Freeport doubles down on Amarc’s JOY project
me-metals: Freeport-McMoRan (NYSE: FCX) is injecting another C$75 million ($54m) into Amarc Resources’ (TSX-V: AHR) JOY copper project in Canada’s British Columbia province, moving into stage two of an earn-in agreement signed in 2021.
According to me-metals cited from mining.com, The investment requires the Arizona-based miner to spend at least C$10 million ($7m) annually over five years, giving it an additional 10% interest in JOY. Freeport is now the project operator, while Amarc has been appointed under a services agreement to manage exploration programs.
The 2025 JOY exploration program, budgeted at over C$12 million ($8.7m), is fully funded by Freeport.
Drilling is already underway, with three rigs focused on expanding the high-grade, near-surface AuRORA deposit— a copper-gold-silver find discovered in 2024 at the previously untested Northwest Gossan target.
Amarc chief executive Diane Nicolson said the deal sets the stage for significant growth.
“The groundwork is laid to significantly advance the exciting new, high grade, near surface, gold-rich porphyry copper-gold-silver AuRORA Deposit which remains open to expansion (…) Additional drilling and survey work across the JOY District aims to deliver more major copper-gold discoveries,” she said.
Nicolson added that the AuRORA discovery could be a cornerstone for both the JOY claims and the broader Toodoggone region, where exploration is accelerating.
Alongside JOY, Amarc is advancing the DUKE and IKE porphyry copper-gold districts in central and southern B.C.
Amarc shares rose 3.6% to C$0.86 on Thursday in Toronto, valuing the company at about C$196 million ($141m).
source: mining.com
Related News
Top News
One last month
Four last month
Five last month
Seven last month
Equinox Gold kicks off ore processing at Valentine mine
India considers easing restrictions on gold in pension funds
Critical Metals, Ucore ink 10-year offtake deal to supply rare earths to US plant
Locksley Resources forms US alliances to establish domestic antimony supply chain
El Salvador buys $50M in gold for reserve diversification
Freeport doubles down on Amarc’s JOY project
Ancient rocks in Australia reveal one of world’s most promising new niobium deposits – report
Construction at Helium Evolution’s Saskatchewan processing plant nearly complete
Freeport doubles down on Amarc’s JOY project
El Salvador buys $50M in gold for reserve diversification
Construction at Helium Evolution’s Saskatchewan processing plant nearly complete
Ancient rocks in Australia reveal one of world’s most promising new niobium deposits – report
Locksley Resources forms US alliances to establish domestic antimony supply chain
Critical Metals, Ucore ink 10-year offtake deal to supply rare earths to US plant
Equinox Gold kicks off ore processing at Valentine mine
India considers easing restrictions on gold in pension funds
Luca Mining expands Tahuehueto mine with Fresnillo land deal
Freeport doubles down on Amarc’s JOY project
El Salvador buys $50M in gold for reserve diversification
Construction at Helium Evolution’s Saskatchewan processing plant nearly complete
Ancient rocks in Australia reveal one of world’s most promising new niobium deposits – report
Locksley Resources forms US alliances to establish domestic antimony supply chain
India considers easing restrictions on gold in pension funds