Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Canada’s Iamgold Corp. (TSX IMG) (NYSE: IAG) increased its undivided interest in the Nelligan joint venture project by a further 24% to now hold an aggregate undivided interest of 75% in the property.
With its current 75% interest, IAMGOLD retains a further option to acquire an additional interest of 5%, to hold an 80% interest in the Nelligan project by completing and delivering a feasibility study
To do so, the miner completed a mineral resource estimate and delivered cash payments totalling C$2.35 million.
Nelligan is held under an earn-in option to joint venture agreement with Iamgold as the operator and now holding 75% and Vanstar Mining Resources holding 25%.
The project is located 60 kilometres southwest of Chibougamau, Quebec, in central Canada. It is underlain by a portion of the Caopatina segment belonging to the North Volcanic Zone of the Abitibi Belt of the Superior Province.
According to Iamgold, Nelligan hosts mineral resources, on a 100% basis, comprised of pit constrained inferred resources totalling 96,990,000 tonnes averaging 1.02 grams of gold per tonne for 3,193,900 ounces of contained gold.
