Matamec’s 50/50 JV partner CSM reported long drill intercepts of over 2 g/t Au over some 45m in the last drill campaign and now is looking to acquire an additional 20% of the property. The terms of the deal are:
– 1 million shares of CSM plus
– Complete an independent bankable feasibility study within five years and
– Spend a minimum of $2 million annually on exploration work at Sakami
Link to the news release please click here.
Matamec has an enviable gold portfolio with three properties HMR (1% NSR), Matheson JV (50% owned) and Pelangio (100% owned), located in the area of the Hoyle Pond Mine in Timmins (Ontario), as well as two in the Quebec Plan Nord region. These include Sakami (50% owned) and Opinaca Gold West (100% owned) properties.
Matamec’s main focus the past several years is the development of the Kipawa Heavy Rare Earth Elements (HREE) deposit, a joint venture owned at 72% by Matamec and 28% by Ressources Québec (acting as agent of the Government of Québec); Toyota Tsusho Corp. (Nagoya, Japan) holds a 10% royalty on net profit in the deposit.