The Raglan district’s largest landholder, Goldbrook Ventures (GBK-V, GBKVF-O), is set to share its sizable swath of territory in northern Quebec with mining stalwart Hunter Dickinson.
The Vancouver-based company has entered into a letter of intent with privately held Hunter Dickinson that would create a joint venture on 3,564 sq. km of exploration land.
The deal would let Hunter earn a 50% interest in the land package by spending $35 million on exploration over three years. If it completes the earn in, it would pay for 60% of future exploration while Goldbrook would be on the hook for the remainder.
Hunter has also agreed to pay for a prefeasibility study and can take its interest up to 60% by finishing an economic assessment study on the property. It can earn another 10% interest by completing a bankable feasibility study.
The news sent Goldbrook shares up 25% or 4 to 18 on 1.2 million shares traded in Toronto. The company has roughly 148 million shares outstanding and its shares have traded from 14-58 over the last 52 weeks.
Hunter Dickinson has 45 days to finish its due diligence on the properties.
The Raglan district hosts nickel, copper and platinum group element (PGE) sulphide deposits. The area is host to Xstrata’s (XSRAF-O, XTA-L) Raglan operations — one of the world’s most profitable nickel-copper- PGE mines.
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