Freeport-McMoRan (NYSE: FCX) is injecting another C$75 million ($54m) into Amarc Resources’ (TSX-V: AHR) JOY copper project in Canada’s British Columbia province, moving into stage two of an earn-in agreement signed in 2021.
The investment requires the Arizona-based miner to spend at least C$10 million ($7m) annually over five years, giving it an additional 10% interest in JOY. Freeport is now the project operator, while Amarc has been appointed under a services agreement to manage exploration programs.
The 2025 JOY exploration program, budgeted at over C$12 million ($8.7m), is fully funded by Freeport.
Drilling is already underway, with three rigs focused on expanding the high-grade, near-surface AuRORA deposit— a copper-gold-silver find discovered in 2024 at the previously untested Northwest Gossan target.
Amarc chief executive Diane Nicolson said the deal sets the stage for significant…
