The Raglan district’s largest land holder, Goldbrook Ventures (GBK-V), is set to share its large swath of territory in Northern Quebec with mining stalwarts Hunter Dickinson.
The Vancouver-based Company entered into a letter of intent with fellow Vancouver-based and privately held Hunter Dickinson that would create a joint venture on exploration land that amounts to a massive 3,564 sq. km.
The deal would let Hunter earn a 50% interest by spending $35 million on exploration over three years. If it does earn into the 50% interest, it would pay for 60% of future exploration while Goldbrook would be on the hook for the remainder.
Hunter has also agreed to pay for pre-feasibility and can take its interest up to 60% by finishing an economic assessment study on the property and then move up to a 70% interest by completing a bankable feasibility study.
The news sent Goldbrook shares up 25% or 4 to 18 on 1.2 million shares traded in Toronto on March 28. The company has roughly 148 million shares outstanding and its share price has moved between 58 and 14 over the last 52 weeks.
Hunter Dickinson has 45 days to finish its due diligence on the properties.
The Raglan district hosts nickel, copper and platinum group element sulphide deposits. The area is host to Xstrata‘s (XSRAF-O, XTA-L) Raglan operations — one of the world’s most profitable nickel-copper-PGE mines.
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