LaFleur Minerals (CSE:LFLR) has entered an arm’s length agreement to acquire the McKenzie East Gold Project in the Val-d’Or mining district of Québec from First Atlas Resources (CSE:HHE).
The property comprises 46 mineral claims across 1,781.18 hectares, east of Fresnillo’s (LSE:FRES) McKenzie Break gold deposit, which hosts a historical indicated resource of 146,000 ounces of gold @ 3.2 grams per tonne and an inferred resource of 250,600 ounces @ 3.1g/t.
LaFleur will pay C$30,000 ($30,516) in cash and issue 175,000 shares to complete the acquisition, which will consolidate its wholly owned portfolio in the district, including the Swanson Gold Project and Beacon Gold Mill.
The acquisition is still subject to approval.
LaFleur says it plans to undertake systematic exploration at McKenzie East to advance potential feed sources for the Beacon Gold Mill.
Previous vendors of the asset have conducted induced polarisation geophysics, MMI soil geochemistry, airborne magnetics, and diamond drilling.
In 2021, drilling across 2,587m for eight holes identified anomalous gold mineralisation, including the intersection of visible gold with a weighted average grade of 0.61g/t gold over 1m, including 8.01g/t gold.
LaFleur says this intersection required further targeted drilling as it is indicative of a ‘coarse’ gold component.
Meanwhile, the company has delivered drill results from the Swanson Gold Project which highlight new gold discovery zones with the presence of broad, continuous zones of gold mineralisation that extend well below the limits of the current resource model, expanding and confirming the potential for a large-scale gold system, as reported by Mining.com.au.
Some of the results include 68.3m @ 2.29 grams per tonne gold; 255.04m @ 1.18g/t gold; and 136.1m @ 1.65g/t gold.
LaFleur Minerals is a mineral developer focused on its portfolio of assets located in the Abitibi Gold Belt near Val-d’Or, Québec.
Write to Maddison Elliott at Mining.com.au
Images: LaFleur Minerals
