Montreal-based Explorations Minieres du Nord (MDN-M) has struck a deal with Inmet Mining (IMN-T) to acquire that company’s interest in a gold property in the Abitibi region of Quebec.
Work at the Lake Shortt property by Inmet and equal partner Soquem has identified two gold-bearing zones, dubbed Lesperance and Boyvinet. At Lesperance, drilling returned 10.42 grams gold per tonne over 7.2 metres, 11.9 grams over 2.85 metres and 3.56 grams over 3.05 metres. Drilling at Boyvinet returned 2.7 grams over 10.7 metres, 4.8 grams over 3.2 metres and 6.01 grams over 0.94 metre. In addition, drilling tested several showings, results from which include 5.6 grams gold over 1.5 metres, 3.9 grams over 6.1 metres and 3.6 grams over 3.9 metres.
In order to earn Inmet’s 50% interest in the project, Nord must issue 200,000 shares and 200,000 warrants priced at $2 each. The company must also spend $600,000 exploring the property, after which it must issue an additional 100,000 shares. Inmet will receive a 3% net-smelter-return royalty, or payment of 75 cents per ton of ore mined, whichever is greater.
Nord and Soquem, the operator, intend to spend $200,000 this year.
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