Double Deuce Exploration Secures Key Property Acquisition
Double Deuce Exploration Corp. (CNSX: DD.CN) is thrilled to announce its latest venture, highlighting the acquisition of a 100% undivided interest in the Lac Big-Rush Property. This property, located within the renowned Chibougamau Mining Camp in Quebec, represents a significant opportunity for mineral exploration due to the camp's historic productivity and continued interest from exploration companies.
A Prime Location for Mining
The Lac Big-Rush Property spreads over 40 claim units, encompassing approximately 2,214 hectares. Its strategic position on the Eeyou-Istchee Baie-James territory places it roughly 32 kilometers from the town of Chibougamau. The site is readily accessible throughout the year, making it an ideal choice for exploration activities.
Notably, the Chibougamau Mining Camp has seen a rejuvenation in exploration activities in recent years. Companies such as Iamgold Corporation have previously mined significant resources, signaling the area’s potential. Their Nelligan project revealed impressive resource estimates, showcasing the area's viability for substantial deposits.
Financial Commitment and Exploration Plans
In accordance with a Definitive Option Agreement, Double Deuce will pay $30,000 in cash and invest $300,000 in exploration expenditures while issuing 600,000 shares within the next three years. This structured commitment underscores the Company’s dedication to unlocking the property’s mineral potential.
Future Exploration Efforts
Micheal Dake, CEO of Double Deuce, expressed enthusiasm about the acquisition, noting how the property has not been explored since the early 1980s despite its promising historical data. The focus is on reconstructing the historical information and devising a preliminary exploration strategy in the upcoming months.
Investment Details of the Agreement
The Option Agreement includes clear terms for acquiring the interest in the property, with scheduled cash payments and share issuances outlined. Payments will occur at various milestones, marking the Company’s progress in developing the property.
Additionally, the Vendor will retain a 2% Net Smelter Royalty from any future production, with a buyback option for 1% at a cost of $1,000,000, offering both the vendor and Double Deuce opportunities to benefit from the project’s success.
Rich Geological Features
The geological makeup of the Lac Big-Rush area is intriguing. Historically significant, the Chibougamau Mining Camp has produced 1.6 billion pounds of copper and 3.2 million ounces of gold since the 1950s, predominantly via underground mining.
The property itself lies along critical geological features, with established gold mineralization in neighboring projects. Limited exploration between the 1950s and 1980s has left much of its potential unexamined, which Double Deuce intends to investigate further.
Historical Exploration Insights
From what records indicate, minimal drilling took place at Lac Big-Rush prior to 1986, with only about 20 diamond drill holes being documented. Historical showings, such as Tadd and Croteau West, demonstrate the property’s past mineral wealth. Dake emphasizes the importance of revisiting these records to formulate an effective exploration campaign.
Exploration Objectives Going Forward
The upcoming exploration efforts will aim to tap into the historical potential of the property while adapting to contemporary mining technologies and methodologies. With a seasoned team ready and resources committed, Double Deuce aims to turn this project into a success story.
Frequently Asked Questions
What is the significance of the Lac Big-Rush Property?
The Lac Big-Rush Property represents a key asset for Double Deuce Exploration, holding potential for significant mineral resources due to its historical mining activity.
How does the acquisition support Double Deuce's strategy?
This acquisition aligns with the Company’s strategy to develop properties with known mineralization potential, enhancing its resource portfolio.
Can you describe the terms of the Option Agreement?
The Agreement includes cash payments, share issuances, and a commitment to exploration expenditures, designed to facilitate a thorough assessment of the property.
What is the future outlook for the Chibougamau Mining Camp?
The Chibougamau Mining Camp is expected to continue attracting exploration interest, potentially leading to significant discoveries based on historical data and current market motivations.
Who is responsible for the technical assessment of this acquisition?
Martin Demers, a Qualified Person, has reviewed the information and oversees the accuracy of the technical aspects related to this news release.
