News Bites
'We're starting with a great hand in this deal' - First Mining Gold announces Duparquet deal
(Kitco News) - First Mining Gold's Duparquet deal gives the company two projects with multi-million ounce gold resources, said company CEO Dan Wilton.
On Monday Wilton spoke to Kitco Mining.
First Mining Gold (TSX:FF) is advancing projects in eastern Canada. It's flagship asset is its Springpole project in Ontario. The company calls it one of the largest, undeveloped, open-pit gold deposits in Canada.
Last week the company announced plans to acquire Beattie Gold Mines and its Duparquet gold project, which once had two operating mines.
“Together with our ownership of the Pitt and Duquesne projects in Quebec located just east of Duparquet, First Mining will now have 100% ownership exposure to 3.3 million M&I ounces of gold and 2.0 million inferred ounces of gold located in the Abitibi, which is home to some of the largest and richest mineral deposits in the world," said Wilton in a news release touting the deal. " The addition of Duparquet results in First Mining owning 100% of two projects with multi-million ounce gold resources in what we consider as the best mining jurisdictions in the world."
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In the 1930s Wilton said Duparquet was the location of Quebec's largest gold-producing mines. After the mines closed work has carried forward on the site by other exploration companies.
"People don't appreciate how much work has been done on this project...260,000 meters of drilling, a comprehensive metallurgical program, environmental baseline studies—things that normally cost you millions and millions of dollars and take years to do. We're starting with a great hand in this project," said Wilton.
