Maple Gold Mines Ltd. has entered into an option agreement with Globex Mining Enterprises Inc. to acquire a 100% interest in the Eagle Mine property, providing a clear path to consolidate the past-producing, high-grade Eagle-Telbel underground mines at the Joutel Gold project in Quebec, Canada.
The Joutel Gold project is held by a 50/50 joint venture (JV) between Maple Gold and Agnico Eagle Mines Ltd.
- Eagle hosts the historical underground Eagle Mine, which formed a part of Agnico’s past-producing Eagle-Telbel mining complex that produced 1.1 million oz of gold between 1974 and 1993.
- The transaction consolidates a strategic land position along the dominant northwest-southeast gold trend (Harricana Deformation Zone) that hosted the entire Eagle-Telbel mining complex. Limited exploration activity has been conducted at Eagle since mine closure in 1993.
- Maple Gold will acquire a 100% interest in Eagle by completing payments to Globex totalling CAN$1.2 million in cash and shares over five years and incurring exploration expenditures of CAN$1.2 million over four years, which can be accelerated at the company's discretion.
- Maple Gold will immediately begin developing a new 3D geological and structural model that builds upon the work currently underway at the Telbel underground mine area and will apply additional exploration approaches to target new gold zones in the Eagle Mine area that may have been overlooked over the past 28 years.
Matthew Hornor, President and CEO of Maple Gold, comments:
“Securing an option to acquire Eagle is highly strategic as we have strong reason to believe that high-grade gold mineralisation remains at the entire past-producing Eagle-Telbel mine area.
“Consolidating this ground provides significant exploration upside through potential near-mine extensions to the historic underground workings. We will apply a similar approach that we have been using at Telbel and Douay and leverage the JV’s access to historical drill data and mining records to expand our 3D model and targeting along this entire trend.”
Read the article online at: https://www.globalminingreview.com/mining/21072021/maple-gold-to-acquire-globexs-eagle-mine-at-the-joutel-gold-project/