C3 Metals partners with Freeport-McMoRan on Bellas Gate project in Jamaica

C3 Metals Inc (TSX-V:CCCM, OTC:CARCF)[1] announced it has struck an earn-in agreement with NYSE-listed copper giant Freeport-McMoRan Inc (NYSE:FCX, ETR:FPMB)[2] to advance the Bellas Gate Project in Jamaica. The agreement gives Freeport the option to acquire up to a 75% interest in the project through a staged investment totaling US£75 million. Bellas Gate consists of three mineral concessions covering 13,020 hectares, located adjacent to C3 Metals' joint venture Super Block project with Geophysx Jamaica Limited.

Under the terms of the EIA, Freeport will fund US£25 million in exploration and project-related expenditures over five years to earn a 51% interest in the project. During this initial stage, C3 Metals will retain operational control. Following the completion of Stage One, Freeport has the option to assume operational responsibility and invest an additional US£50 million to increase its stake to 75%.

Shares of C3 jumped nearly 45% on Tuesday after the deal was announced. Dan Symons, CEO of C3 Metals, expressed optimism about the partnership, highlighting the strategic value of Freeport's involvement. "By executing this EIA with Freeport, we manage risk and avoid significant corporate-level equity dilution while sharing in the potential reward," Symons told shareholders. "Freeport's endorsement demonstrates the district-scale potential of the Bellas Gate project."

C3 Metals' exploration to date suggests the presence of a new copper-gold porphyry and epithermal belt. The company believes that further advanced targeting and drilling will be required to explore the full extent of these systems. The partnership with Freeport is expected to accelerate the development of the Bellas Gate Project, providing C3 Metals with the opportunity to continue advancing its broader exploration portfolio while minimizing equity dilution.

C3 Metals has identified 14 porphyry, over 30 epithermal, and multiple prospects in the region.

References

1. ^ C3 Metals Inc (TSX-V:CCCM, OTC:CARCF) (www.proactiveinvestors.co.uk)
2. ^ Freeport-McMoRan Inc (NYSE:FCX, ETR:FPMB) (www.proactiveinvestors.co.uk)