The Chevrier property of GeoNova Explorations (GNE-M) is fast becoming one of the largest undeveloped gold projects in Quebec.
Drill results at the project, situated near Chibougamau, Que., have enabled GeoNova to boost its resource to 3.7 million tonnes grading 5.1 grams gold per tonne, equivalent to about 600,000 contained ounces of gold.
Approximately 55% of the resource is on the Fancamp block, in which Famcamp Resources (FNM-V) holds a 35% interest.
The average horizontal width of the mineralization is 2.8 metres, including a 2.7-metre-wide portion that represents 2.2 million tonnes grading 6.21 grams gold.
The new resource figure represents a doubling of the Chevrier deposit in one year.
Exploration drilling will resume with a 5,000-6,000-metre program aimed at investigating western extensions of the mineralization. Definition drilling is scheduled for summer and fall.
GeoNova can acquire the Chevrier project from Inmet Mining (IMN-T) by spending an additional $1.5 million over the next two years and producing a feasibility study. Inmet would then have the option of repurchasing half the project by reimbursing GeoNova its entire investment in Chevrier. Inmet would then manage the mine development.
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