10:00 | 29.09.2014
NQ Exploration Signs an Option and Joint Venture Contract With SOQUEM Inc. to Acquire a 50% Interest in the Wagosic Property
LAVAL, QUEBEC–(Marketwired – Sept. 29, 2014) – NQ Exploration Inc. (“NQ Exploration” or the “Corporation”) (TSX VENTURE:NQE) is pleased to announce that it has signed an option and joint venture contract with SOQUEM Inc. (“SOQUEM”) to acquire a 50% interest in the Wagosic property. The property consists of 78 mineral claims covering an area of 3,217 hectares in Brouillan Township (NTS sheet 32E 14/15), just west of the old Selbaie mine (56.5 Mt mined at 0.87% Cu, 1.85% Zn, 0.56 g/t Au and 38.1 g/t Ag) (Source: MRNF Quebec).
The contract calls for the Corporation to invest a total of $2 million in exploration work on the property over three years, as follows: $500,000 the first year, $500,000 the second year and $1,000,000 the third year. Once it has exercised its option and a resource estimate (43-101) has been done, the Corporation will have the option of becoming the project operator. There are no royalties on the property.
“This transaction allows us to both acquire a valuable asset and significantly strengthen our position in the area,” said David Grondin, President and Chief Executive Officer of NQ Exploration. “The Wagosic property has the advantage of being located between the Carheil property and the Selbaie mine and has not been extensively explored to date. Furthermore, previous work indicates that the property has strong high-grade silver potential, which we intend to define through our upcoming exploration work program.”
Billiton Metals Canada Inc. (“Billiton”) discovered two important mineral showings on the Wagosic property in June 1999. According to a 1999 internal Billiton report:
— the Silver zone, a drill-indicated silver showing in the eastern part of
— the Zinc zone, in the western part of the property, returned one
In 2012, SOQUEM drilled 17 holes ranging from 120 to 450 metres long for a total of 5,140 metres of drilling. The program was designed to test geological targets corresponding to the hypothetical extensions of mineralized intersections identified by previous drilling programs and reinterpreted by SOQUEM in 2011.
The holes were drilled on the three main silver showings identified by SOQUEM, and in particular confirmed the potential of the Silver 2 zone, as shown in the tables below:
Silver 2 Zone
Silver 1 Zone
Silver 3 Zone
The thicknesses shown for the mineralized zones are core length; the geometry of the zones still need to be determined.
The technical content of this press release has been reviewed and approved by Andre Jean, Eng., a qualified person under National Instrument 43-101.
The transaction is subject to regulatory approval.
ABOUT NQ EXPLORATION INC.
NQ Exploration Inc. is a mining exploration company with a solid portfolio of mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration Inc. is betting on Quebec’s excellent mineral potential and favourable investment climate to produce new world-class gold and base metal deposits.
ABOUT SOQUEM INC. AND INVESTMENT QUEBEC
SOQUEM INC. is a wholly-owned subsidiary of Ressources Quebec, which is a subsidiary of Investissement Quebec. Investissement Quebec’s mission is to promote growth and investment in Quebec, thereby contributing to economic development and job creation in all regions of the province. SOQUEM INC. offers businesses a full range of financial solutions, including loans, loan guarantees, and equity investments to provide support at every stage of their development. It also administers tax measures and oversees prospecting for foreign investment.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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