- NeoTerrex Minerals (TSXV:NTX) signed a definitive option agreement with Eastmain Resources, a wholly owned subsidiary of Fury Gold Mines (TSX:FURY), for the Reservoir copper, gold, silver and tungsten project in Quebec.
- The Canadian mining company is exploring a diversified critical and precious metals portfolio in Quebec.
- NeoTerrex stock last traded at C$0.07 and has given back 70.83% year-over-year.
NeoTerrex Minerals (TSXV:NTX) signed a definitive option agreement with Eastmain Resources, a wholly owned subsidiary of Fury Gold Mines (TSXLFURY), for the Reservoir copper, gold, silver and tungsten project in Quebec.
The company can pay C$500,000 in cash and spend C$3 million in exploration expenditures by December 31, 2030, to earn a 100% interest in the project, which was drilled mostly from 1985-1997, with no recorded work since 2013.
This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
The 6,090-hectare project, located 390 kilometres (km) north-northeast of Matagami, near access roads and hydroelectric infrastructure, hosts multiple mineralized zones, including:
- Drilling up to 11.5 grams per ton (g/t) gold over 1.5 metres (m) at the 1.6-km C52 zone.
- Channel sampling up to 8.15% copper, 13.17 g/t gold and 45.9 g/t silver over 1 m at the nearby Mitlin occurrence.
- Broad anomalous historical intervals averaging 753 ppm zinc over 20 m at the Bear Island occurrence.
- Historical horizontal channel sampling up to 2.77% copper, 0.98 g/t gold and 32.5 g/t silver over 3 m at the Cyr zone west of Bear Island.
- Widespread anomalous tungsten up to 0.10% W.
NeoTerrex is reviewing Reservoir’s geological, geochemical and geophysical data, paired with field verification of priority targets, with eyes on substantiating a winter drilling program.
According to Friday’s news release, the agreement provides a framework for NeoTerrex and Fury Gold, by way of Eastmain, to form a joint venture to develop the project following an intermediate earn-in.
Leadership commentary
“This transaction gives NeoTerrex control over what we believe is a highly compelling and significantly underexplored polymetallic system in one of Quebec’s premier mining jurisdictions,” Mathieu Stephens, President and Chief Executive Officer of NeoTerrex Minerals, said in a statement. “Importantly, much of the historical drilling at Reservoir was completed between 1985 and 1997, during a period when gold averaged approximately US$368 per ounce – an exceptionally low gold-price environment compared with today. With gold currently trading at more than 10 times the average price during that period, we believe the historical results warrant a fresh look through a modern exploration lens.”
“Reservoir combines scale, multiple styles of mineralization, strong historical copper and gold results with additional potential for silver and tungsten, and numerous targets that have seen little or no modern exploration. Of particular interest are the 1.6-km C52 mineralized corridor, the gold/copper Mitlin occurrence and several zones that remain undrilled or open along strike and at depth. With no recorded exploration work since 2013, we see substantial opportunity to systematically advance the project using modern geological interpretation and geophysical techniques,” Stephens added.
About NeoTerrex Minerals
NeoTerrex Minerals is a Canadian mining company exploring a diversified critical and precious metals portfolio in Quebec.
NeoTerrex Minerals stock (TSXV:NTX) last traded at C$0.07 and has given back 70.83% year-over-year.
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