https://www.engineeringnews.co.za

Darnley Bay enters into option agreement for Eastmain Quebec project

20th November 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – TSX-V-listed Darnley Bay Resources has entered into an agreement with TSX-listed Eastmain Resources, whereby Darnley Bay can acquire a 50% undivided interest in Eastmain’s Lac Lessard project, in Quebec.

"We are excited about the potential of Lac Lessard's kilometric-scale ultramafic intrusive with highly conductive versatile time-domain electromagnetic (VTEM) anomalies within 200 m of surface. The elevated concentrations of nickel, copper, platinum-group metals (PGMs) and gold confirmed during Eastmain's 2014 summer survey was a decisive factor," Darnely Bay CEO Jamie Levy said.

To earn the 50% interest in the project Darnley Bay had to incur exploration expenditures on the property totalling $2.5-million over a four-year period, including a firm commitment of $500 000 during the first year.

The company also had to pay Eastmain $50 000 in cash on or before December 31 and an additional $50 000 on each subsequent anniversary of the agreement for the duration of the option period, for a total cash payment of $200 000.

Further, Darnley Bay would issue Eastmain with eight-million common shares in the company within 15 days of receipt of regulatory approval.

Eastmain would be the project manager for all work programmes pertaining to the property.

“Lac Lessard has advanced from initial airborne surveys to ground confirmation of a prospective nickel/copper/PGM target. We are very pleased to have Darnley Bay fund the next stages of exploration,” Eastmain president and CEO Don Robinson stated.

Edited by Tracy Hancock
Creamer Media Contributing Editor

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.069 0.121s - 156pq - 2rq
Subscribe Now