The property is underlain by the volcanic rocks of the Obatogamau formation that run parallel to 2 recognized gold-bearing volcanic belts, the Bachelor Lake gold space to the west and the Osisko-Windfall gold space to the south. The Nelligan and Monster Lake gold tasks held by IAMGOLD are positioned on the jap extremity of this volcanic belt.
Underneath the choice settlement, Castlebar can purchase a 50% curiosity within the challenge by making combination money funds of C$205,000 and issuing 1.35 million shares to Mosaic, plus incurring a minimum of C$750,000 in qualifying expenditures on the property.
Upon train of the choice, Castlebar could have 45 days to both set up a 50/50 three way partnership with Mosaic on the challenge, or purchase the remaining 50% curiosity by making a C$150,000 money fee and issuing 1.5 million shares to Mosaic.
Ought to Castlebar select to train the second choice and purchase full possession, it is going to be free and away from all encumbrances apart from a 2% internet smelter royalty to be retained by Mosaic.
Mosaic’s present exploration focus is on Quebec’s important minerals. Its principal belongings are the Amanda lithium challenge within the James Bay area and the Gaboury nickel challenge positioned close to the previous Loraine mine.