C3 Metals Inc (TSX-V:CCCM, OTC:CARCF) announced that it has entered into a joint venture (JV) agreement with private mineral exploration firm Geophysx Jamaica Limited to combine the past-producing Pennants gold mine with its Main Ridge project to create the Super Block project.
The company said the JV would provide exposure to Pennants and other highly prospective copper and gold exploration targets that appear to overlap the parties’ concessions.
Pennants operated between 2002 and 2004 with an estimated production of approximately 16,000 gold ounces. According to a non-compliant NI 43-101 historical resource estimate it hosts 75,500 tons at 20.4 grams per ton of gold.
C3 Metals will contribute approximately 4,400 hectares and Geophysx will contribute 5,470 hectares, with the Super Block Project JV area to total 9,870 hectares.
Each party will hold an initial 50% interest in the project and C3 Metals will act as the operator for the JV, responsible for proposing annual work plans and budgets to be approved by a joint management committee.
A 2024 work program has been approved by the management committee with a budget of US$950,000, with US$475,000 contributed by each party.
The initial work program will include merging historical drilling, geochemical and geophysical datasets to create a geologic model for the Super Block Project; a mapping and sampling campaign focused on the two main splay faults known to host gold and copper-silver mineralization. Drilling is expected to commence during the second half of 2024.
C3 Metals CEO Dan Symons said the company sees this JV as an excellent opportunity to add unrealized value.
“The synergies of putting these properties together are very clear,” Symons said, with the company noting that it will allow C3 Metals to leverage Geophysx’s relationships in Jamaica and give Geophysx access to C3 Metals’ technical team.
He added that the company’s primary focus will remain on its Bellas Gate copper-gold project.
Geophysx president Bobby Stewart added: “We have always been an advocate of combining our two halves of the mineral system around Main Ridge, as a necessity to build value and create a potentially very successful project here. We truly believe that this partnership will be good for Jamaica, and are excited to begin the planned work program with our new partners.”
C3 Metals is a mineral exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits.