Business
Cogitore acquires major property position near Estrades.
Cogitore acquires major property position near Estrades..
About this update from Copper Road Resources Inc
[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 17 /CNW/ - COGITORE Resources Inc. (the "Company") (WOO:\nTSX-V) is pleased to report that it has signed an option agreement with\nIAMGOLD Corporation ("IAMGOLD") to acquire control of its Caribou project\nlocated immediately to the west of the Company's Estrades properties. About\none third of the Caribou property falls within an area of interest defined in\nthe Cogitore-Inmet joint venture agreement and therefore becomes subject to\nthat agreement.\n\n\nThe Agreement allows Cogitore to earn 70% of IAMGOLD's interest by\nspending $2 Million in exploration over five years and issuing 100,000 common\nshares of the Company, including 50,000 shares on signing. IAMGOLD's interest\nin the Caribou property is currently at 86% and steadily increasing as a third\nparty's residual interest is getting diluted. After earning the interest, a\n70-30 joint venture will be formed between Cogitore and IAMGOLD. The Agreement\nalso calls for firm expenditure commitments of $200,000 for each of the first\ntwo years of the agreement, and for production royalty payments to IAMGOLD if\nit elects not to participate in a future joint venture.\n\n\nThe Caribou project comprises 306 mining claims covering about 48 square\nkilometres. It is situated in the general eastern extensions of the\nCasa-Berardi Mine (2.8M oz Au) which is located within 15 km to the west of\nthe property. The project is also located immediately to the west of the\nCompany's Estrades properties and covers the western extension of the Estrades\nmine horizon. With the Caribou project, Cogitore now controls over 20 km of\nthe Estrades mine horizon, which is one of the main focal points of the\nCompany's exploration efforts. Exploration work done by IAMGOLD and\npredecessors was focused on gold environments similar to Casa Berardi and led\nto the discovery at Caribou of gold-bearing structures grading up to 11.5 g/t\nAu over 1.5 metres. This work also confirmed the presence of the same\nfavourable volcanic package as the one hosting the Estrades deposit. Anomalous\nzinc and copper values associated with volcanogenic massive sulphide-related\nhydrothermal alteration have been identified at Caribou and the initial\nexploration focus will be on these zones.\n\n\nGerald Riverin, president of Cogitore, commented: "We are very excited\nwith the...