First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) has completed a previously announced transaction with Metalore Resources Limited (CVE:MET), acquiring the East Cedartree claims and consolidating First Mining's land holdings near the Cameron Gold project in northwestern Ontario into a single contiguous block.
The East Cedartree claims are located between First Mining's Cameron claim block, which includes the ‘Cameron Gold Deposit’ that hosts the current mineral resource on the property, and First Mining's West Cedartree claim block, which includes the Dubenski and Dogpaw deposits.
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First Mining Gold noted that the acquisition adds a further 3,200 hectares to the 49,600 hectares that First Mining already holds in the district, filling in what it calls a “strategic piece” in its efforts to consolidate the mineral claims area.
First Mining paid Metalore C$3 million in cash as well as 3 million First Mining shares for the East Cedartree claims, which the company says encompass a highly favorable geological setting for new gold discoveries in close proximity to the existing known deposits at First Mining's Cameron and West Cedartree properties. The shares are subject to a statutory hold period of four months plus one day from closing.
The East Cedartree claims contain an existing Indicated resource estimate of 93,000 ounces of gold at 1.36 grams per tonne (g/t) gold along with 95,300 Inferred gold ounces, also at 1.36 g/t. The resource estimate was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
First Mining Gold acquired the Cameron project, which already boasts a Measured & Indicated resource of 274,000 ounces at 2.45 g/t gold, back in 2016.
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