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Home > News > Lafleur Minerals acquires...

Lafleur Minerals acquires Swanson gold property north of Val D'or

Jul 9, 2024


LaFleur Minerals Inc. has fully exercised its option to acquire 141 mineral claims covering 5,579 hectares located in the Province of Québec, adjacent to the Swanson gold deposit. 

As announced by the Company on June 17, 2024, the Company entered into an arm's length Option Agreement (the "Agreement") with Abcourt Mines Inc. ("ABI") pursuant to which ABI granted the Company the option (the "Option") to acquire all of ABI's title and interest in the Property. In accordance with the terms and conditions of the Option Agreement, the Company:

  • paid ABI the initial cash payment of $500,000 on June 20, 2024, after which it acquired a 25% interest in the Property; and
     
  • elected to accelerate the completion of the outstanding payments totalling $1,500,0000 and complete such payment through the issuance of common shares in the capital of the Company (the "Shares") to acquire the remaining 75% interest in the Property. As such, the Company issued ABI 4,299,211 Shares with a deemed price of $0.3489 per Share. The Shares are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

Following the Company's exercise of the Option, the Company has:

  • granted ABI a two percent (2%) net smelter returns royalty on certain mineral claims comprising the Property; and 
     
  • assumed ABI's obligations with respect to certain royalties currently existing on the Property.

The Property is located within the gold and critical minerals rich Abitibi Greenstone Belt, approximately 60 km north of the city of Val-d'Or and adjacent to the Swanson gold deposit, Abcourt-Barvue base metal (Zn-Pb-Ag) mine, and the Courville and Jolin gold deposits. The Property claims contain the same geological stratigraphy that hosts the Swanson gold deposit, extending the favourable strike length a total of 30 km along a NW to SE trend and over a width of 4 to 9 km. The Property is composed of alternating porphyritic andesites, basalts, rhyolites, and felsic tuffs belonging to the Figury Group as well as syenites, monzonites, diorites, tonalites and granodiorite intrusives. The Property includes both orogenic-type vein (structurally-controlled) and shear-hosted gold-bearing mineralization, with 17 gold (Au) and numerous gold-rich polymetallic (Ag, Cu, Zn, Pb and Mo) showings.

Gold showings on the Property are referenced from the Québec government SIGÉOM geological database and include the:

  • Jackson Showing - 553.28 g/t Au over 0.8m (historical drilling)
  • Jolin Showing - 20.00 g/t Au (historical grab sample)
  • Bartec Showing - 3.40 g/t Au over 1.5m (historical drilling)
  • Laflamme Sud Showing - 5.97 g/t Au over 0.3m (historical drilling)
  • Matttagami Lake showing - 4.29 g/t Au over 0.3m (historical drilling)
  • Malbar/Gros Louis Showing - 3.77 g/t Au over 0.9m (historical drilling)

Several gold showings on the Property also include historical mineral resource estimates referenced in SIGÉOM and completed prior to the introduction of CIM and NI 43-101 disclosure standards. 

Qualified Person Statement

All scientific and technical information in this news release has been prepared or reviewed and approved by Louis Martin, P.Geo., Technical Advisor to the Company, and a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Cautionary Statements and Data Verification

This news release may contain scientific and technical information with respect to adjacent properties to the Company's properties, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding the geology, mineralization, and mineral resources on adjacent properties is not necessarily indicative of the mineralization on the Company's properties.

The Qualified Person has reviewed the historical scientific and technical information on the Property from historical reports, government geological databases, and scientific papers, but has not yet fully verified the sampling, analytical, and test data underlying this information. Current limitations include getting access to original databases and assay certificates from the historical work programs.

About LaFleur Minerals Inc.

LaFleur Minerals Inc. (CSE: LFLR) (OTC Pink: WPNNF) is a North American junior mining exploration company that has several 100%-owned properties in Quebec's highly sought after gold, critical minerals, and lithium regions in James Bay and Val-d'Or regions. The Company's Vieux Comptoir Property is located approximately 45 km east of the Patriot Battery Metals Corvette Project and 45 km west of Winsome Resources, Adina Project. The Company's Mazérac Property is easily accessible and located 50 km southwest of Val-d'Or near Vision Lithium's Cadillac Property and Winsome Resources' Decelles Property.



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