Vancouver, British Columbia--(Newsfile Corp. - April 14, 2026) - Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") reports that the Company has entered into a definitive option and joint venture agreement (the "Agreement") with Aurwest Resources Corporation (CSE: AWR) whereby Aurwest has acquired an option to earn, subject to the satisfaction of conditions, an undivided interest of up to 50% in Pacific Bay's Weaver Gold gold/silver property (the "Transaction") in British Columbia.
Transaction Summary
Pursuant to the terms of the definitive agreement, Pacific Bay is appointed as the operator of the project, and in consideration of payments, issuance of common shares of Aurwest ("Common Shares") and exploration work, Aurwest may earn up to a 50% undivided interest in the Weaver Gold project up each of the yearly anniversaries of the signature of the definitive agreement during a three-year period following the entering into the Transaction. Such payments and Aurwest Common Shares issuances are allocated as follows (in each case subject to and in accordance with the rules and policies of the Canadian Securities Exchange "(the "CSE"));
Upon signing of this Agreement, $10,000 and 500,000 shares of Aurwest; (completed);
Upon receipt of regulatory approval, payment to PBM of $20,000 worth of common shares of Aurwest based on the 20-day Volume Weighted Average Price of Aurwest ("VWAP")
On or before the first anniversary of the LOI: $15,000 cash; $25,000 worth of Aurwest shares based on the VWAP; and $75,000 in exploration work on the Property
On or before the second anniversary of the LOI: $20,000 cash; $75,000 worth of Aurwest shares based on the VWAP; and an additional $100,000 in exploration work on the Property.
On or before the third anniversary of the LOI: $25,000 cash; and $75,000 worth of Aurwest shares based on the VWAP; and an additional $150,000 in exploration work on the Property.
The Agreement also contemplates the following:
- Automatic Joint Venture Formation Upon Option Exercise: Upon Aurwest satisfying all option payments and work commitments, the parties will automatically form a 50/50 joint venture, with Pacific Bay Minerals acting as the initial Operator and a two-member Management Committee governing major decisions.
- Existing 3% NSR Royalty with Buydown Rights: The Property is subject to a 3.0% Net Smelter Returns Royalty in favour of David Schussler. Pacific Bay retains the right to purchase up to 2% of that royalty at $1.5 million per 1% increment, and holds a right of first refusal on the remaining 1%.
- Dilution Mechanics and Minimum Interest Threshold: If either joint venture partner fails to fund its share of approved programs post-formation, its interest will be diluted proportionally. A partner whose interest falls to 15% or below is automatically converted to a 2% NSR royalty, with the other party holding a buyout option on that royalty for $2,000,000.
- Governance and Transfer Restrictions: Major decisions - including asset dispositions or borrowings exceeding $2,000,000 and litigation settlements above $500,000 - require unanimous Management Committee approval. Neither party may transfer its interest without first offering a right of first refusal to the other, and any transferee must assume all obligations under the agreement.
Weaver Gold Project
Located in southwestern British Columbia's prolific East Harrison Lake Belt, the Property hosts strong potential for orogenic gold-silver mineralization hosted in structurally controlled quartz-carbonate vein systems, with historical exploration yielding impressive high-grade results, including up to 63.77 g/t gold and 2,009.44 g/t silver from trench sampling, and multiple drill intercepts with multi-gram gold and silver over metre-scale widths.
Situated near excellent infrastructure with year-round access via paved highways and forestry roads, the 725-hectare Property also offers secondary upside for magmatic nickel-copper sulphide mineralization, drawing parallels to the nearby Pacific Nickel (Giant Mascot) Mine. The Whitehead report concludes that Weaver Lake is a property of merit warranting continued exploration, supported by its favorable geological setting, confirmed mineralization continuity, and untapped potential along strike and at depth.
Figure 1 - Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3362/292461_fbf1e8f094372bbd_002full.jpg
Figure 2 - Weaver Gold Prior Drilling & Workings
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https://images.newsfilecorp.com/files/3362/292461_fbf1e8f094372bbd_003full.jpg
"The Weaver Gold Project represents and exciting opportunity for Aurwest to get into the gold exploration sector in B.C.," said Aurwest CEO Cameron MacDonald. "We're looking forward to getting to work on this high-potential project."
"Pacific Bay welcomes this opportunity to work with Aurwest and to advance the Weaver Gold property," said Pacific Bay President & CEO David H. Brett. "The bullish sentiment around gold provides an excellent window to restart exploration on this high-grade gold opportunity."
About Pacific Bay Minerals
Pacific Bay's flagship, 100% owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings, and significant exploration potential. The Company also owns 100% of the Weaver Gold project in southern BC, now under the above described option/JV with Aurwest whereby Aurwest can earn 50%.
The technical disclosures in this news release were reviewed and approved by independent geological consultant David Bridge, P.Geo., a Qualified Person, as defined by National Instrument 43-101. David Bridge is not an officer, director or employee of the Company.
David H. Brett, MBA
President & CEO
Telephone: (604) 682-2421
Email: dbrett@pacificbayminerals.com
www.pacificbayminerals.com
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Weaver Gold and the Haskins-Reed property. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition, results of exploration activities, and the ability of the Company to raise equity financing. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Pacific Bay does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292461
Source: Pacific Bay Minerals Ltd.
