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First Energy Metals to Acquire Gold Exploration Property Near Detour Lake Mine Area in Quebec, Canada
VANCOUVER, B.C., Oct. 2, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company is pleased to announce that it has entered into an opti
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, B.C., Oct. 2, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) (\"First Energy\" or the \"Company is pleased to announce that it has entered into an option agreement to acquire the Titan Gold exploration property located near Detour Lake Mine in the Abitibi Greenstone Belt, Quebec. Pursuant to a property purchase between the Optionor and the Company, dated October, 2 2020 (the \"Effective Date\"), First Energy holds an option to acquire a 100% interest in the Titan Gold Property by paying cash payments of $98,500 and the issuance of 600,000 common shares over a 3-year period. Detour Lake NE Property Highlights The Property is comprised of 80 mining claims covering approximately 11,000 acres land in the \"municipalité régionale de comté\" \"regional county municipal\" (\"MRC\") of Jamesie in Quebec. Geologically, the area is underlain by the Abitibi greenstone belt in its northernmost volcano-sedimentary belt segment which is an accumulation of Archean-age metavolcanic, metasedimentary, and intrusive rocks. Limited exploration work has been carried out on the property. Past drilling on the adjoining areas reported to intersect felsic to mafic volcanic lithologies, sedimentary units and mafic to ultramafic intrusions. Structurally, the Property is situated near the Sunday Lake Deformation Zone, which hosts the Detour Lake mine in Ontario (Kirkland Lake Gold), Fenelon Gold Project (Wallbridge) and the Martiniere gold projects in Québec (Balmoral). The Detour Lake open pit mine in Ontario is located approximately 30 kilometres to the southwest of the Property. The mine is situated in the area of the historic Detour Lake open pit/underground mine operated by Placer Dome which produced 1.8 million ounces of gold from 1983 to 1999. The Detour Lake operation has 494.2 million tonnes reserves (proven plus probable) at 0.97 g/t gold with 15.614 million ounces of contained gold, a mine life of approximately 22 years with an average gold production of 659,000 ounces per year. Cautionary Statement: Investors are cautioned that the above information is taken from the publicly available sources. The Company has not been able to independently verify the information contained. The information is not necessarily indicative of the mineralization on the Property, which is the subject of this news release....