QcX Gold (TSXV: QCX) announced the acquisition of the Kali project held by Harfang Exploration (TSX-V: HAR) and located in the James Bay lowlands area of Quebec, Canada.
In a press release, QcX Gold explained that the acquisition of the 10,127-hectare project allows the company to expand its Golden Giant project to 18,992 hectares.
Kali comprises the 7,226-hectare Kali West property, the 53-hectare Kali Island property, and the 2,848-hectare Kali East property. According to QcX Gold, these properties are underlain by Archean felsic to mafic volcanic rocks of the Wabamisk and Komo Formations as well as tonalitic gneisses, which are favourable hosts to gold mineralization in the James Bay region.
The acquisition of the 10,127-hectare Kali project allows QcX Gold to expand its Golden Giant project to 18,992 hectares
“The Kali West property is contiguous with QcX’s Golden Giant West property and Dios Exploration Inc.’s K2 gold project, and shows similar structures and geology to those claims hosting gold showings in the surrounding area, including Azimut’s Patwon discovery from which drill results include up to 3.15 g/t Au over 102.0 m.,” the media brief states. “The Kali East property is located on the southeastern margin of the kilometric-scale Kasapawatish batholith, which may be related to the structural framework at Azimut’s Patwon which is found to the northwest of this intrusion. The Kali East property is contiguous with properties of O3 Mining Inc. and Les Explorations Carat Inc. which include several historic showings of gold and zinc.”
To complete the acquisition, QcX Gold will issue to Harfang 1,750,000 common shares in the capital of the company, and grant in favour of Harfang a 2.5% net smelter return royalty in respect of the Kali project.