According to the company, the Porcupine East property, located in Quebec, is currently home to three gold projects.
First Mining Gold’s land holdings have grown significantly in Quebec.
This will be possible with Iamgold’s acquisition of the Porcupine East asset, which is strategically located next to the company’s Duparquet gold project; and connects the Pitt and Duquesne gold projects.
With this in mind, First Mining will issue 2.5 million shares of its capital and provide Iamgold a 1.5% net smelter return royalty on the Porcupine East property.
It will also make a future contingent payment of US$500,000 in cash or shares, upon declaration of at least 350,000 ounces of gold as a resource.
In addition, First Mining will make a future contingency payment of US$1 million in the form of cash or stock within 12 months of announcing commercial production at its Duparquet Gold Project.
These payments provide that any major surface infrastructure related to the Duparquet project has been completed.
mining information
The Porcupine East property comprises 51 mineral claims covering an area of 1,868 hectares.
as well as a number of favorable mineralized extensions or secondary structures arising from the DPFZ.
According to First Mining, the underlying geology at Porcupine East is similar to that of the nearby Duparquet gold asset.
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The most recent drill program was carried out between 2012 and 2013 and consisted of nine holes for a total of 1,574 metres.
Selected historic intersections from relatively shallow drilling on the property.
These results include 2.33 g/t gold over 11.8 metres; 2.42 g/t gold over 6.1 metres.
as well as 1.20 g/t gold over 10.21 m; 0.55 g/t gold over 32.11 m and 0.93 g/t gold over 29.41 m.
The Porcupine East property currently hosts three known gold prospections as defined in SIGEOM (the Quebec government database).
These include the Sahi-173595, Touriet and Touriet-East exposures which were discovered between 1980 and 1998 by surface surveying, trenching and diamond drilling.
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