- QcX Gold (QcX) has increased its holdings in the prospective Fenelon gold district by acquiring the Fernet East gold property
- The Fernet East gold property will add to QcX’s Fernet West property and Golden Giant property, taking its footprint in the region to 7,915 hectares
- The property is in the same regional structure that hosts the Fenelon, Mertiniete and La du Doigt gold discoveries
- The company will pay the vendor C$68,000 over three years and issue 300,000 shares
- QcX Gold (QCX) is up 17 per cent and is trading at 37 cents per share
QcX Gold (QcX) has increased its holdings in the prospective Fenelon gold district by acquiring the Fernet East gold property.
The company already owns the Golden Giant gold property in James Bay and the Fernet West property. Fernet East will add 2,715 hectares of land to the company’s portfolio, bringing its total holdings in the region to 7,915 hectares.
Fernet East boarders land held by Midland Exploration and is 45 kilometres southeast of Wallbridge Mining’s massive Fenelon gold project.
QcX were eager to acquire the property because of the gold deposits that dot the Manthet Group, a regional gold structure that underlays the Fernet, Fenelon, Mertiniere and Lac du Doigt gold discoveries.
QcX will pay C$68,000 to the seller of the property over a period of three years and issue 300,000 common shares over a series of tranches.
The seller will retain a 1.5 per cent net smelter fee. QcX can purchase 0.75 of the smelter fee per cent back off the seller at a later date for $500,000.
Albert Contradi, the Interim Chief Executive Officer of QcX said the property was a great fit for the company’s project portfolio as they look to expand its presence in Quebec.
“We are excited to begin a work program on the Fernet project in a rapidly emerging mining camp.
“We look forward to updating the market on the fully funded work program,” he said.
QcX Gold (QCX) is up 17 per cent and is trading at 37 cents per share at 11:45 am EDT.
