Mistango River Resources to Acquire Ledden Copper-Gold Project in Chibougamau Quebec, Canada
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Mistango River Resources Inc. has entered into an option agreement to acquire a 100 percent interest in the Ledden Copper-Gold Project in the Chibougamau District of Quebec. The Ledden property is comprised of 26 contiguous cell claims and is located 15 km from the town of Chibougamau and is proximate to all the major infrastructure remaining from Chibougamau’s mining camp including road, rail, hydropower lines, and a skilled local workforce.
“Our group is very interested in the potential for bulk tonnage copper-gold deposits in the Chibougamau District of Quebec. This acquisition represents an investment in a large, mineralized structure that is near surface and mostly untested,” said Stephen Stewart, Mistango’s chairman.
“Furthermore, the area has top-tier infrastructure yet is still an emerging district in the context of open pit mining based on new interpretations our group has developed,” added Stewart.
With the acquisition of Ledden, Mistango maintains significant exposure to gold with Ledden and its Kirkland Lake District assets Omega and Kirkland West, but now adds substantial exposure to copper.
Through this acquisition, Mistango has gained exposure to the province of Quebec and, more specifically, the Chibougaumau District. Quebec is a top-tier jurisdiction and management believes that assets in jurisdictions such as Canada and Quebec will be valued at a premium in the coming years. Quebec offers tremendous support through direct provincial investment and infrastructure funds such as Plan Nord. Copper is within Quebec’s Critical and Strategic Minerals Plan, thus offering additional exploration incentives.
Mineralized intersections from the Ledden Copper-Gold Project are reported from drilling over several decades, but the focus was mainly on high-grade veins and little or no follow-up on these long intersections was carried out. Over the last few years, the Chibougamau District has demonstrated new well-defined opportunities for bulk tonnage near surface copper-gold mineralization. However, the district is in its infancy in terms of exploration for this type of mineralization.
Mistango is planning and permitting its phase one drill campaign on Ledden, and the company expects to complete this program on the project in the coming months.
Mistango is committing a total of $200,000 in cash or shares and $1.2 million work of commitments on the property over the next three years to earn a 100 percent interest in Ledden. The vendors will retain a 2 percent NSR on Ledden, of which Mistango can repurchase half of this NSR for $2 million.
About Mistango River Resources
Mistango is a Canadian-based exploration and development company focused on its Kirkland Lake West and Omega projects in the Kirkland Lake District of Ontario’s Abitibi Greenstone Belt. Agnico Eagle Mines Limited holds an option to acquire up to a 75 percent interest in Mistango’s Kirkland West and Omega projects in exchange for spending $60 million on the projects.
To stop by Mistango’s website, CLICK HERE
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