Strateco can earn its stake in the 177-sq.-km project, which comprises the Desjardins and Borduas-Martel properties, by spending $4.5 million on exploration and issuing 600,000 shares over three years. Each share comes with half a 2-year purchase warrant. One warrant allows the holder to buy one share at a 20% premium over the share price at the time the warrant was issued.
The property is in the eastern extension of the Harricana-Turgeon belt, which hosts the Matagami, Joutel and Casa Berardi mining camps.
According to a 1997 calculation, the Discovery zone has a resource of 2.1 million tonnes grading 5.1 grams gold over an average horizontal thickness of 6.8 metres.
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