Maude Lake Exploration (MAU-V) has inked deal to take Cameco‘s (CCO-T) remaining 46% stake in the Comtois gold project in Quebec off its hands for $1.5 million.
Maude must spend $1 million on exploration within three years, followed by a cash payment of $500,000. The junior is then required to secure an investor to take up Cameco’s remaining shares at 15 apiece.
Under the deal, Cameco will retain a 2% net smelter return (NSR) royalty, half of which can be bought back. The uranium giant has waived a previously agreed the 2% NSR royalty on the first 250,000 oz. of production from the property.
The deal requires regulatory approval.
Maude Lake is currently looking at financing options to fund drilling aimed at doubling resources at the project near Lebel-sur-Quvillon.
At last count, Comtois’ resource stood at 808,000 tonnes grading 9.6 grams gold, or 249,000 contained ounces gold. Gold mineralization occurs in a network of quartz veinlets hosted by rhyodacitic flows and intermediate-to-felsic tuffs. The estimate is based on a 6-gram cutoff grade and a US$300-per-oz. gold price.
Maude Lake notes that it cut all high assays to 30 grams gold. When uncut, the grade averages 20.2 grams gold, which swells Comtois’ contained ounces of gold to 524,000.
An induced-polarization survey at Comtois this past summer identified possible lateral extensions of the known zones, and the company is seeking financing to carry out further drilling.
Maude Lake is currently the project operator and has a 54% stake.
Be the first to comment on "Maude Lake eyes all of Comtois"