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NioGold Mining Corporation (TSXV:NOX,OTCQX:NOXGF) consolidated 100% ownership of the Republic Goldfields Malartic Property. Under the terms of the resulting joint venture, NioGold has now acquired the final 15% interest through payment of $25,000 and grant to RGF of a 2% NSR royalty (of which one-half, or a 1% NSR interest, can be repurchased by NioGold for $750,000).
NioGold Mining Corporation (TSXV:NOX,OTCQX:NOXGF) consolidated 100% ownership of the Republic Goldfields Malartic Property. Under the terms of the resulting joint venture, NioGold has now acquired the final 15% interest through payment of $25,000 and grant to RGF of a 2% NSR royalty (of which one-half, or a 1% NSR interest, can be repurchased by NioGold for $750,000).
As quoted in the press release:
The Property consists of six mining claims and one mining concession covering 126.53 hectares, located approximately 20km west of Val-d’Or, Quebec. The Property is contiguous to the Company’s Malartic Block and Marban Block properties, and completes the consolidation of the historic Malartic Hygrade property, part of the Company’s large Malartic gold camp land holdings. The Malartic Hygrade property covers the northwest extent of geological units and deformation corridors that host the gold deposits on the adjoining Marban Block property currently being evaluated by NioGold and Aurizon Mines Ltd. The historic Malartic Hygrade property encompasses the former Malartic Hygrade mine (production: 23,223 t @ 22.67 g/t Au for 17,000 ounces gold, Trudeau and Raymond, 1982) and the Orion Zone #8 (production: 118,922 t @ 5.82 g/t Au for 22,000 ounces gold, Trudeau and Raymond, 1982) as well as the depth extent of the former Camflo mine, where Barrick Gold Corporation produced 1.7 million ounces of gold (8.86 Mt @ 5.8 g/t Au) between 1965 and 1992. Of those ounces, 180,000 were extracted from the Malartic Hygrade property in the lower levels of the mine. Historic records of the Camflo mine indicate that a mineral inventory of 68,000 ounces of gold remains un-mined (LaBreque and Violette, 2011). This mineral inventory is considered historical in nature; has not been validated by the Company’s Qualified Person or an independent Qualified Person; is not compliant with National Instrument 43-101 and should not be relied upon.
Click here to read the NioGold Mining (TSXV:NOX) press release
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