O3 Mining sells Louvem task in Quebec to Eldorado

Québec-targeted gold explorer O3 Mining (TSXV: OIII; OTCQX: OIIIF) announced Monday it has bought its Louvem assets to a subsidiary of Eldorado Gold (TSX: ELD) for cash consideration of $eighty,000 and the retention of a zero.5% net smelter return (NSR) royalty.

Quebec O3 Mining

Québec-targeted gold explorer O3 Mining (TSXV: OIII; OTCQX: OIIIF) announced Monday it has bought its Louvem assets to a subsidiary of Eldorado Gold (TSX: ELD) for cash consideration of $eighty,000 and the retention of a zero.5% net smelter return (NSR) royalty.

The Louvem assets includes 12 mining claims and is located 5 km east of Malartic, Que. The mission became initially obtained along side the Regcourt belongings below a March 2020 buy agreement with Monarch Mining (TSX: GBAR).

O3 first obtained a 50% interest inside the Louvem assignment by issuing four,546 commonplace stock and granting Monarch a zero.Five% NSR royalty, and then obtained the remaining 50% by using paying $10,000 coins. The NSR has a buyback of $three hundred,000. Eldorado will now anticipate the responsibility of this royalty.

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As for the NSR royalty retained through O3, Eldorado is granted the proper to repurchase 1/2 of that (same to a zero.25% NSR hobby) from O3 for an instantaneous price of $250,000, to be paid in a lump sum.

The sale presents O3 with additional budget to strengthen its portfolio of gold exploration assets in Val-d’Or, which span more than 650 km2. Together, those tasks host 2.86 million gold ounces. In measured and indicated sources at 1.18 g/t, and 770,000 gold oz.. Of inferred resources at three.04 g/t.

Eldorado is owner of the Lamaque mine complex in Val-d’Or, which include the Triangle gold deposit placed 2.5 km south of the ancient global-elegance Lamaque and Sigma mines. It currently hosts proven and likely gold reserves of 877,000 oz at 6.12 g/t gold to help a mine existence of eleven years.

Shares of O3 Mining gained 1.Four% to $1.Forty three apiece through 2:20 p.M. ET. The employer has a marketplace capitalization of $a hundred twenty five.4 million. Eldorado Gold’s inventory become up 0.Four% at $sixteen.Fifty four for a market capitalization of $three.Three billion.

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