Harfang Exploration Inc. ("Harfang") is pleased to announce the generation of a new mining exploration property and execution of a joint venture agreement with Kenorland Minerals Ltd. ("Kenorland").
An aggregate of 74 mining claims, totaling 3,648 hectares and located within the northwestern portion of the Great Whale Archean greenstone belt in the Bienville Subprovince of the Superior Province, were recently staked by map designation by Harfang and Kenorland with the Ministère de l'énergie et des Ressources du Québec (the "MERN") and are currently pending registration (the "Lac Fagnant Property"). The Lac Fagnant Property lies in the Nunavik territory, 55 km east of Kuujjuarapik on the east coast of Hudson Bay, Québec.
The most recent exploration carried out by Virginia Mines Inc. in 1999-2000 involved airborne MAG-EM survey, ground-based MAG and IP surveys, regional mapping, detailed mapping of gold mineralized areas, systematic rock sampling (grab and channel) on a gridline, trenching and till sampling. This enabled the recognition of more than six (6) significant gold showings mostly found within sheared metabasalts of the Fagnant Group.
Gold showings are mainly concentrated along the EW-trending Esker and Cuesta alteration corridors, each 10 m-thick, extending along strike for 1 km. These corridors consist of alternating unaltered, foliated pillowed basalts intercalated with hyaloclastite breccias and highly schistosed bands. Mineralization consists of disseminated pyrite and/or arsenopyrite with minor amount of pyrrhotite and chalcopyrite providing significant gold values (1.56 to 48.27 g/t Au).
Joint Venture Agreement with Kenorland Minerals Ltd.
On January 16, 2018, a joint venture agreement was executed by Harfang and Kenorland regarding the Lac Fagnant Property, with the initial participating interests set forth as follows: Harfang (50%) and Kenorland (50%). The operator of the joint venture will be Harfang for as long as its participating interest is equal to or greater than Kenorland's. If a participating interest is diluted to less than 10%, it will be converted into a 1% NSR royalty (the "Royalty"). The remaining participant will have the right to buy-back half of the Royalty (0.5% NSR) for $500,000 or, under certain circumstances, the aggregate Royalty (1% NSR) for $1,000,000.
François Goulet, President and CEO of Harfang stated: "Harfang is particularly pleased with the generation of this accessible exploration property in Québec's Far North region with significant gold values and potential within the Great Whale Archean greenstone belt. The joint venture agreement with Kenorland, a new dynamic and upcoming junior exploration company, corresponds well with Harfang's objectives of developing mining properties located in Northern Québec."