QC Copper and Gold Inc (CVE:QCCU) (OTCMKTS:QCCUF) said it has signed an agreement to buy a 50% ownership interest in the Roger Gold-Copper project located in Quebec’s Chibougamau District from Pasofino Gold Ltd (CVE:VEIN) (OTCMKTS:EFRGF) (FRA:N07).
The company will pay a total consideration of C$2 million for the property, consisting of $1 million in cash and 5.5 million QC Copper shares.
“This is a strategic asset acquisition that fits into our vision for a consolidated Chibougamau District. The Roger is a sizable NI 43-101 pit constrained gold-copper resource with plenty of expansion potential and is proximate to our flagship Opemiska project,” QC Copper and Gold CEO Stephen Stewart said in a statement.
“The Opemiska and its ongoing drill program remains our core focus, however, we felt compelled to act when Roger opportunity presented itself,” Stewart added.
“When shareholders evaluate this pit constrained resource relative to the consideration paid, I believe they will see the value of this accretive acquisition.”
QC Copper and Gold noted that 58,000 metres (m) of diamond drilling has been completed on the property, as well as more than 1,000m of chip sampling.
An updated mineral resource estimate on the deposit was completed in August 2018, which showed an Indicated resource of 333,000 gold-equivalent ounces grading 0.85 grams per tonne (g/t) gold, 0.80 g/t silver, and 0.06% copper, along with 202,000 ounces of gold equivalent in the Inferred category grading 0.75 g/t gold, 1.18 g/t silver, and 0.11% copper.
The company added that the gold and copper distribution is low-grade but forms wide intersections that could be amenable to open-pit exploitation.
The remaining 50% interest in the Roger project is owned by SOQUEM, a subsidiary of Investissement Québec.
QC Copper and Gold’s flagship asset is the Opemiska Copper Mining Complex project located near the town of Chapais, Quebec within the prolific Chibougamau region. The project consists of two past-producing mines, which were previously owned and operated by mining giant Falconbridge, then bought by Swiss firm Xstrata.
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Story by ProactiveInvestors
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