Superior Mining International Corp. has reached an agreement with a private firm for the acquisition of the Monexco Group Property located approximately 10 km north of the town of Chibougamau, Northern Quebec region. The property, extending for 30 km on its longest axis, is comprised of 204 claims totalling more than 11 000 ha.
- Superior Mining International Corp. will obtain 100% of Monexco Group Property, north of Chibougamau, Québec.
- The property includes known high-grade gold surface occurrences distributed over approximately 400 m of strike length.
- Property straddling a newly defined regional structure with proven fertility for gold.
- Close to infrastructures and all year long accessibility.
The Monexco gold trend has several historical gold grades in the 10 – 126.8 g/t range from various stripped areas distributed over 400 m of strike length. The whole land package is centred on the Faribeault Fault Zone and associated cross cutting structures identified for its gold potential by the province of Québec MERN (Ministère Énergie et Ressources Natuelles).
Monexco gold trend and showings
The Monexco cluster of high-grade gold showings covers an area making approximately 400 m along strike and 400 m across the main structure. The quartz-tourmaline veins and quartz-carbonate-pyrite veins sets follow East-West and North-East orientations, hosted in strong iron carbonate alteration affecting both mafic volcanic, gabbros and quartzo-feldspathic dykes. A dozen or so stripped and sampled areas were recorded accurately by a previous operator.
Terms of the agreement
Superior Mining International Corp. will pay an aggregate amount of CAN$100 000 and issue 3.3 million shares in exchange for 100% interest in the property. The sellers retain a net smelter return royalty of 3%. The level of the royalty may be reduced at any time from 3% to 2% subject to certain payments.
Read the article online at: https://www.globalminingreview.com/finance-business/06122021/superior-mining-international-corp-acquires-monexco-group-gold-property/