Val-d’Or Mining Corporation (Val-d’Or Mining) has entered into a mineral claim sale for 10 precious and base metals-rich properties located in Quebec with Progenitor Metals Corp. (Progenitor Metals) for an unspecified amount.
The 10 properties, known as Home North Prospects, are located in northwest Quebec’s Abtiti Greenstone Belt near the Destor-Porcupine Fault Zone and the Larder-Cadillac Fault Zone and are likely rich in copper, gold, and zinc deposits. According to a statement from Val-d’Or, there are several untested geophysical features nearby it considers of interest because they contain rocks which host calc-alkaline. Moreover, the locations lie in general vicinity to Rouyn-Noranda.
Val-d’Or Mining initially purchased Home North Prospects from Golden Valley Mines, adding the sites to its early-stage exploration properties portfolio and identified multiple targets worthy of further exploration.
Val-d’Or Mining will receive 5,345,657 shares in the capital of Progenitor Metals totalling $1,069,131.40, 80pc of which the former will receive, while Golden Valley Mines will receive the remainder. If Progenitor Metals doesn’t enter into a “going public” transaction within 21 months of the transaction’s closing date, Val-d’Or Mining will repossess the 10 properties.
Home North Prospects is comprised of Borderline Prospect, Calamity Prospect, Entre-Deux-Lacs Prospect, Golden Jet Prospect, Hunter Mine Group Prospect, Lac Gueguen Prospect, Mona Lisa Prospect, Princess Annie Prospect, Riviere D’Alembert Prospect, and Sea Serpent Prospect.