Vancouver, British Columbia--(Newsfile Corp. - October 29, 2024) - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to provide an update on its 2024 porphyry copper exploration programs.
Highlights
- Drilling commenced at ArcWest's Rip porphyry Cu-Mo project in late September, funded by partner Interra Copper (see Interra Copper press release dated Sept. 27th, 2024), and is now complete. Rip is situated approximately 30 km northeast of Imperial Metals' past-producing Huckleberry mine and Surge Copper's advanced stage Ootsa and Berg projects.
- Drilling has concluded at the Oweegee Dome porphyry Cu-Au-Mo project, funded by partner Sanatana Resources (see Sanatana Resources press release dated September 12th, 2024). Oweegee Dome is located 40 km east of Newmont's Brucejack gold mine and 45 km east of Seabridge Gold's KSM-Iron Cap porphyry Cu-Au project. According to Seabridge, KSM-Iron Cap is host to the world's largest undeveloped Au project by reserves and resources (https://www.seabridgegold.com/projects/kerr-sulphurets-mitchell)
- Mapping/sampling has been completed at ArcWest's Todd Creek project, funded by Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"). The goal of the 2024 program was to complete follow up work on a large number of targets identified in 2023 (see ArcWest Exploration press release dated March 4th, 2024). The program was successful in ground-truthing multiple geophysical anomalies delineated during the 2023 3D IP survey in addition to completing detailed mapping/sampling in the vicinity of newly discovered high grade Cu-Au occurrences, including a breccia in the upper Ice Creek area, which returned assays up to 262 g/t Au and 2.46% Cu. The program was successful in greatly expanding the footprint of the hydrothermal-magmatic system exposed on the west side of Todd Creek valley and was also successful in discovering multiple new chalcopyrite mineralized showings (assays pending). A significant drill program is planned for the project in 2025.
Tyler Ruks, President and CEO of ArcWest commented, "Partner funded drilling on two ArcWest porphyry Cu projects was completed during the 2024 field season. This includes recently completed drilling at the Oweegee Dome Cu-Au project, funded by Sanatana Resources, and recently completed drilling at the Rip Cu-Mo project, funded by Interra Copper. Groundwork at the Todd Creek Cu-Au project has also been completed, funded by Freeport-McMoRan; this work resulted in the discovery of multiple new copper showings (assays pending) and will set the stage for a significant drill program in 2025. We are fortunate to have such excellent partners and so many opportunities for discovery.
ArcWest remains in a strong financial position with just over $2.5 million hard dollars in the treasury, zero warrants, significant insider ownership and an exceptionally low burn rate. Anticipated income for ArcWest between now and the end of the year includes option payments totaling $325,000, in addition to share payments from earn-in agreements. The company currently has a market capitalization of only $6.6 million.
The company is currently in discussions with potential funding partners for its additional porphyry Cu-Au projects, and is actively evaluating porphyry Cu-Au projects for potential acquisition."
2024 exploration programs included the following:
- A recently completed drilling program at Oweegee Dome, funded by partner Sanatana Resources Inc. ArcWest's 100% owned Oweegee Dome project is located 40 km east of Newcrest's Brucejack mine and 45 km east of Seabridge Gold's KSM-Iron Cap porphyry Cu-Au project. The 31,000 ha Oweegee Dome property has potential for the discovery of multiple porphyry Cu-Au centres. The highly gossanous Delta target area contains multiple porphyry Cu-Au occurrences over a 20 km2 area.
Sanatana's 2024 program completed 2,359 m of drilling in four holes (Fig. 1), summarized in a Sanatana Resources press release dated September 12th, 2024. 2024 drill core has not been examined by ArcWest and descriptions here are based solely on those in Santana's press release.
According to Sanatana, two holes intersected visible mineralization and alteration, expanding porphyry Cu-Au mineralization at the Delta Zone. Two holes testing the Junction IP anomaly intersected mudstones and volcaniclastic rocks; the source of the Junction IP anomaly remains unexplained.
Northern extensions of the Delta Zone porphyry Cu-Au system were targeted by southeast plunging holes 3 and 4 (-50 and -75 degrees dip, respectively; Fig. 1). Porphyry style mineralization and alteration was encountered in both holes, hosted by several intrusive phases, breccias and mudstone rafts. Contacts with underlying mudstones and volcanic rocks were encountered at depths of 384.5 m and 308 m, respectively. Intrusive rocks are pervasively sericite-pyrite altered (Fig. 2), and contain local zones of remnant k-silicate alteration. The 2024 Oweegee Dome drill program was successful in demonstrating that the Delta porphyry Cu-Au system is open to the north and west. Additional step-out drilling in these directions is recommended in order to test for extensions of the porphyry Cu-Au system and higher-grade domains.
- A recently completed diamond drilling program at Rip, funded by partner Interra Copper Corp. ("Interra"). ArcWest's 100% owned Rip project is situated approximately 30 km northeast of Imperial Metals' past-producing Huckleberry mine and Surge Copper's advanced stage Ootsa and Berg projects. The Rip project is interpreted as a highly underexplored porphyry Cu-Mo system that is predominantly covered by overburden. A small outcrop area contains variably altered porphyritic intrusions which cut strongly hornfelsed Hazelton Group volcano-sedimentary rocks. Porphyritic intrusions and hornfelsed country rock are both host to porphyry style stockwork, including magnetite-chalcopyrite and quartz-chalcopyrite-molybdenite veins. Historical exploration drilling on the project included shallow, predominantly percussion holes targeting a large IP anomaly; within the IP anomaly, the holes intersected predominantly QSP altered lithologies (including altered porphyritic intrusions) with anomalous Cu-Mo mineralization. Multiple holes failed to reach bedrock.
Recently completed geophysical surveys at Rip (airborne magnetics and 3D IP, carried out by Precision Geosurveys and Dias Geophysical, respectively) suggest potential for two porphyry Cu-Mo mineralized centres (Fig. 3). The northernmost centre contains the outcropping porphyry Cu-Mo mineralization, and comprises a coincident magnetic/resistivity high, surrounded by a "doughnut" shaped chargeability high (> 35 mV/V) with a diameter of approximately 1 km. A second potential porphyry Cu-Mo centre is situated approximately 1.1 km to the south, comprising a similar magnetic high surrounded by a "doughnut" shaped chargeability high (> 35 mV/V). This southern potential porphyry center is entirely covered by overburden. A first phase drill program to test geophysical targets commenced in late September (see Interra Copper press release dated Sept. 27th, 2024) and is now complete.
- A mapping/sampling program at Todd Creek, funded by Freeport.
The 2024 Todd Creek exploration program focused on ground-truthing geophysical anomalies, follow-up sampling and evaluations in the vicinity of high-grade Cu-Au occurrences discovered during the 2023 program, and reconnaissance work in underexplored portions of the property. Positive outcomes of the program include:
Recognition of intrusion hosted porphyry copper-gold mineralization in historical drill core that had previously been logged as crystal tuff with epithermal style mineralization (Fig. 4).
Discovery of new, well mineralized trends at Ice Creek, Rhomb Zone, and the Smokin Zone, as well as definition of extensions to mineral showings discovered in 2023.
Southward expansion of the Todd Creek alteration footprint by approximately 700 m, with new mapping of intense quartz-sericite-pyrite and pyrophyllite dominant advanced argillic alteration with locally dense quartz-sulfide stockwork veining up to 700 m southwest of the previously mapped Pyrophyllite Zone ("Pyrophyllite South"; Fig. 4).
Improved understanding of the property stratigraphy and the roll of post-mineral cover in burying potential continuations of, or undiscovered, zones of mineralization.
Recognition of strong quartz-sericite-pyrite alteration above buried chargeability highs identified in 2023.
Todd Creek Highlights
The Todd Creek ground program included collection of 450 rock and 215 soil geochemical samples, as well as hyperspectral analysis of 516 rock and historical drill core samples to determine alteration mineralogy. The combined sampling, prospecting, and geological evaluation program yielded geological information and data, that will be crucial in designing a 2025 drill program for the property. Identification of porphyry- related stockwork veining and mineralization within a previously unrecognized intrusion (Fig. 4) near the South Zone Au-Cu epithermal system, is the first definitive evidence that a porphyry-related hydrothermal-magmatic system played a role in the broader, approximately 13 km long, Todd Creek alteration and mineralization corridor (Fig. 4). Recognition of a post-mineral cover sequence has dramatically increased the area that can be considered prospective because altered/mineralized rock that abuts it may also extend beneath it.
ArcWest is anticipating a further news release including finalized geochemical results. Based on field observations, there are numerous locations that ArcWest geologists anticipate positive geochemical results. Several areas of note include:
Ice Creek: At Ice Creek (Fig. 4), follow-up on 2023 sample L615119, which yielded 262 g/t Au and 2.46% Cu, has defined a 45 m long mineralized trend similar in style to the high-grade sample, as well as a second 45 m long trend interpreted to be fault off-set from the first.
Rhomb Zone: Newly discovered in 2024, the Rhomb Zone (Fig. 4) occupies an at minimum 350 X 60 m area along the eastern side of the broader VMS Zone. The zone contains multiple sets of intersecting polymetallic quartz-sulfide veins that range from 2 cm to 100 cm thick. The veins are rich in sphalerite, galena and chalcopyrite and in places form massive sulfide.
Lorenzo Zone (Fig. 4): Discovered in 2023, with two samples (L615102 & L615104) that graded 3.96% and 1.09% Cu, further investigation of the zone in 2024 identified anastomosing, sometimes stratiform, chalcopyrite-rich massive sulfide domains and veins of chlorite-chalcopyrite associated with a mudstone/mafic volcanic rock contact, over 100 m of strike-length.
Titan Massive Sulfide Zone (Fig. 4): Newly discovered domain of stratiform massive sulfide (pyrite) that was found during reconnaissance work conducted west of the Smokin Zone. Host volcano-sedimentary stratigraphy is interpreted to be equivalent in age to stratigraphy 60 km to the northwest that hosts the world renowned Eskay Creek gold- and silver-rich VMS deposit.
The 2024 Todd Creek program validated geophysical anomalies identified during the 2023 induced polarization survey as legitimate drill targets by identifying and classifying related mineralization and alteration at surface above the anomalies. The results of 2024 exploration at Todd Creek bolster the thesis that the west side of Todd Creek valley contains a very large fossil hydrothermal-magmatic system with potential for the discovery of multiple Cu-Au mineralized intrusive centres. A significant drill program is planned for the project in 2025.
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 six 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's Brucejack mine property. Several ArcWest projects are currently being advanced through earn-in and joint venture agreements; this includes an agreement with mining giant Freeport-McMoRan to advance 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.
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.
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, Brucejack, Treaty Creek, Huckleberry, Ootsa, Berg or Bell-Granisle 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 drill programs on its properties have not been verified by ArcWest but have been cited from sources believed to be reliable. Assay results reported by ArcWest in this news release range from trace amounts to the values stated.
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/228138
SOURCE: ArcWest Exploration Inc.
