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ArcPacific Resources Corp.
Summary
| Project: | Lucky Mike | |
|---|---|---|
| Deposit: | Lucky Mike | |
| Location: | Canada | |
| Commodities: | Tungsten-Copper-Molybdenum-Rhenium | |
| Date: | 4/12/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 12-4-2017: ArcPacific Resources Corp. announces an Exploration/Drilling Update report for its Lucky Mike deposit at the Lucky Mike project. JV - drilling results incl. 798.55m @ 0.023% Mo, 0.0485 Cu from 20.0m. ArcPacific Resources Corp. (ACP:TSX-V) (the | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Not stated (Not stated) | |
| ABSTRACT: | ArcPacific Resources Corp. (ACP:TSX-V) (the “Company”) announces the completion of the summer drilling program at its Lucky Mike copper, gold and molybdenum exploration stage project located at Swakum Mountain 20 km north of Merritt, British Columbia. The drill program comprised 7 holes and had the primary objective of investigating the geological extensions of copper and molybdenum mineralization encountered in previous drilling. In particular, Drill holes LM16-01 and LM16-02 were designed to test elevated molybdenum values encountered in DDH LM9 and LM10 completed in the 2014 drilling program. The 2016 drilling concluded a three-year-phased drill program under the terms of a joint exploration agreement (the “Definitive Agreement”) entered into in September 23, 2014 between ArcPacific and a Korean Consortium comprised of Korea Resources Corp. and NexGeo Inc. In the agreement, ArcPacific granted the Consortium the right to acquire up to an undivided 70% interest in the Lucky Mike project subject to exploration expenditures contributed over a three-year period as detailed in the news release of September 24, 2014. In June 14, 2016 the Definitive Agreement was amended whereby expenditures committed for the 2016 drilling program was reduced to the effect that the Consortium’s interest was correspondingly reduced to an undivided 69%.The total expenditure made by the Consortium to the three-year drill program on the Lucky Mike prospect amounted to CAD$2,404,823.95. | |
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