An amendment to the ZNT and Galaxie joint venture was announced by Amarc Resources Ltd. and Quartz Mountain Resources Ltd. The two firms entered into an agreement wherein Amarc would have the right of acquiring a controlling interest in both ZNT and Galaxie properties located in central and northern British Columbia.
The agreement stipulated that Amarc could increase its current stake in the joint venture from 40% to 60% through provision of Can$210,000 and Can$235,000, respectively, as funding for exploration expenditures. Galaxie has deposits of porphyry copper and ZNT holds bulk tonnage-style silver deposits. Amarc was given until October 31, 2013 to increase its controlling interest, if it so desires.
The amendment also separated the joint venture into two separate joint ventures, which would still governed by the terms of the joint venture agreement. These separate joint ventures were named Galaxie Joint Venture and ZNT Joint Venture, of which Amarc has been appointed as operator. The amendment took effect on June 26, 2013.
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