Harfang Acquires Two Gold Projects on Quebec side of James Bay

Harfang Exploration Inc. has announced the acquisition, by map designation, of 274 claims (14,057.14 ha) 100% owned by the corporation. These claims, grouped into two blocks, refer to the new Bonfait and La Passe projects located along the regional contact separating the La Grande and Opinaca subprovinces in James Bay (Québec). This contact is known to be highly prospective due to the discovery of many spatially-associated gold occurrences. Moreover, this acquisition strenghtens Harfang’s strategic position near its Serpent gold and copper project which is considered as the flagship asset of the Corporation.

Bonfait and La Passe Projects Highlights:

• Located along the La Grande-Opinaca limit which is known to be spatially-associated with substantial gold mineralizations, including the Éléonore gold mine operated by Newmont (246,000 ounces of gold produced in 2019 and 1.3 million ounces of gold reserves at December 31, 2019), and the Zone 32 (4.2 million metric tons @ 2.1 g/t Au and 0.2% Cu, O3 Mining), and La Pointe prospects (Quebec Precious Metals Corporation) [see “Cautionary Statement”];
• Rocks identified on both properties are variably altered, mineralized and metamorphosed wacke, paragneiss and conglomerate similar to those in the Low Formation hosting the Éléonore deposit;
• The metamorphic gradient, ranging from greenschist to lower amphibolite facies, is similar to that found in most worldwide orogenic gold deposits.

Both Bonfait and La Passe projects are considered as grassroot targets as no historical exploration was carried out on most of these claims. The Bonfait Property includes 194 claims (9,940.33 ha) over a strike length of 17 km. It is located 5 km east of numerous gold occurrences surrounding the Zone 32 gold-copper prospect. The La Passe Property consists of 80 claims (4,116.81 ha) located 15 km northeast of the La Pointe gold prospect.

Harfang has proceeded to the acquisition of both projects as part of its generative program. The Corporation continues to compile geological information relevant to these areas and plans to conduct its first exploration program on these projects during fall 2020. Meanwhile, Harfang’s field crew is totally dedicated to its exploration program on the Serpent Project which started in June.

Cautionary Statement:

Gold annual production and reserves for the Éléonore mine are from Newmont Corporation’s 2019 Annual Report and Form 10-K.

Estimates for the Zone 32 prospect are treated as historic information and have not been verified by Harfang. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s properties.

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