Mont Royal Resources Ltd has announced its proposed acquisition of 75% of Northern Lights Minerals Pty Ltd (NLM), an Australian proprietary limited company with the rights to acquire a significant land package in the Upper Eastmain Greenstone Belt located in Quebec, Canada.
- A substantial 536 km2 package across the Upper Eastmain Greenstone belt.
- Acquisition assets are prospective for both precious (gold, silver) and base metals mineralisation (copper, nickel).
- Complementary to existing gold and copper exploration at Wapatik project.
- NLM owns 100% of Tarku, RHE-Extension, CR Properties.
- The 100% owned NLM properties follow the extension of Benz Mining Inc. Eastmain mine corridor.
- NLM has an option to acquire an interest in 70% of the Dios Assets.
- NLM has a right to acquire a 100% interest in the Focus Assets.
- MRZ will issue the shareholders of NLM 5 million fully paid ordinary MRZ shares as consideration.
- Consideration Shares to be subject to voluntary escrow for 12 months.
- Year-round access road access via route 167 North, with the Acquisition Assets also covered by Société du Plan Nord.
- MRZ to expedite exploration activities across the suite of new assets.
- MRZ to undertake capital raising of CAN$4 million in conjunction with the Proposed Acquisition.
The NLM Assets are situated in the Upper Eastmain Greenstone belt, with the belt located 300 km NNE of the town of Chibougamau; 56 km south of Renard Diamond mine. The Upper Eastmain Greenstone Belt is one of several Archean greenstone belts situated within the Canadian Shield.
Due to its northerly location and historically perceived remoteness, the region has not received the same exploration compared to the belts located further south, that are better recognised as constituting the world-famous Abitibi Greenstone Belt, hosting a number of world class mines, including: Kirkland Lake, Rouyn Noranda, Malartic, and Kerr Addison.
Mont Royal will endeavour to replicate the exploration success of neighbouring company Benz Mining Inc. deploying the use of electromagnetic (EM) geophysics in its future exploration programs. Through the generation of EM anomalies, this approach identifies iron sulphide bodies like those present at the Eastmain Gold Project, which very closely related to high grade gold occurrences.
This technique has generated a high rate of success for Benz Mining, intersecting shallow, high-grade gold mineralisation in quartz and iron-copper sulphide rich shoots at the company’s Eastmain Gold project, situated immediately to the northern boundary of NLM’s Tarku Project.
Electromagnetic geophysics is not commonly used in traditional Canadian exploration but is used frequently in Australia.
The territory which encompasses the acquisition assets is covered by Société du Plan Nord (SPN), a government initiative to fund focused on the funding and implementation of integrated and sustainable development of the area. The properties benefit from year-round access via the Route167 highway. The approximate distance between the MRZ’s Wapatik project and the group of acquisition assets is 350 km to the north-east.
Read the article online at: https://www.globalminingreview.com/mining/03092021/mont-royal-to-acquire-majority-stake-in-nlm/
You might also like
Prosper Gold has entered into an option agreement to acquire the Kaza and Northstar properties in British Columbia, Canada.