Malartic Hygrade Gold Mines has signed a $610,000 exploration agreement with Exploration Oz and Exploration Omega regarding its recently-acquired Panache property in the Abitibi greenstone belt area of Quebec.
Under the terms of the agreement Oz and Omega will earn a 50% interest in the Panache property by spending $610,000 in exploration prior to Dec 31, 1988, in accordance with a program jointly developed by the parties.
The 24,400-acre gold prospect is located in Carpiquet and Urban twps., about 180 km northeast of Val D’or, Que., reports Malartic President J. S. Belton.
Malartic’s Panache property remains largely unexplored, says Mr Belton. It’s located in the central portion of the Abitibi greenstone belt of the Canadian Shield and the volcanic, sedimentary and intrusive rocks of the area are Archean in age and comparable to other gold-bearing formations in the Abitibi belt, he says.
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