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The Montgolfier Project is located in northwest Quebec approximately 12 kilometres east of the Casa Berardi Mine block, where Aurizon Mines Ltd. has outlined a 1.5 million ounce gold resource and is currently rapidly advancing the project towards a development decision. The mining town of Matagami is located 85 kilometres to the east. This new holding straddles the Casa Berardi deformation zone over a strike length of approximately 25 kilometres. It is underlain by stratigraphy considered similar to that, which produced 690,000 ounces of gold at the Casa Berardi Mine.
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In January of 2004, J-Pacific entered into an option to purchase 100% of 112 staked claims and 32 map designated cells (totalling 3,552 hectares) in Montgolfier and Orvilliers Townships, Quebec. The agreement with Ressources D. Villeneuve Inc. ("RDV") will also include 33 additional adjacent mining claims staked by the Company. Upon regulatory approval, J-Pacific made a payment of $40,000 and issued 50,000 common shares to RDV. To maintain the agreement, J-Pacific is to make additional cash payments of $40,000 by the first and second anniversaries, and $100,000 by the third anniversary of the agreement. RDV retains a two percent Net Smelter Royalty, of which one and one half percent is purchasable by J-Pacific for $1,500,000.
Previous exploration on the property was conducted between 1984 and 1991 predominantly by three groups: Boulder Mountain Resources, Teck Exploration/Golden Hope Resources, and Placer Dome/Golden Shield Resources. Government of Quebec assessment file records indicate that approximately 78 holes were drilled between 1985 and 1991 along the 25-kilometre strike length of the property, with very little exploration having been conducted since. Thirty-three of these holes intersected gold mineralization ranging from 1.0 to 14.8g Au/t over 0.3 to 4.6 metres. Back to top |
