Kintavar announced on June 29, 2020 that it had entered into 2 separate agreements with Gitennes Exploration Inc. (GIT-V) to option out the Rivière-à-l’Aigle (“RAL”) and the New Mosher properties in the Abitibi region of Québec. Gitennes may earn up to an 85% interest in the RAL and New Mosher properties located south of Chibougamau. To earn an initial 70% interests in the RAL and New Mosher properties, Gitennes shall make share and cash payments to Kintavar totalling $0.25M and incur exploration expenditures totalling $2.5M during a 4-year period. Gitennes can increase its interest to 85% on either property by either producing an inferred resource or conducting a PEA by September 30, 2025. Upon completion of an inferred resource Gitennes shall pay Kintavar $0.25M in cash or shares and pay an additional $0.75M in cash only on delivering a PEA. Gitennes shall grant to Kintavar a 1.5% NSR on each property with right to purchase 1% for $1M.
"Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. It’s flagship project is the Mitchi property (approx. 30,000 hectares, 100% owned) located west of the Mitchinamecus reservoir, 100 km north of the town of Mont-Laurier. The property covers an area of more than 300 km2 accessible by a network of logging and gravel roads with a hydro-electric power substation located 14 km to the east. The property is located in the north-western portion of the central metasedimentary belt of the Grenville geological province. Many gold, copper, silver and/or manganese mineralized showings have been identified to date, with many characteristics suggesting of a sediment-hosted stratiform copper type mineralization (SSC) in the Eastern portion of the property and Iron Oxide Copper Gold (IOCG) and skarn type mineralization in the Western portion. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin."
