15:25:21 EDT Sat 04 May 2024
Enter Symbol
or Name
USA
CA



Adventure Gold Inc
Symbol AGE
Shares Issued 74,363,974
Close 2015-10-06 C$ 0.12
Market Cap C$ 8,923,677
Recent Sedar Documents

Adventure options 50% of Detour to Soquem

2015-10-07 08:15 ET - News Release

Mr. Marco Gagnon reports

ADVENTURE GOLD OPTIONS A PART OF ITS DETOUR QUEBEC PROJECT TO SOQUEM

Adventure Gold Inc. has signed an agreement with Soquem Inc. to grant Soquem the option to acquire a 50-per-cent undivided interest in its central and western Detour Quebec gold properties, currently wholly owned by the company, and to create a joint venture once the option has been exercised. The properties under option by Soquem total 531 claims covering an area of 286 square kilometres and will now be referred to as Detour Quebec Soquem project.

"Adventure Gold is very pleased to begin a partnership with Soquem to explore and develop this gold project with great potential. We have already identified quality drilling targets on several sectors and we look forward to begin this winter a $700,000 drilling program to test it. Adventure Gold will continue to hold 100 per cent of the rights on other properties covering an area of 187 square kilometres east and north of the Detour Quebec project and plan to do some drilling there in 2016," said Marco Gagnon, president and chief executive officer of Adventure Gold.

The agreement

Under the terms of this agreement, Soquem has the option to earn 50 per cent of the company's interest by fulfilling the following conditions:

  • Exploration expenditures totalling $4-million over a period of four years;
  • A firm commitment of $1-million during the first year;
  • Adventure Gold will be project operator during the option period.

Initial work program

The first drill program to be carried out in collaboration with Soquem will have as main objective to test induced polarization-type geophysical anomalies along the lower Detour gold trend (LDGT). Last year, Detour Gold Corp. announced a series of very positive drilling results on the LDGT, located about six kilometres south of the Detour Lake mine (mineral reserves of 15 million ounces gold (Au)) and about 10 kilometres west of Detour Quebec Soquem project. In this sector, Detour Gold Corp., in June, 2014, had reported drill intersections grading up to 11.8 grams per tonne (g/t) Au over 32.4 metres and 12.7 g/t Au over 28.0 metres. In addition, Detour Gold Corp. began last June a 30,000-metre drill program on the LDGT and reported that a majority of the 20 first completed drill holes contained visible gold (see Detour Gold Corp. news release dated July 29, 2015). The final selection of the targets will be completed soon and parties wish to start the drilling program by the end of the year or early in January, 2016.

Jules Riopel, Adventure Gold's vice-president, exploration and acquisitions, acting as the qualified person (as defined by National Instrument 43-101) reviewed and approved the scientific and technical information in this press release.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.