The first of a pair of recently inked deals will see Richmont Mines (RIC-T) add to its portfolio in the up residence in the Baie Verte region of Nfld.
The company has agreed to acquire the Stog’er Tight property, 40 km from the Nugget Pond mill from private Newfoundland company Ming Minerals for $250,000by Nov. 30, 2006. The deal is expected to close by month’s end, and Richmont plans an exploration campaign early next year.
The main ore-bearing structure at Stog’er stretches for 1 km, and includes two main mineralized zones grading from 0.15 to 0.32 oz. of gold per ton over thicknesses between 6-16 ft.
Under a second deal, Richomnt stands to take a 70% stake in Mountain Lake Resources‘ (MOA-V) Valentine Lake gold property by paying $25,000 in cash and spending $2.5 million on exploration by Oct. 31, 2007. Richmont must spend $150,000 on exploration during its due diligence period, which end s on March 31, 2004.
A drilling program designed to confirm the plunge and dimensions of a system of quartz-tourmaline veins containing high grades of gold will begin in January 2004. So far, more than 2,600 ft. of the system has been drilled; the zone remains open at depth from 600 ft. below surface.
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