Aurwest Resources signs LOI to acquire Weaver interest

Executive Summary

• Aurwest Resources Corp. entered a non-binding LOI with Pacific Bay Minerals Ltd. to earn a 50% interest in the 100%-owned Weaver Lake gold project in southwestern British Columbia.
• The earn-in requires a combination of cash payments, share issuances, and exploration expenditures spread over a three-year period.
• The 725-hectare property sits in a prolific gold-silver belt with historical high-grade trench and drill results, plus secondary potential for magmatic nickel-copper sulphide mineralization.

Key Details

• Transaction Structure: Non-binding Letter of Intent (LOI) granting Aurwest an option to earn a 50% interest in Pacific Bay's 100%-owned Weaver Lake gold project.
• Property Location & Size: Southwestern British Columbia, East Harrison Lake belt; 725 hectares with year-round paved highway and forestry road access.
• Historical Exploration Results: Trench sampling yielded up to 63.77 g/t Au and 2,009.44 g/t Ag; multiple drill intercepts reported with multigram gold and silver over metre-scale widths.
• Geological Potential: Strong orogenic gold-silver mineralization in structurally controlled quartz-carbonate vein systems; secondary upside for magmatic nickel-copper sulphide mineralization (parallels nearby Pacific Nickel/Giant Mascot mine).
• Earn-in Schedule & Consideration:
• Upon signing: $10,000 cash + 500,000 Aurwest shares.
• Upon regulatory approval: $20,000 worth of Aurwest common shares (based on 20-day VWAP).
• Year 1: $15,000 cash + $25,000 shares (VWAP) + $75,000 exploration work.
• Year 2: $20,000 cash + $75,000 shares (VWAP) + $100,000 exploration work.
• Year 3: $25,000 cash + $75,000 shares (VWAP) + $150,000 exploration work.
• Total Commitments: $90,000 in cash, $195,000 in shares (VWAP-based), 500,000 fixed shares, and $325,000 in exploration expenditures over three years.
• Technical Basis: Whitehead report supports property merit; historical data sourced from independent assessment reports prepared by Pacific Bay (unverified by Aurwest or a qualified person).

Notable Quotes

• "The Weaver gold project represents an exciting opportunity for Aurwest to get into the gold exploration sector in B.C.," said CEO Cameron MacDonald. "We're looking forward to getting to work on this high-potential project."