PERTH (miningweekly.com) – ASX- and TSX-listed Chalice Gold has signed a binding option and farm-in agreement with Canada’s Globex Mining Enterprises to acquire an interest in the Nordeau gold project, in Quebec.
Under the terms of the agreement, Chalice will acquire Globex’s share in the project by making yearly option payments totalling C$590 000 over four years and undertaking exploration expenditure of C$2.5-million also over a four-year period.
Upon the execution of the option, Chalice will grant Globex a 3% net smelter royalty.
The Nordeau project comprises 1 450 ha of claims and is located 1 km from the former Chimo gold mine, which operated in the 1960s through to 1997. The project has a historical indicated mineral resource of 225 342 t, grading 4.17 g/t gold and an inferred resource of 1.1-million tonnes, at 4.09 g/t gold.
“Chalice has secured rights to a highly prospective advanced exploration asset showing strong indications of high-grade gold mineralisation 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,” said MD Tim Goyder.
The agreement is subject to the completion of a due diligence.