Canadian miner XXIX Metal has completed the acquisition of the remaining 50% interest in the Roger Gold-Copper Project from SOQUEM, a subsidiary of Investissement Québec.
This project covers an area of 987 hectares and is located in the Chibougamau mining district in Quebec.
The companies entered into a corporate definitive agreement to acquire the project in October 2024. XXIX made an initial payment of C$75,000 ($52,135) to SOQUEM for the transaction.
To retain the option to acquire the interest in the project, XXIX, formerly QC Copper and Gold, will be required to make further payments in common shares on or before the first four anniversaries of the closing date, with an aggregate value of C$1.6 million.
The number of shares issued will be based on the greater of a fixed price per share or C$0.05, with a maximum of 17,777,778 shares. If the limit is reached, the remaining payments will be made in cash.
In addition, the agreement grants SOQUEM a 2% net smelter return royalty on the Roger project, with XXIX having repurchase rights.
The Roger project has an NI 43-101 compliant mineral resource estimate of 535,000 ounces of gold equivalent at a grade of 0.95 g/t AuEq.
It has undergone extensive exploration, including drilling and underground work.
This project is positioned close to other major deposits and offers XXIX several development opportunities.
In addition, XXIX has entered into an amendment agreement to its option agreement dated February 26, 2020 with 2736-1179 Quebec Inc., Ovalbay Geological Services and Melissa Darveau, hereinafter referred to as the Optioners.
This agreement extends the deadline for XXIX to complete $1.5 million in work commitments at the Cooke-Robitaille site, located near Chapais, Quebec, to July 14, 2026.
In return, XXIX issued 500,000 shares of common stock to the Optioners. This agreement ensures that XXIX retains the option to acquire a 100% interest in the Cooke-Robitaille property, while allowing additional time to meet its obligations.
“XXIX Metal Gains Exclusive Ownership of Roger Gold Project in Quebec” was originally created and published by Mining Technology, a brand owned by GlobalData.
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