First Mining to acquire Quebec claims from IAMGOLD

• 2.5 million First Mining common shares upon closing of the transaction.
• The granting of a 1.5% net smelter return royalty on the Porcupine East Property to IAMGOLD upon closing of the transaction.
• A future contingent payment of US$500 000, in cash or First Mining shares, on the declaration of a minimum of 350 000 oz gold resource on the Porcupine East Property.
• A future contingent payment of US$1 000 000, in cash or First Mining shares, to be paid within 12 months of commercial production being declared at the Duparquet Gold project, as long as any major surface infrastructure related to the Duparquet Gold project has been constructed on the Porcupine East Property. 

Dan Wilton, CEO of First Mining, said:

“We are very excited to announce this strategic consolidation around our Quebec assets increasing our land position by 50%. These highly prospective claims are located in between our Duparquet, Pitt and Duquesne gold projects, and will provide First Mining with a contiguous property package covering 19 km of favourable stratigraphy in Quebec, in the heart of the Abitibi Greenstone Belt. We are excited to embark on robust engineering and exploration programmes that will continue to demonstrate the highly prospective nature of our Duparquet Gold project and the surrounding projects. We are also very pleased to welcome IAMGOLD as a shareholder of First Mining. IAMGOLD has a significant presence in both Ontario and Quebec, and as we continue to advance both Springpole and Duparquet, we look forward to other opportunities to work together.” The Porcupine East Property is strategically located between First Mining’s Duparquet Gold project and First Mining’s Pitt and Duquesne Gold projects. With the addition of the Porcupine East Property, First Mining will increase its land position by 1868 ha. for a total land package of over 5800 ha. in Quebec. It will also provide an additional 7 km of strategic ground along the prolific Destor-Porcupine Fault Zone, increasing First Mining’s total exposure to 19 km, including numerous secondary mineralised structures. The new amalgamated property now includes three past producing gold mines, one gold deposit and 17 mineral showings.

Read the article online at: https://www.globalminingreview.com/mining/31012023/first-mining-to-acquire-quebec-claims-from-iamgold/