Bolt Metals Acquires Option for Northwind Near Quebec’s Windfall Gold Deposit
By Kevin Vincent
Bolt Metals Corp. has announced an agreement to acquire a 100% interest in the Northwind property, located in Quebec’s Urban-Barry greenstone belt, a key part of the Abitibi geological subprovince.
Key Highlights:
• Size and Location: The Northwind property comprises 53 claims covering approximately 3,000 hectares, situated 15 km from the Windfall gold deposit, which hosts 7.39 Moz of gold across all categories.
• Exploration Potential: The site features multiple drill-ready targets developed through trenching and geophysics. Despite its proximity to significant discoveries, the property has seen minimal historic exploration.
• Strategic Timing: The recent acquisition of Osisko Mining by Gold Fields has spotlighted the Urban-Barry mining camp, where Bolt’s newly acquired property is located.
“We are thrilled to add the Northwind claims to our portfolio and establish Bolt’s presence in the Urban-Barry mining camp,” said CEO Brandon Haynes. “This region is poised for major discoveries, and we’re confident that modern exploration techniques will unlock its potential.”
Geological and Exploration Details
The Northwind property is dominated by east-west striking diorite, pegmatitic granite, and gneissic tonalite, with basalt in its northeastern quadrant. It lies near a volcano-sedimentary terrane hosting several significant gold deposits.
Limited work has been documented on the claims before 1984, but modern methods have outlined high-priority exploration targets:
• A 2017 heliborne geophysical survey identified six overlapping magnetic highs and TDEM anomalies.
• Subsequent ground-based surveys refined these targets.
• Trenching in 2020 revealed five subparallel silicified shear zones, indicating significant mineralization potential.
Terms of the Agreement
Under the option agreement, Bolt Metals can acquire the property by:
1. Issuing 7 million shares to the vendors upon closing.
2. Making CAD $50,000 payments at 6, 12, 18, and 24 months post-closing.
3. Reserving a 3% Net Smelter Returns (NSR) royalty for the vendors.
4. Committing CAD $3 million in exploration expenditures over two years, including CAD $100,000 within six months, which can be paid in cash at Bolt’s discretion.
About Bolt Metals Corp.
Based in Vancouver, BC, Bolt Metals focuses on acquiring and developing high-potential precious and base metal properties. In addition to the Northwind project, its portfolio includes the Soap Gulch SEDEX copper project in Montana and the Switchback copper-silver project in British Columbia.
This acquisition aligns Bolt’s strategy of targeting underexplored properties in proven mining districts, positioning the company for potential near-term discoveries in the thriving Urban-Barry mining camp.
Tags: Quebec / Deals & Financial / Gold / All Articles