QUEBEC – Monarch Gold completed the sale of its Regcourt property and its interest in the Louvem property to O3 Mining; both properties are in Quebec.
The transaction related to Regcourt required O3 to issue 113,637 of its common shares to Monarch.
At the same time, O3 Mining issued 4,546 common shares and will pay a 1% NSR royalty for Monarch’s 50% undivided interest in Louvem. O3 Mining will pay an additional $10,000 in cash for the remaining 50% undivided interest, upon transfer of such interest further to the satisfaction of an attached condition.
Regcourt is located at the eastern end of the Val-d’Or gold mining camp, 30 km east of Val-d’Or. It consists of 94 claims covering an area of 38 sq. km near the centre of the western border of Vauquelin Township.
Louvem covers 2.5 sq. km and is located 12 km east of Val-d’Or, in the southern part of the Bourlamaque Batholith which hosts the Beaufor, Ferderber, Dumont and Lac Herbin gold deposits.
“Like the previous transaction, this is in line with our strategy to derive value from our non-core exploration assets, either through their sale or partnerships with well-established companies, and will allow us to focus on our six advanced gold projects, including our Wasamac flagship project,” Monarch CEO, Jean-Marc Lacoste, said in a media statement.
This story originally appeared on www.Mining.com.