The IKE property is located in south-central British Columbia and 45 kilometers northwest of the historical mining communities of Gold Bridge and Bralorne, BC, in an area of wide U-shaped valleys bounded by ridges within the Coast Range. The district surrounding the IKE discovery has long been explored for its numerous showings of copper, molybdenum, gold and silver mineralization. Current access to the property is by helicopter, although significant infrastructure exists in the region. Mainline logging roads, which lead west from Gold Bridge, are located 20 kilometers south of IKE. Access to power, railways and highways, and other services are available in the area of Gold Bridge and the nearby towns of Lillooet and Pemberton.
In February 2016, Thompson Creek and Amarc Resources Ltd. entered into a definitive agreement to advance the IKE project. Under the Agreement, Thompson Creek has the option to acquire up to a 50% interest in the IKE project through a staged investment process. Thompson Creek has the option to acquire an initial 30% interest through staged investments totaling $15 million on or before December 31, 2019, of which $3 million was completed in 2015. Subsequently, Thompson Creek can acquire an additional 20% interest, subject to certain conditions, including completing a Feasibility Study within a two-year period that can be extended to three years in certain circumstances.
Assay results from all 18 holes (10,437 metres) drilled by Amarc at IKE since 2014, combined with results from geological, geochemical and geophysical surveys completed outwards from the area drilled, indicate the presence of an important porphyry-style copper-molybdenum-silver deposit (see Amarc news release December 9, 2015). All drill holes have intersected varying amounts of chalcopyrite and molybdenite mineralization over a broad area measuring 1,200 metres east-west by 1,000 metres north-south, and extending to depths of over 500 metres. The deposit remains open to expansion in all lateral directions and to depth.