Two exploration financing agreements totalling about $1 million have been entered into by Quinteko Resources. The proceeds will be used to help fund the company’s 25% interest in the gold exploration program at the McWatters project near Rouyn-Noranda, Que.
The agreements are with nim Resource — 1987 and Co., Ltd. Partnership, which will subscribe for $300,000 of flow-through common shares of Quinteko, and mvp Exploration (1987) and Co., Ltd. Partnership, which will subscribe for a further $660,000 of flow- through shares. The placements are subject to regulatory approval.
Quinteko has also agreed to acquire a 25% interest in the Clerno McWatters gold property containing the western extension of several gold zones known on the McWatters property.
The McWatters gold property is a former producer, having turned out more than 100,000 oz gold grading 0.3 oz per ton.
Operator of the McWatters project is McAdam Resources, which has a 50% interest. Quinteko and Tashota-Nipigon Mines each have a 25% interest.
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