ONTARIO – Braveheart Resources announced that it has entered into a letter of intent with Cadillac Ventures for the purchase of a 100% interest in the Thierry mine project.
In a press release, Braveheart said that to go ahead with the deal, it will have to pay $300,000 in cash, issue 13.5 million shares and approve a 2% net smelter royalty, to be retained by Cadillac, and of which 1% can be purchased by Braveheart for $1 million.
The Thierry copper-nickel-PGM deposit is located approximately 15 km west of the town of Pickle Lake. It was discovered by Belgium’s Union Miniere Exploration and Mining in 1969 and mined through open-pit and underground workings between 1976 and 1982.
A 2012 technical report estimates a measured and indicated underground resource at Thierry of 8.8 million tonnes at 1.66% copper and 0.19% nickel. Additional measured and indicated metal values include 0.13 g/t palladium, 0.05 g/t gold, 0.04 g/t platinum and 4.0 g/t silver. There are a further 14.9 million inferred tonnes, at a grade of 1.64% copper and 0.16% nickel.
Ian Berzins, Braveheart’s president and CEO, says the project is complementary to the company’s Bull River underground copper, gold and silver mine in British Columbia, as it provides project and geographic diversification.
“Braveheart is focused on acquiring and developing past-producing assets, in favourable Canadian jurisdictions with existing mineral resources in place,” Berzins said in the media brief. “We were particularly drawn to this opportunity because of the significant infrastructure already in place and the proximity to roads, grid power and established mining communities.”
This story originally appeared on www.Mining.com.