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announced Monday that the company and affiliates of Newmont have entered into an agreement for Fury to purchase Newmont’s 49.978% interest in the Éléonore South project in Quebec for C$3 million .
The Éléonore South project is in an area of prolific gold mineralization, with Newmont’s Éléonore mine located to the north and Sirios’ Cheechoo deposit to the east.it planns to sell six non-core assets, including Éléonore in Quebec, the Musselwhite and Porcupine mines in Ontario, the Coffee project in the Yukon Territory, and its 70% stake in the Havieron joint venture with Greatland Gold in Western Australia, with proceeds from the transactions used to cut debt.
Prospecting to date has identified two distinct styles of mineralization within the project: structurally controlled quartz veins hosted within sedimentary rocks similar to the high-grade mineralization observed at the Éléonore mine; and intrusion-related disseminated gold mineralization similar to that seen at the low-grade bulk tonnage Cheechoo deposit, Fury said.
The JT and Moni prospects at Cheechoo represent a potential higher-grade style of intrusion related gold mineralization with historical drilling intercepting 53.3 metres of 4.22 g/t gold; 6.0 metres of 49.50 g/t gold and 23.8 metres of 3.08 g/t gold. Several of the noted drill intercepts have not been followed up on and remain open, the company said.
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