Pacific Bay Minerals farming out 50% interest in Weaver Gold Property, British Columbia
Pacific Bay Minerals Ltd. [TSXV: PBM] reported that the company has signed a Letter of Intent whereby Aurwest Resources Corp. [CSE: AWR] can earn a 50% interest in the company’s 100%-owned Weaver Gold Project over three years.
Located in southwestern British Columbia’s prolific East Harrison Lake Belt, the Weaver Gold Property hosts strong potential for orogenic gold-silver mineralization 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 via paved highways and forestry roads, the 725-hectare property also offers secondary upside for magmatic nickel-copper sulphide mineralization, drawing believes that Weaver Gold warrants continued exploration, supported by its favorable geological setting, confirmed mineralization 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,” said PBM President & CEO David H. Brett. “We are excited about the surging price of gold and believe Weaver Gold has significant potential.”
Under the LOI, Aurwest can earn a 50% interest in the property by making cash and share payments over three years and completing exploration work as follows: Upon signing of this Agreement, $10,000 and 500,000 shares of Aurwest; upon receipt of regulatory approval, payment to PBM of $20,000 worth of common shares of Aurwest based on the 20-day Volume Weighted Average Price of Aurwest (VWAP); by the first anniversary of the LOI: $15,000 cash; $25,000 worth of Aurwest shares based on the VWAP; and $75,000 in exploration work on the Property; by the second anniversary of the LOI: $20,000 cash; $75,000 worth of Aurwest shares based on the VWAP; and an additional $100,000 in exploration work on the property and by the third anniversary of the LOI: $25,000 cash; and $75,000 worth of Aurwest shares based on the VWAP; and an additional $150,000 in exploration work on the property.
“The Weaver Gold Project represents and exciting opportunity for Aurwest to get into the gold exploration sector in BC,” said Aurwest CEO Cam MacDonald. “We’re looking forward to getting to work on this high-potential project.”
Pacific Bay’s flagship, 100%-owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings, and significant exploration potential.
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