MONTREAL, QUEBEC--(Marketwired - Oct 7, 2015) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to announce it has signed an agreement with SOQUEM INC. ("SOQUEM") to grant SOQUEM the option to acquire a 50% undivided interest in its central and western Detour Quebec gold properties, currently wholly owned by the Company, and to create a joint venture once the option has been exercised. The properties under option by SOQUEM total 531 claims covering an area of 286 square kilometres and will now be referred to as Detour Quebec SOQUEM Project (Figure 1).
"Adventure Gold is very pleased to begin a partnership with SOQUEM to explore and develop this gold project with great potential. We have already identified quality drilling targets on several sectors and we look forward to begin this winter a $700,000 drilling program to test it. Adventure Gold will continue to hold 100% of the rights on other properties covering an area of 187 square kilometres east and north of the Detour Quebec project and plan to do some drilling there in 2016." said Mr. Marco Gagnon, President and CEO of Adventure Gold.
The agreement:
Under the terms of this agreement, SOQUEM has the option to earn 50% of the Company's interest by fulfilling the following conditions:
- Exploration expenditures totalling $4,000,000 over a period of four (4) years;
- A firm commitment of $1,000,000 during the first year;
- Adventure Gold will be project operator during the option period.
Initial work program
The first drill program to be carried out in collaboration with SOQUEM will have as main objective to test Induced Polarisation type geophysical anomalies along the Lower Detour Gold Trend (LDGT). Last year, Detour Gold Corp. announced a series of very positive drilling results on the LDGT, located about six kilometers south of the Detour Lake mine (mineral reserves of 15 million oz Au) and about 10 kilometers west of Detour Quebec SOQUEM project. In this sector, Detour Gold Corp., in June 2014, had reported drill intersections grading up to 11.8 g/t Au over 32.4 meters and 12.7 g/t Au over 28.0 meters. In addition, Detour Gold Corp. began last June a 30,000 meter drill program on the LDGT and reported that a majority of the twenty first completed drill holes contained visible gold (see Detour Gold Corp. news release dated July 29, 2015). The final selection of the targets will be completed soon and parties wish to start the drilling program by the end of the year or early in January 2016.
Jules Riopel, Adventure Gold's Vice-president Exploration and Acquisitions acting as the qualified person (as defined by NI 43-101) reviewed and approved the scientific and technical information in this press release.
A map showing the area covered by the option agreement for the Detour Quebec SOQUEM project can be accessed using the following link:
http://www.adventure-gold.com/documents/presse/figure1_detourqc_optionsoquem_5oct20151.jpg
About SOQUEM INC. and Investissement Québec
SOQUEM INC. is a wholly-owned subsidiary of Ressources Québec, which is a subsidiary of Investissement Québec. Investissement Québec's mission is to promote growth and investment in Quebec, thereby contributing to economic development and job creation in all regions of the province. It 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.
Profile of the Company
Since its listing on the TSX Venture Exchange in 2007, Adventure Gold focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada - one of the richest gold mining areas in the world. Adventure Gold has become, in a few years, an important player in the mineral exploration industry with one of the best portfolios of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring mainly close to gold mines where mining production infrastructure is already in place, which distinguishes it from several other exploration companies. Adventure Gold's exploration team consists of mining professionals having worked previously for well-established producing companies, who understand industry challenges. The Company owns 100% of the rights on its Val-d'Or East main project (90km²; 770,000 ounces of gold at 2.6 g/t Au in Inferred resources of which 332,000 ounces at 2.4 g/t Au in-pit resources - January 2013, 43-101 technical report) and Detour Quebec. With 74M shares issued, 35% owned by institutions, close to 10% owned by the management, no debt, core business mining titles in good standing and JV properties with gold producers in Timmins and in Val-d'Or, Adventure Gold is well-positioned to benefit its shareholders.
Twitter: http://twitter.com/#!/Adventure_AGE
LinkedIn: http://www.linkedin.com/company/2253943
The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.
Neither 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.