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Val-d'Or Mining Corporation Enters into Property Sale Agreement
Val-d'Or, Quebec--(Newsfile Corp. - October 27, 2020) - Val-d'Or Mining Corporation (TSXV: V...
About this update from Val-d'or Mining Corporation
[{"type":"text","content":"Val-d'Or Mining Corporation Enters into Property Sale AgreementVal-d'Or, Quebec--(Newsfile Corp. - October 27, 2020) - Val-d'Or Mining Corporation (TSXV: VZZ) (\"Val-d'Or Mining\" or the \"Company) announces that it has entered into an agreement with respect to the sale of several properties referred to as the Ducros Group of Properties. The properties are located in the Ducros Township northeast of Val-d'Or, Québec and they are prospective for nickel, copper, PGE's and gold. The purchaser of the property is privately-owned Québec Nickel Corp. (\"QNC\").In consideration for a 100% interest in the properties, QNC will issue 3,589,341 special warrants to the Company (of which Golden Valley Mines Ltd. (\"Golden Valley\") will receive 80,880 special warrants in accordance with the terms of an amended and restated option agreement between the Company and Golden Valley dated November 28, 2019). One business day prior to the date that QNC's shares are listed on a Canadian exchange, each special warrant will, for no additional consideration, be automatically converted into one common share of QNC. Upon conversion of the special warrants, the aggregate number of shares held by the Company and Golden Valley will amount to approximately 9.99% of the then issued and outstanding shares of QNC. In addition, the Company will be granted a royalty of 1.5% of the net smelter returns from the properties which were vended under the agreement, as well as those properties which were staked or will be otherwise acquired by QNC within an area of influence.The Ducros Group of Properties includes the properties known as Ducros Sill, Ducros Fortin, Lac Ducros, Township Line and U-Turn. At the date of this news release, the Ducros Group of Properties consists of 242 mining claims (12,818 ha).The original property holding in the Ducros Property Group was the Fortin Prospect. The property was acquired by Golden Valley following a property due diligence visit in June 2004, where due diligence sampling by the company verified previous reported results over the two new mineral occurrences discovered by the prospectors/vendors. The first is a nickel-copper-platinum-palladium (Ni-Cu-PGE) occurrence hosted within a pyroxenite body exposed at surface over 24 metres by 58 metres (Ducros Pyroxenite Showing). A series of well-mineralized gossans are located ...