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High Tide Resources Acquires Lac Pegma Copper-Nickel-Cobalt Sulphide Deposit Near Fermont, Quebec
TORONTO, ON / ACCESSWIRE / February 8, 2021 / Avidian Gold Corp . (TSXV:AVG)(OTCQB:AVGDF) is ...
About this update from Avidian Gold Corp.
[{"type":"text","content":"High Tide Resources Acquires Lac Pegma Copper-Nickel-Cobalt Sulphide Deposit Near Fermont, QuebecTORONTO, ON / ACCESSWIRE / February 8, 2021 / Avidian Gold Corp. (TSXV:AVG)(OTCQB:AVGDF) is pleased to announce that its majority controlled private subsidiary High Tide Resources Corp. (\"High Tide or the \"Company\") has entered into a purchase agreement with Globex Mining Enterprises Inc. (\"Globex\" GMX-TSX, GLBXF-OTCQX International, G1MN-Frankfurt) to purchase 100% of the Lac Pegma Copper-Nickel-Cobalt sulphide deposit located approximately 50 kilometres south of Fermont, Quebec (see Figure 1).High Tide's President and VP of Exploration, Steve Roebuck, states: \"Copper-nickel-cobalt sulphide deposits are key to low carbon technology and are highly sought after. We are very pleased to add Lac Pegma to the Company's portfolio of high-quality projects in the southern Labrador Trough area of Quebec and Labrador. Metals required for clean energy applications are becoming very important in the new economy and we think that Lac Pegma has great exploration potential with the ability to become an important project in this space. The property is bisected by a major Hydro Quebec electrical transmission line which provides overland access and very interesting green-focused, low carbon development scenarios.\"The last exploration program completed on Lac Pegma was by Diadem Resources in 1996 drilling 84 short BQ-diameter diamond drill holes totalling a reported 5248 metres. In a report filed on Quebec's MERN website (GM54771) in May 1997, Diadem Resources reported a non NI 43-101 compliant \"indicated reserve of 2 million tons of 0.62% Cu, 0.35% Ni and 0.03% Co.\" * The Lac Pegma deposit was not assayed for platinum or palladium which are elements commonly found in this type of sulphide deposit.DISCLAIMER: *Please note a Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.The terms of the purchase agreement are as follows; the Company will pay Globex $10,000 in cash and issue 650,000 shares of High Tide at the time of the Company's IPO/Liquidity event expected before September 30, 2021 at the time of the Company going public. In addition, Globex will retain a 2.0% GMR with a 1% buy-back option for $1.5M CAD exercisable at any time at the discretion of the Company...