Canadian miner XXIX Metal has completed the acquisition of the remaining 50% stake in the Roger Gold-Copper Project from SOQUEM, a subsidiary of Investissement Québec.
Covering an area of 987ha, this project lies in the Chibougamau mining district of Quebec.
The companies entered an arm’s length definitive agreement in October 2024 to acquire the project. XXIX has made an initial payment of C$75,000 ($52,135) to SOQUEM for the transaction.
To maintain the option to acquire the interest in the project, XXIX, formerly QC Copper and Gold, will have to make further payments in common shares on or before the first four anniversaries of the closing date, with a total value of C$1.6m.
The number of shares issued will be based on the higher of a set price per share or C$0.05, not exceeding 17,777,778 shares. If the cap is reached, the remaining payments will be in cash.
Besides, the deal grants SOQUEM a 2% net smelter return royalty on the Roger project, with XXIX having buyback rights.
The Roger project has an NI 43-101 compliant mineral resource estimate of 535,000 ounces of gold equivalent at a grade of 0.95g/t AuEq.
It has undergone extensive exploration, including drilling and underground work.
This project is positioned near other major deposits, offering XXIX various development options.
Furthermore, XXIX has closed an amending agreement to its 26 February 2020 option agreement with 2736-1179 Quebec Inc., Ovalbay Geological Services, and Melissa Darveau, referred to as the Optioners.
This agreement extends the deadline for XXIX to complete $1.5m in work obligations on the Cooke-Robitaille property, located near Chapais, Quebec, to July 14, 2026.
In exchange, XXIX issued 500,000 common shares to the Optioners. This agreement ensures XXIX retains its option to acquire a 100% interest in the Cooke-Robitaille property while allowing additional time to meet its obligations.
“XXIX Metal gains sole ownership of Roger Gold Project in Quebec” was originally created and published by Mining Technology, a GlobalData owned brand.
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