Freeport-McMoRan invests more in Joy

Junior Amarc Resources says Freeport-McMoRan has accelerated its investment in the Joy copper-gold district in British Columbia, for the second time this year.

Staff reporter
 Amarc Resources’ projects in British Columbia

Amarc Resources’ projects in British Columbia

The copper major's subsidiary Freeport-McMoRan Mineral Properties Canada can earn up to 70% of Amarc's Joy by spending C$110 million, under a two-stage option announced in May.

A $4 million programme was planned for the first year, Amarc said at the time, but this was boosted to a $5.5 million spend in August.

Freeport further increased its first year contribution to $5.94 million, Amarc said yesterday.

Amarc said the 2021 exploration programme had included three holes at the Pine porphyry deposit, one at the Mex target and five at four priority targets, along with relogging historical core holes, an IP survey, plus soil and rock sampling.

Assays were pending.

"Our team is currently working to integrate the results, as they are received, into our existing data sets in order to define next year's deposit delineation and district exploration programs," president and CEO Dr Diane Nicolson said.

Amarc said Joy covered the northern extension of the prolific Kemess porphyry copper-gold district in the Toodoggone region.

Amarc is associated with Hunter Dickinson, a private mining group whose 35-year history includes being "instrumental" to the development of the Kemess gold-copper porphyry deposit and launching Detour Gold.

The junior also has the Ike and Duke copper-gold porphyry projects in BC.

It had a cash balance of almost C$683,000 at June 30.

Its share price (TSXV: AHR) has ranged from 4.5-19.5c over the past year and closed down 4% yesterday to 12c, capitalising it at $21.7 million (US$17.3 million).

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