Acquires Lac Pegma Copper-Nickel-Cobalt Sulphide Deposit
Avidian Gold Corp.’s (TSXV: AVG) majority controlled private subsidiary High Tide Resources Corp. has entered into a purchase agreement with Globex Mining Enterprises Inc. to purchase 100% of the Lac Pegma Copper-Nickel-Cobalt sulphide deposit located approximately 50 kilometres south of Fermont, Quebec.
High Tide’s President and VP of Exploration, Steve Roebuck, said the last exploration programme completed on Lac Pegma was in 1996 with Diadem Resources drilling 84 short BQ-diameter diamond holes totalling a reported 5248m.
In May 1997, Diadem Resources reported a non NI 43-101 compliant “indicated reserve of two million tons of 0.62% Cu, 0.35% Ni and 0.03% Co.”
Notably, the Lac Pegma deposit was not assayed for platinum or palladium which are elements commonly found in this type of sulphide deposit.
“Copper-nickel-cobalt sulphide deposits are key to low carbon technology and are highly sought after,” Mr Roebuck said.
“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.”
Globex will retain a 2.0% GMR with a 1% buy-back option for C$1.5 million exercisable at any time at the discretion of the company.
