Maple Gold acquires Globex’s Eagle mine at Joutel Gold project
Maple Gold Mines Ltd. entered into an option agreement with Globex Mining Enterprises Inc. to acquire a 100% interest in the Eagle Mine property, thus providing a clear path to consolidate the former high-grade Eagle-Telbel underground mines at the Joutel Gold Project in Quebec, Canada.
The Joutel Gold project is owned by a 50/50 Joint Venture (JV) between Maple Gold and Agnico Eagle Mines Ltd.
- Eagle is home to the historic Eagle underground mine, which was part of Agnico’s Eagle-Telbel mining complex that produced 1.1 million ounces of gold between 1974 and 1993.
- The transaction consolidates a strategic land position along the dominant north-west-south-east gold direction (Harricana deformation zone) which housed the entire Eagle-Telbel mining complex. Limited exploration activity has been carried out at Eagle since the mine closed in 1993.
- Maple Gold to acquire 100% stake in Eagle by making payments to Globex totaling C $ 1.2 million in cash and shares over five years and incurring exploration expenses of C $ 1.2 million over four years, which may be accelerated at the discretion of the company.
- Maple Gold will immediately begin to develop a new 3D geological and structural model that builds on the work currently underway in the Telbel underground mine area and will apply additional exploration approaches to target new gold areas in the area. the Eagle mine which may have been neglected in the past 28 years.
Matthew Hornor, President and CEO of Maple Gold, comments:
“Obtaining an option to acquire Eagle is highly strategic as we have good reason to believe that high grade gold mineralization remains throughout the mining area of Eagle-Telbel.
“The consolidation of this land offers positive exploration potential through potential extensions near the historic underground work mine. We will apply a similar approach to the one we used at Telbel and Douay and leverage the joint venture’s access to historical drill data and mining records to extend our 3D model and targeting throughout this trend.
Read the article online at: https://www.globalminingreview.com/mining/21072021/maple-gold-to-acquire-globexs-eagle-mine-at-the-joutel-gold-project/