Oct 26 2010
NQ Exploration Inc. (TSX VENTURE:NQE) has announced that it has signed an agreement with Inmet Mining Corporation for the acquisition of Inmet's undivided interest in the La Roncière Property, comprised of 81 mining claims located in La Roncière and Gand Townships, which property Inmet holds jointly with Soquem Inc.
The Agreement provides for NQ issuing 500,000 common shares in favor of Inmet as consideration for such acquisition at a deemed price of $0.11.
The La Roncière Property is located some 120 kilometres to the south-west of the town of Chibougamau, in Gand and La Roncière townships. It consists of 81 mining claims covering an area of 1,452.79 hectares. With this acquisition and the neighbouring Lac Shortt property, previously announced on August 16, 2010 (see press release at www.explorationnq.com), NQ holds interests over 3,861.19 hectares in the Lac Shortt mining district. This includes a strike length of 8.3 kilometres over the Lac Shortt gold bearing fault, host of the Lac Shortt mine which historically produced 2.7 MT grading 4.6 g/t Au from 1984 to 1992 (Minnova inc. – Exploration Division, 1993, GM 52755). NQ now also holds mining rights over 13 kilometres of the Opawica-Guercheville deformation zone. This structure hosts several gold showing on the La Roncière Property including: Butte, Espoir, Mariposite, Relique, Savane and Track. Regionally, this deformation zone hosts the Joe Mann former Copper-gold producer located to the south of Chibougamau (Production: 4.8 MT grading 8.26 g/t Au – Source: DV2008-01, Ministère des Ressources Naturelles du Québec).
Since the closure of the Lac Shortt mine in 1992, limited exploration has been carried out in the region in spite of encouraging results and the discovery of several gold showings on the property as shown below:
Mariposite showing: According to Metall Mining Corp. in 1993, two gold bearing zones were intersected by drilling; Historical resources of 700,000 tonnes grading 2 g/t Au on the Center Zone and 2,000,000 tonnes grading 1 g/t Au on the West Zone. These resource estimates have not been verified by the company. They do not comply with Regulation 43-101 and cannot be considered mineral resources. However, they indicate that significant gold mineralization was historically intersected in the area.
Espoir showing: Hole GL-23 returned 6.1 g/t Au over 4.1 metres.
Serem Showing: Its southwest extension returned 17.4 g/t Au over 1.0 metres in hole GL-14.
Track Showing: Hole WGF 83-3 returned 50.5 g/t Au over 2.1 M (uncut).
According to the management of NQ, the La Roncière property exhibits a promising metallogenic environment including a series of anastamosing gold bearing faults, alcalines intrusions and conglomerates with chert, jasper and sulphide fragments (Timiskaming type) which are typical of "pull apart" gold systems such as the one found in the Kirkland Lake area. Such a favourable auriferous environment offers numerous exploration opportunities and NQ intends to dedicate time and money to find a major gold deposit in the region.
Soquem Inc. has confirmed that further to closing of the acquisition the undivided interest in the property will be distributed as follow: Soquem (53.31%) and NQ (46.69%). NQ waived its rights on a 2% NSR royalty it was benefiting from over 7 claims. The transaction is subject to the approval of the TSX Venture Exchange. The shares issued will be subject to a statutory hold of four months and one day. A 2.5% NSR royalty is retained by Campbell Resources Inc. over 66 of the claims.
M. Guy Parent, M. Sc. geologist, Exploration Manager and a qualified person under Regulation 43-101 respecting standards of disclosure for mineral projects, wrote and approved the technical content of this press release.
Source: NQ Exploration Inc.