Chalice Gold to Acquire Nordeau Gold Project in Quebec, Canada
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Chalice Gold Ltd has entered into an agreement to acquire the Nordeau Gold Project, located in the highly endowed Abitibi region of Quebec, Canada.
The binding option and farm-in agreement has been signed with Globex Mining Enterprises Inc to acquire Globex’s interest in the Nordeau Gold Project.
The project consists of claims owned 100 percent by Globex and certain claims where Globex has a 60 percent interest.
Chalice may acquire the interest in the project by making annual option payments totaling C$590,000 over four years to Globex, including an initial payment of C$120,000 in the first year.
Chalice will also need to undertake exploration expenditures of C$2.5 million over a four year period.
Upon exercising the option, Chalice will grant a 3 percent gross metal royalty to Globex.
Chalice has the right to withdraw from the project at any time without earning an interest.
The Nordeau Gold Project is located about 1 kilometer from the former Chimo gold mine that operated over three periods from the 1960’s through to 1997.
Underground mining at Chimo was undertaken on multiple gold lodes that extended up to 870 meters below surface, demonstrating that gold systems in the area have a significant vertical extent.
Previous drilling at Nordeau has estimated a non-JORC indicated mineral resource of 225,342 tonnes at 4.17 g/t gold for 30,212 ounces gold, at a cut-off grade of 2.75 g/t gold.
Tim Goyder, managing director, commented: “Chalice has secured rights to a highly prospective advanced exploration asset showing strong indications of high grade gold mineralization in a world class gold district.”
“In combination with the company’s Kinebik Project, Chalice has now increased its foothold in the highly endowed Abitibi region.”
“We look forward to commencing exploration activities as soon as possible.”
Source: (October 12, 2016) Proactive Investors
About Chalice Gold
Chalice Gold Mines Ltd is an Australian-based mining company that is listed on the Australian Securities Exchange and Toronto Stock Exchange.
To stop by Chalice Gold’s website, CLICK HERE
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