October 02, 2024 12:00 PM EDT | Source: LaFleur Minerals Inc.
Vancouver, British Columbia–(Newsfile Corp. – October 2, 2024) – LaFleur Minerals Inc. (CSE: LFLR) (OTC Pink: WPNNF) (“LaFleur Minerals” or the “Company“) is pleased to announce that subsequent to its news release dated September 20, 2024, the Superior Court of Québec has approved the acquisition terms for the Beacon Mill and Beacon Property (the “Acquisition“) on September 27, 2024, and has authorized PricewaterhouseCoopers Inc. (“PwC“), the court-appointed Monitor, to proceed with the closing of the Acquisition. The specific terms of the Acquisition are outlined below, with the closing expected by October 30, 2024. Additionally, the Company has initiated exploration activities on its district-scale Swanson Gold Project (“Swanson“) located within the Abitibi Gold Belt, approximately 50 km north of Val-d’Or, Québec. The exploration work includes a high-resolution airborne geophysical survey over Swanson, an orientation soil geochemistry survey, and a prospecting/geological mapping program over select gold and critical minerals occurrences on Swanson.
Beacon Mill and Property Acquisition Terms
The Beacon Mill is being acquired from a subsidiary of Monarch Mining Corporation (“Monarch“) as part of a sale process being conducted by PwC, as the court-appointed Monitor, under the Companies’ Creditors Arrangement Act (Canada). The Beacon Mill is fully permitted to process up to 1.8 million tonnes of tailings with additional capacity, if necessary. Monarch acquired the mill in December 2017 and invested approximately $20M to refurbish it in 2022. The Beacon Property includes the past-producing Beacon Mine that operated from 1984 to 1988 and again in 2005. LaFleur Minerals is exploring potential use of the Beacon Mill for processing mineralized material from the Swanson deposit and custom milling for neighboring gold projects in the Abitibi-Témiscamingue region in western Québec.
As per the terms of the binding Asset Purchase Agreement dated September 13, 2024, among Beacon Gold Mill Inc., Monarch, 9511-2090 Quebec Inc., a subsidiary of LaFleur Minerals, and LaFleur Minerals, the consideration payable by LaFleur Minerals to the Vendor is an aggregate value $1,100,000 (the “Purchase Price“). LaFleur Minerals will pay $250,000 in cash ($110,000 already paid as a deposit) and issue $850,000 of common shares to the Vendor based on a specific price per share calculated using the trading price of LaFleur Minerals’ common shares on the Canadian Securities Exchange (CSE) in the preceding days leading up to the closing date. The Acquisition is on track to be finalized by October 30, 2024.
Swanson NI 43-101 Phase 1 Exploration Program and Internal Review of Agnico Eagle 2009 Scoping Study
The Swanson Gold Project is a district-scale property spanning over 15,000 hectares situated in the Abitibi Gold Belt in western Québec. Following the completion of a NI 43-101 Technical Report by Lafleur Minerals for Swanson, which indicated substantial gold resources on the property, the company has initiated Phase 1 work program recommended in the report. LaFleur Minerals has partnered with Novatem Inc. to conduct a high-resolution heliborne geophysical survey at Swanson, aimed at identifying mineralized structures within the project area for upcoming drilling programs.
Moreover, LaFleur Minerals has engaged IOS Services Géoscientifiques Inc. to execute an orientation soil survey, prospecting, and geological mapping program over select areas at Swanson with the objective of detecting significant geochemical anomalies and identifying potential gold deposits that may require further exploration. This comprehensive exploration strategy will provide insights for the upcoming drilling plan and could potentially lead to new gold discoveries at Swanson.
The Company is also overseeing an internal review of a previously conducted scoping study by Agnico Eagle in 2009 for the Swanson deposit to assess potential mining scenarios based on current mineral resource estimates and explore options using the Beacon Mill. This review is a precursor to a Preliminary Economic Study (PEA) for the Swanson Gold Project.
Lafleur Minerals will update stakeholders as more information becomes available from the ongoing exploration programs and internal studies.
Qualified Person Statement
All scientific and technical information in this news release has been reviewed and approved by Louis Martin, P.Geo., Technical Advisor to the Company, and a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).
About LaFleur Minerals Inc.
LaFleur Minerals Inc. (CSE: LFLR) (OTC Pink: WPNNF) is dedicated to acquiring and developing large-scale gold projects in the Abitibi Gold Belt near Val-d’Or, Québec. The Company’s primary focus is on advancing the Swanson Gold Project, a promising resource project that holds significant potential for long-term value creation. With a vast land package in a strategic location along a major structural break hosting numerous gold deposits, including Swanson, Bartec, and Jolin, the Swanson Gold Project is well-positioned for development. LaFleur is actively acquiring detailed data and executing drill hole targeting activities to commence diamond drilling on multiple targets within the coming months. The Company is also actively exploring its Mazerac Lithium Property located adjacent to another lithium property.
LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains forward-looking statements that involve certain risks and uncertainties. These statements are not guarantees of future performance and actual results may differ materially from those expressed in the forward-looking statements. Factors that could impact actual results include market conditions, availability of financing, and general economic conditions. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.
To view the original version of this press release, please visit https://www.newsfilecorp.com/release/225366
