Aubaine Gold Property – Quebec
Vancouver, British Columbia – (March 6, 2017) – Alchemist Mining Incorporated (CSE: AMS) (“Alchemist” or the “Company) is pleased to announce that it has entered into an agreement with an arms’-length vendor to acqire a 100% interest in the Aubaine Gold Property, located in the Urban Barry Gold Camp, some 200 kilometers northeast of Val D’Or, Quebec (the “Property”).
Over the last twelve months, the Urban Barry Gold Camp has emerged as one of Canada’s premier exploration regions, largely as a result of recent discoveries made by Bonterra Resources (TSX-V: BTR). The area also hosts two historical gold deposits, the Windfall Deposit, controlled by Osisko Mining (TSX: OSK), and the Barry Deposit, controlled by Metanor Resources (TSX:V- MTO).
The Company considers the Property, which is comprised of 22 claims covering an area of approximately 1232 acres, to be highly prospective as the project includes a section of Abitibi Greenstone rock, transected by three parallel faults, on trend with the nearby Barry and Lac Windfall deposits. All of the deposits in the Urban Barry Gold Camp are associated with one of two regional breaks in the Abitibi Greenstone rock. The project is also on trend with a host of mineralized showings, including the Sourat, Yassa and Lac aux Loutres Nord gold showings as well as the Lac Kent and Lac Christin zinc showingsBACKGROUND
The Property is situated within the Urban-Barry Greenstone Belt and lies within the eastern portion of the Abitibi Subprovince which has an east-west strike extent of approximately 135 kilometers, widths ranging from 4 to 20 kilometers along the full strike extent. Lithological units within this terrane include sequences of basalt flows with intercalated felsic rhyolites to more mafic volcaniclastic rocks that have been deformed and metamorphosed to the greenschist facies. The volcaniclastic sequence has been intruded by syn-volcanic to late post mineralized bodies. Dominant structural fabrics trend to the northeast, with variable dips between 30 to 85° to the southeast. The principal exploration target at the Aubaine Gold Property is a series of three parallel regional scale faults, with an aggregate strike of approximately 6 kilometers, in the Abitibi Greenstone Belt.
Alchemist can earn a 100% interest in the Property by issuing to the vendor 2,000,000 common shares upon signing and paying a total of $190,000 over a two year term. The Company must also incur a minimum of $500,000 in qualifying exploration expenditures over a three-year term. A 3.0% NSR has been granted to the vendor, of which 1.0% may be purchased by Alchemist for $1,000,000.
Keith Anderson, President, commented: “The Aubaine Gold Property is a cornerstone acquisition, which gives Alchemist a true exploration target in what is arguably the most exciting new mineral district in Quebec.”
The common shares issued pursuant to the transaction for the Aubaine property will be subject to a four-month and one-day hold period.
Property Near Windfall Lake Gold Property:
Alchemist Mining Acquires Property Near Windfall Lake Gold Property adjacent to Osisko Mining’s (TSX: OSK) Windfall Lake Gold Property in the Urban Barry Belt, Quebec.
Vancouver, British Columbia /February 26 , 2017 –Alchemist Mining Incorporated (CSE: AMS) (“ Alchemist ” or the “Company ”) is pleased to announce that it has entered into a binding letter of intent (the “LOI”) with arm’s length vendors whereby Alchemist has the exclusive right to acquire a 100% interest in and to claims, consisting of 2210.91 hectares, located adjacent to Osisko Mining’s (TSX: OSK) Windfall Lake Gold Property in the Urban Barry Belt, Quebec.
The area has generated a lot of recent headlines. Beaufield Resources (TSX-V: BFD) reported in a news release dated February 8, 2017, that Osisko Mining’s (TSX: OSK) Windfall Property has a 400,000-metre drilling program underway. In the month of February, collectively, Beaufield, Osisko, Bonterra Resources (TSX-V: BTR) and Metanor Resources (TSX-V: MTO) announced an aggregate of almost $79 million in proposed financings, almost $66 million of which were bought deals.
President of Alchemist, Keith Anderson, states: “The Windfall Lake gold camp will be receiving a large amount of exploration work, especially with Osisko’s 400,000 metre drill program. Alchemist is very excited to have secured ground in the area due to the favourable geology and the possibility of the regional gold discoveries being pervasive throughout the region.”
In order to earn a 100% interest in the Property, the Company must pay $2,500 and issue an aggregate 800,000 common shares upon the closing of a definitive agreement. The common shares will be subject to a four-month and one-day hold period.
Tchentlo Lake Property
Alchemist Mining Inc. has entered into an option agreement with Far Resources Ltd. (CNSX: FAT), a British Columbia corporation, whereby Alchemist may acquire up to 80% undivided interest in and to 6 mineral claims, consisting of 2508 hectares, located in North-Central British Columbia, Canada, known as the Tchentlo Lake Property
The Property is located in North Central BC, approximately 100 kilometres northwest of Fort St. James. It is comprised of two claim blocks: the North Block (1,196.19 ha) and the South Block (1,311.75 ha). The Property lies within the Quesnel Trough, a 600-kilometre long geological belt extending from south of Mt. Polley to north of the Kemess Deposit. It is considered an early stage exploration prospect that has potential to host both porphyry type copper-gold mineralization and vein type gold mineralization.
The Quesnel Trough hosts numerous porphyry copper-gold+/-molybdenum deposits, the majority of which are associated with early Jurassic age, potassically altered diorite, monzonite, and syenite intrusive bodies. The most significant porphyry deposits in the Quesnel Trough include the operating Kemess and Mt. Polley Mines, the Mt. Milligan Mine Development Project, as well as the Kwanika and Woodjam deposits.
Lithium Property Adjacent to Nemaska Lithium’s Whabouchi Property
Alchemist Mining Incorporated has entered into an exclusive option agreement with Great Thunder Gold Corp. (TSXV: GTG) to acquire up to a 70% interest in 213 hectares known as the Nemaska Lake Property, Quebec.
The Property adjoins Nemaska Lithium Inc.’s Whabouchi Property to the northwest, and is located approximately 3 kilometers north of the Whabouchi Property’s reported deposit and proposed open-pit mine.