QUEBEC – Sphinx Resources of Montreal and SOQUEM have signed an option and joint venture agreement for the Calumet Sud zinc project that includes the extension of the old Calumet zinc mine in the Pontiac region.
SOQUEM can acquire 50% of the project by spending $450,000 on exploration over the next four years and making cash payments of $93,000 to Gardin Inc. and $7,000 to Sphinx. Gardin is wholly owned by Michel Gauthier, a director of Sphinx. Sphinx purchased the project from Gardin in 2015.
The Calumet Sud property covers volcano-sedimentary rocks with a significant potential for various types of mineralization. The adjacent Calumet mine produced zinc, lead, silver and gold from 1943 to 1968. Significant gold mineralization was discovered under the mine workings in the 1980s.
SOQUEM will begin helicopter-borne magnetic, spectrometer and electromagnetic surveys at Calumet Sud in June. That will be followed by a ground gravimetic survey and prospecting.
Sphinx (www.SphinxResources.ca) also owns the Green palladium project next door to Calumet Sud.