Sphinx completes the acquisition of Calumet-Nord

Sphinx completes the acquisition of Calumet-Nord

The mining company Ressources Sphinx has finalized the total acquisition of the Calumet Nord property, located on Île-du-Grand-Calumet.

President and CEO Jeremy Ryan said after doing some field analysis and finding out the potential of the place, Sphinx made the decision to buy it.

The Company collected 6,564 soil samples, which generated several “quality” drilling targets for gold and copper mineralization, particularly in the northern extension of the mine stratigraphy New Calumet.

The purchase of the 24.8 km2 property will therefore allow Sphinx Resources to approach investors to finance the mining project, which notably includes gold and copper. Ryan hopes the company will be able to drill the first holes by the end of 2020.

Note that under an agreement signed in June 2019, the seller of the property, Ressources Tranchemontagne ltée, will retain a royalty of 1% on the foundry’s net income, in exchange for a payment of $ 1,000,000 in cash .

The Calumet-Nord property is adjacent to the north and east of the old New Calumet mine, which produced 3.8 million tonnes of ore at a grade of 5.8% Zn, 1.6% Pb, 65 g / t Ag and 0.4 g / t Au between 1944 and 1968.

The full interview with Jeremy Ryan on Sphinx Resources’ acquisition of Calumet-Nord is available here.