Pacific Bay Minerals, Aurwest Sign 50% Weaver Gold JV with $15K–$25K Tiered Cash Payments
Pacific Bay Minerals granted Aurwest the option to earn 50% of its 725-ha Weaver Gold project through three yearly cash, share and exploration commitments. The 50/50 JV will be operated by Pacific Bay, includes a 3% NSR with 1% buydown at $1.5M, plus historical assays up to 63.77 g/t gold.
1. Definitive Option and Earn-in Schedule
Aurwest may earn a 50% undivided interest in the 725-hectare Weaver Gold property by completing staged obligations over three years: year one commitments of $15,000 cash, $25,000 in shares and $75,000 in exploration work; year two $20,000 cash, $75,000 shares and $100,000 work; and year three $25,000 cash, $75,000 shares and $150,000 exploration. Upon regulatory approval, Aurwest will also issue $20,000 in common shares to Pacific Bay.
2. Joint Venture Governance and Royalty Structure
Upon meeting all commitments, a 50/50 joint venture forms with Pacific Bay as operator and a two-member Management Committee requiring unanimous approval for major decisions. The project carries a 3% NSR royalty, of which Pacific Bay can buy down 1% for $1.5 million, and dilution mechanics convert any partner falling below 15% to a 2% NSR royalty with the remaining party having a $2 million buyout option. Transfer of interests requires a right of first refusal.
3. Weaver Gold Project Highlights
Located in British Columbia’s East Harrison Lake Belt, the Weaver Gold property spans 725 hectares with year-round access via paved highways and forestry roads. Historical trench sampling returned grades up to 63.77 g/t gold and 2,009.44 g/t silver, and drilling has intercepted multi-gram mineralization over metre-scale widths. The property also offers secondary potential for magmatic nickel-copper sulphide deposits.