QcX Gold is acquiring the Kali project, located in the James Bay lowlands area of Quebec, from Harfang Exploration,.
In a press release, QcX Gold explained that the acquisition of the 101.3-sq.-km project allows the company to expand its Golden Giant project to 189.9 sq. km.
Kali is made up of the 72.3-sq.-km Kali West, the 0.5-sq.-km Kali Island and the 28.5-sq.-km Kali East properties. According to QcX Gold, these are underlain by Archean felsic to mafic volcanic rocks of the Wabamisk and Komo formations as well as tonalitic gneisses, which are favourable hosts for gold mineralization in the James Bay region.
“The Kali West property is contiguous with QcX’s Golden Giant West property and Dios Exploration’s K2 gold project, and shows similar structures and geology to those claims hosting gold showings in the surrounding area, including Azimut’s Patwon discovery from which drill results include up to 3.15 g/t gold over 102 metres,” the media brief states. “The Kali East property is located on the southeastern margin of the kilometric-scale Kasapawatish batholith, which may be related to the structural framework at Azimut’s Patwon which is found to the northwest of this intrusion. The Kali East property is contiguous with properties of O3 Mining and Les Explorations Carat, which include several historic showings of gold and zinc.”
To complete the acquisition, QcX Gold will issue to Harfang 1,750,000 common shares, and grant Harfang a 2.5% net smelter return royalty on Kali.
This story first appeared on www.mining.com.