Amarc partner Freeport continues to $75M stage 2 at Joy
Executive Summary
- Freeport McMoRan elected to proceed to Stage 2 of the Joy earn‑in, committing an additional CAD $75 million over five years and increasing its interest in Aurora Minerals Ltd. to 60 %.
- The Aurora porphyry Cu‑Au‑Ag deposit was discovered in 2024 with a flagship intercept of 82 m grading 1.08 % CuEq (including 1.24 g/t Au, 0.38 % Cu and 2.47 g/t Ag) from 18 m depth; a higher‑grade sub‑interval of 42 m graded 1.61 % CuEq was also intersected.
- The 2025 exploration program is budgeted at >CAD $12 million, fully funded by Freeport under Stage 2, with three drill rigs already operating on the Aurora deposit and additional work planned across the Joy district.
Key Details
- Earn‑In Commitment:
- Stage 1 completed: CAD $35 M spent, granting Freeport a 60 % interest in Aurora Minerals Ltd. (Amarc holds 40 %).
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Stage 2 election: Additional CAD $75 M to be spent within five years, at minimum CAD $10 M per year; otherwise financing will be pro‑rata 60:40.
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Ownership Structure Post‑Stage 2:
- Freeport – 60 % of Aurora Minerals Ltd. (operator of Joy).
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Amarc – 40 % of Aurora Minerals Ltd.; also primary contractor for exploration under a separate services agreement.
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Exploration Budget & Funding:
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2025 Joy program budget: >CAD $12 M, 100 % financed by Freeport under Stage 2.
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Aurora Deposit Discovery (2024):
- Hole 1 – 82 m @ 1.08 % CuEq (1.24 g/t Au, 0.38 % Cu, 2.47 g/t Ag) from 18 m depth.
- Sub‑interval – 42 m @ 1.61 % CuEq (1.97 g/t Au, 0.49 % Cu, 3.58 g/t Ag).
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Subsequent step‑out drilling confirmed significant additional intercepts; deposit remains open at depth and laterally.
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2025 Drilling Activity:
- Three drill rigs currently operating on the Aurora deposit.
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Additional drill and survey work planned to test other targets within the Joy district, aiming for further copper‑gold discoveries.
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Future Funding Potential:
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Freeport (via its subsidiary) can earn up to 70 % in the Duke and Ike districts with staged investments of CAD $110 M and CAD $90 M respectively, providing Amarc with up to CAD $200 M non‑dilutive financing across its three BC districts.
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Qualified Person:
- Mark Rebagliati, P.Eng., qualified under NI 43‑101, reviewed and approved all technical information; not independent of the company.
Notable Quotes
“We are pleased that Freeport is proceeding to stage 2 of the Joy EIA,” said Amarc CEO Dr. Diane Nicolson. “The groundwork is laid to significantly advance the exciting new, high‑grade, near‑surface, gold‑rich porphyry Cu‑Au‑Ag Aurora deposit which remains open to expansion.”