ArcWest and Freeport-McMoRan Mineral Properties Canada have signed an agreement to advance the development of the former’s Todd Creek copper-gold project in Canada.

Located in British Columbia (BC)’s Golden Triangle, the Todd Creek project adjoins Newcrest Mining’s Brucejack mine property. It is situated 40km south-east of Seabridge Gold’s KSM-Iron Cap porphyry copper/gold deposit and Tudor Gold’s Treaty Creek gold/silver/copper project.

According to the earn-in deal, Freeport holds a two-stage option to earn up to 80% in the Todd Creek project over a period of up to ten years.

Freeport will initially have the option to earn an initial 51% stake in the project by funding C$20m of work expenditures over five years and paying C$900,000 in cash to ArcWest.

Upon earning 51% in the project, Freeport can elect to earn a further 29% in the Todd Creek project to bring its total stake to 80%.

In exchange, Freeport will fund another C$30m within the following five years, as well as pay C$750,000 in cash to ArcWest.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Commenting on the move, ArcWest president and CEO Tyler Ruks said: “ArcWest’s Todd Creek project is host to one of the largest underexplored copper-gold systems in BC’s Golden Triangle, and Freeport’s endorsement of the project is a testament to its potential for hosting a world-class copper-gold deposit.

“ArcWest is in discussions with multiple mining companies regarding potential earn-in agreements for our additional copper-gold projects.”

In accordance with the agreement, ArcWest and Freeport will fund the project cost on pro rata share on a 51:49 or 80:20 basis, upon Freeport finalising earned stake at either a 51% or 80% level.