources), and KSM-Iron
Cap (Seabridge Gold), among others. The Oweegee project is approximately 45 km east of Seabridge
Gold's giant KSM-Iron Cap porphyry Cu-Au deposits as well as Tudor Gold's Treaty Creek Au-Ag-Cu
project and Newmont Mining's recently acquired Brucejack Au-Ag mine. Collectively, the KSM-Iron Cap
and Treaty Creek deposits represent one of the largest Au-Cu concentrations in North America.
Contained metal within Proven plus Probable Reserves at KSM-Iron Cap total 38.8 million ounces (oz)
Au, 183 million oz Ag and 10.2 billion pounds of copper. Tudor recently released a measured plus
indicated resource estimate of 17 million oz Au and 93 million oz Ag.
Highlights
8.5 line-kilometers of new IP surveying were completed in 2023
Junction chargeability anomaly extended to a 1 by 2 km area, representing a large, untested drill
target
2023 IP Program
The 2023 induced polarization (IP) program surveyed approximately 8.5 line-kilometres using Dias
Geophysical's distributed array deep IP ("DCIP") survey system. The program was completed between
late August and mid-September, and augments the 17 line-kilometres of IP completed in 2021-2022,
also using the Dias system. The Dias DCIP system provides full, high quality, and high-resolution 3-D
resistivity and induced polarization models of the subsurface.
The primary goal of the 2023 survey was to
extend coverage toward porphyry-style copper-gold mineralization discovered in 2022 on the east side
of Bear Valley (see ArcWest news release, April 26, 2023) and to close off the Junction anomaly
discovered in 2022. Bear Valley is largely covered by recent glacial deposits and geophysical
techniques are required to define the Oweegee mineral system beneath the broad glacial valley.
The Junction anomaly partly outlined by the 2021-2022 3-D IP model extended over a 300 m by 750 m
area, open to the east, mostly 300 m below surface.
The 2023 program greatly enlarged the Junction
anomaly (14 to 28 mV/V) which now extends over 1 km wide, 2 km along strike and extends to depth
limits of the survey (about 800 m below surface). The deep IP anomaly partly underlies the Delta Zone,
which was drill tested in 2022, resulting in the highest grade drill intercept on the project to date in
OW22-08: 112.18 meters grading 0.17% Cu, 0.22 g/t Au, 1.1 g/t Ag (58.37-170.55m), hosted by
predominantly quartz-sericite-pyrite ("QSP") altered porphyries and associated breccias.
The Junction
IP anomaly represents an undrilled porphyry target beneath the overlying QSP-altered Delta porphyries
and associated breccias (
Figure 1
).
ArcWest President & CEO Tyler Ruks commented: "ArcWest would like to congratulate our partner
Sanatana Resources and contractor Dias Geophysical for extending the IP survey under Bear Valley and
outlining a new, large, and completely untested target, the Junction anomaly. ArcWest looks forward to
seeing this target drill tested in 2024.
As Buddy Doyle, President and Qualified person for Sanatana
noted (see Sanatana news release dated October 4, 2023):
'
IP is an important geophysical tool, and its use has led to numerous examples of exploration success
both within the Golden Triangle and elsewhere. The Junction anomaly is a compelling drill target.
Previous drilling at Delta Ridge targeting the Crescent IP anomaly gave us long intersections of Cu
Au Ag Mo mineralization consistent with being in the upper levels of a significant porphyry system.
We interpret this to be the "head" of the system and the Junction anomaly to be the main "body" of the
system
.'"
Stock Options
ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest" or the "Company") announces that it has granted a
total of 4,050,000 stock options to certain directors, officers, employees and consultants to the
Company, entitling them to purchase one common share for each option held at a price of $0.10 per
share and valid for a period of five years. The options are subject to vesting provisions whereas one
quarter of the Options will vest immediately upon grant and one quarter every six months thereafter.
Qualified Person
ArcWest's disclosure of a technical or scientific nature in this news release has been reviewed and
approved by Nigel Luckman, PGeo, Chief Operating Officer, who serves as a Qualified Person under
the definition of National Instrument 43-101.
About ArcWest Exploration Inc.
ArcWest Exploration is a project generator focused on porphyry copper-gold exploration opportunities
throughout western North America. The Company is in possession of eight 100% owned copper-gold
projects throughout BC's premier porphyry copper-gold districts.
These include ArcWest's Todd Creek
and Oweegee Dome projects, which are two of the largest and most prospective land positions for
copper-gold exploration in BC's prolific Golden Triangle.
Oweegee Dome neighbours Seabridge Gold's
supergiant KSM-Iron Cap-Snowfield porphyry copper-gold deposit and Todd Creek adjoins Newmont
Mining's recently acquired Brucejack mine property.
Three ArcWest projects are currently being
advanced by partners through earn-in and joint venture agreements. ArcWest has partnered with
Freeport-McMoRan to explore ArcWest's 100% owned Todd Creek copper-gold project. By conducting
partner funded exploration on multiple exploration projects simultaneously, ArcWest's chances of
discovery are enhanced while exposing shareholders to minimal dilution. The Company is managed by
an experienced technical team with a track record of discovery and a reputation for attracting well-funded
senior partners, including Freeport McMoRan, Robert Friedland group companies, ITOCHU,
Antofagasta and Teck.
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695.
Investors are cautioned that ArcWest Exploration Inc. has not verified the data from the KSM-Iron
Cap, Treaty Creek, Brucejack, Red Chris, Galore Creek and Saddle North deposits. Further, the
presence and style of mineralization on these properties is not necessarily indicative of similar
mineralization on the ArcWest Exploration Inc. property. Historical assays from rock sampling and
drill programs on its properties have not been verified by ArcWest but have been cited from sources
believed to be reliable. This news release contains statements about ArcWest's expectations and are
forward-looking in nature. As a result, they are subject to certain risks and uncertainties. Although
ArcWest believes that the expectations reflected in these forward-looking statements are reasonable,
undue reliance should not be placed on them as actual results may differ materially from the forward-
looking statements. The forward-looking statements contained in this news release are made as of the
date hereof, and ArcWest undertakes no obligation to update publicly or revise any forward-looking
statements or information, except as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/186608