QC Copper and Gold Inc. (TSXV: QCCU) today reported that the company has closed on its acquisition of a 50% ownership interest in the Roger Gold-Copper project in the Chibougamau District of Quebec. The initial terms of the arrangement were previously announced by the firm.
Under the terms of the transaction, a 50% interest in the property was acquired from Pasofino Gold in exchange for $1.0 million in cash, and 1.2 million common shares of the company. The remainder of the property is currently held by Investissement Quebec.
The Roger gold-copper project most recently had a mineral resource estimate completed in August 2018, which was limited to a conceptual open pit shell. The property in total has seen 58,000 metres of drilling across its 987 hectare footprint.
The estimate outlines 10,900,000 metric tonnes at a grade of 0.85 g/t of gold, 0.80 g/t of silver and 0.06% of copper for a total of 333,000 ounces of gold-equivalent on an indicated basis, at a 0.45 g/t gold-equivalent cut off grade. The inferred resource meanwhile consists of 6,569,000 metric tonnes at a grade of 0.75 g/t of gold, 1.18 g/t of silver and 0.11% of copper, for a total of 202,000 ounces of gold equivalent.
QC Copper and Gold Inc. last traded at $0.22 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.