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."
"Basically, we have a unit of rock that is a kilometer by 400 meters. With the new model, we had to start plugging in holes to test this theory and this press release gives the first six holes from this model. They all hit several of those layers being mineralized with a gap of non-mineralized material in between them, which is perfect because you don't want to mine the whole thing. You don't want a huge mill -- you want a smaller mill, smaller capex. That's what everybody is looking for right now -- smaller projects, smaller capital cost, less capital intensive projects. The main hole from this press release is 53 meters of 0.53% copper. That is basically half a percent copper from surface, which is great. It gives you an opportunity to start seeing how a starter pit in this area can form."