The Vancouver-based miner said it wants to focus on its Pakwash North and Pakwash East properties.

The exploration project is 52,507 acres and covers 1,044 mining claims.

Alamos now owns 11.1% of Red Pine's issued and outstanding common shares.

Estimated life-of-mine production is 375,931 oz. gold, or 41,000 oz. gold a year, at all-in sustaining costs of $640 per ounce.

A 63-year-old trucker was killed at the Mary River mine site in December 2018.

The natural endowment of the region continues to drive mineral exploration.

Net proceeds will be used to fund exploration and development activities at the company's flagship AntaKori project.

Sphinx Resources is leveraging several plays in the Pontiac region of southwestern Quebec.