on Amarc Resources Ltd. (NASDAQ:AXREF)
Amarc Resources to Strengthen Position in Aurora West Consolidation
Amarc Resources Ltd. has announced its involvement in the consolidation of the Aurora West property through Aurora Minerals Ltd. The move is part of a strategic agreement with TDG Gold Corp. and Freeport-McMoRan Mineral Properties Canada Inc. Under this agreement, Freeport will acquire a controlling interest in companies set to acquire the Aurora West site.
The Amarc-Freeport Shareholders Agreement stipulates any mineral claims by either party within a 2 km range of the Aurora Minerals property be offered to AML at cost. Currently, Amarc holds a 40% stake in AML, with Freeport aiming to increase its share to 70%, funding a further $35 million.
Diane Nicolson, CEO, sees this development as vital for unlocking the potential of the JOY Copper-Gold District. Amarc is in a sound financial position following a recent capital injection, and plans as the next step to confirm their part in the acquisition contributions.
R. E.
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