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Abcourt Mines Announces Option Agreement with Quebec Pegmatite for Portions of Courville and Abcourt Barvue Projects
ROUYN-NORANDA, Quebec, June 17, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture : ABI) is pleased to announce that it
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":" ROUYN-NORANDA, Quebec, June 17, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture : ABI) is pleased to announce that it has entered into an option agreement (the \"Agreement\") with Québec Pegmatite Holdings Corp. (\"QPC\") whereby Abcourt has granted QPC the right to acquire a 100% interest (the \"Option\") in 141 mining claims covering approximately 5,579 hectares located in the province of Québec, Canada, (collectively, the \"Property\"). The Property includes portions of the Courville and Abcourt Barvue projects, namely the Jolin (Courville) and Bartec (Abcourt-Barvue) sectors. These mining claims are adjacent and contiguous to the Swanson property. This strategic agreement between the two companies will create synergy and impactful exploration work in the northern sector of our Courville property. Abcourt has not conducted any exploration work in this portion of the Courville property; the majority of the budgets being allocated to the development and implementation of various bulk samplings carried out on the Thibodeau (14,000 tonnes) and Pershing-Manitou (7,000 tonnes) gold deposits. The Abcourt-Barvue zinc-silver deposit is excluded from this agreement. The Bartec sector in this agreement is located at the eastern end of the Abcourt-Barvue property. In accordance with the terms of the Agreement, QPC shall: (a) pay an amount of $500,000 in cash to Abcourt within 10 days following the execution of the Agreement (the \"Effective Date\") to acquire a 25% interest in the Property; (b) pay an additional amount of $500,000 in cash no later than 6 months following the Effective Date to acquire a cumulative 50% interest in the Property; (c) pay an additional amount of $500,000 in cash no later than 18 months following the Effective Date to acquire a cumulative 75% interest in the Property; and (d) pay an additional amount of $500,000 in cash no later than 24 months following the Effective Date to acquire a cumulative 100% interest in the Property. QPC may, under certain conditions, make the payments referred to in (b), (c), and (d) above by issuing common shares of QPC (\"shares\") at a deemed price per share equal to the volume-weighted average trading price of the shares on the Canadian Securities Exchange for the 10 trading days prior to the applicable payment date. Fol...