Pacific Bay, Aurwest Resources sign joint venture agreement
TSX-V-listed Pacific Bay Minerals (PBM) has signed a letter of intent (LOI) with Aurwest Resources Corporation whereby Aurwest can earn a 50% interest in the company's wholly-owned Weaver gold project, in Canada, over three years.
Located in southwestern British Columbia's prolific East Harrison Lake Belt, Pacific Bay says the property hosts strong potential for orogenic gold/silver mineralisation hosted in structurally controlled quartz-carbonate vein systems, with historical exploration yielding impressive high-grade results, including up to 63.77 g/t gold and 2 009.44 g/t silver from trench sampling, and multiple drill intercepts with multi-gram gold and silver over metre-scale widths.
Situated near excellent infrastructure with year-round access through paved highways and forestry roads, the 725 ha property also offers secondary upside for magmatic nickel/copper sulphide mineralisation, drawing parallels to the Pacific Nickel (Giant Mascot) mine.
PBM says it believes that Weaver Gold warrants continued exploration, supported by its favourable geological setting, confirmed mineralisation continuity and untapped potential along strike and at depth.
"Pacific Bay welcomes this partnership with Aurwest and looks forward resuming exploration at Weaver Gold in the near term. We are excited about the surging price of gold and believe Weaver Gold has significant potential,” says PBM president and CEO David Brett.
Under the terms of the LOI, PBM notes that Aurwest can earn a 50% interest in the property by making cash and share payments over three years and completing exploration work.
"The Weaver gold project represents and exciting opportunity for Aurwest to get into the gold exploration sector in British Columbia. We're looking forward to getting to work on this high-potential project,” says Aurwest CEO Cam MacDonald.
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