Maple Gold Mines (TSXV: MGM; US-OTC: MGMLF) has entered into an possibility settlement with Globex Mining Enterprises (TSX: GMX; US-OTC: GLBXF) relating to the past-producing Eagle gold mine, 60 km southwest of Matagami, Quebec.
Possession of the mine will consolidate the historic high-grade Eagle-Telbel underground mines on the Joutel gold challenge. It is a 50:50 three way partnership of Maple Gold Mines and Agnico Eagle Mines (TSX: AEM; NYSE: AEM).
The Eagle, Eagle West and Telbel underground mines and the Eagle West pit produced 1.1 million oz. of gold between 1974 and 1993 as a part of Agnico’s first gold camp. The outdated manufacturing shaft on the web site is about 950 metres deep. Throughout the second-to-last yr of operation at Eagle, Agnico drilled a gap that returned 10.2 metres of 10.2 grams gold per tonne.
Globex drilled six broadly spaced holes between 2008 and 2015, together with 12.4 metres of two.9 grams gold per tonne starting at 347 metres, together with 4.8 metres of 5.4 grams gold per tonne.
Maple Gold will purchase a 100% curiosity within the Eagle property by paying Globex a complete of $1.2 million in money and shares over 5 years and spending $1.2 million on exploration over 4 years, which might be accelerated at Maple Gold’s discretion. Globex will retain a 2.5% gross metallic royalty that may lowered to a 1.5% GMR in return for a money fee of $1.5 million.
The Joutel gold challenge additionally hosts a number of regional exploration targets alongside a 55-km strike size of the Casa Berardi deformation zone.
