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Home > News > EGR Exploration Agrees to...

EGR Exploration Agrees to Option Out the Urban Barry Gold Property, Quebec

Dec 20, 2023


EGR Exploration Ltd. has entered into an option agreement to sell  the Urban Barry Gold Property in Quebec to Harvest Gold Corp. The transaction is pending TSX Venture Exchange approval.
 
Highlights of the Agreement

  • Option and Sale of 122 claims and 6,879 ha, Urban Barry Gold Property located in Urban Barry/Windfall area Quebec.
  • EGR will receive a total of $90,000 cash, 1,750,000 common shares of Harvest Gold, and a 2.0% NSR Royalty.  Harvest Gold is also required to spend a minimum of $300,000 in exploration expenditures in the first two years.
  • EGR will receive an additional 1 million common shares upon Harvest Gold announcing a 43-101 compliant resource estimate of 1 million ounces of gold in the inferred category.
  • Value creation for EGR shareholders with discovery potential in a Quebec focused exploration company.

CEO Comments
Daniel Rodriguez, CEO and Director of EGR comments, “This is an accretive transaction for our shareholders. We now are shareholder in Harvest Gold, a Quebec focused gold exploration company that will move the Urban Barry property forward. This mining district is heating up with recent transactions, led by the 50/50 JV of Osisko’ s Windfall property with Gold Fields Limited and infrastructure announcements with Hydro-Quebec. Harvest Gold, whose management team is motivated, experienced, and very strong technically, is more than capable of making a new discovery in the Abitibi region.  We look forward to their success with both their Quebec acquisitions.” 
 
About Urban Barry Property
The Urban Barry property is in the Ralleau and Wilson townships of the James Bay region of Quebec in the Abitibi Greenstone Belt, which is host to the Windfall gold deposit that holds nearly 4 million ounces of gold (indicated and inferred resources).* The Urban Barry property encompasses an area of approximately 6,900 hectares and directly adjoins Osisko Mining Corp/Gold Field’s (50/50 JV) Windfall property, with the Langlois base metal-silver-gold mine located approximately 30 km to the northwest.



Tags: Quebec / Deals & Financial / Gold / All Articles