XXIX Metal has acquired sole ownership of the Roger Gold Project in Quebec

Canadian mining company XXIX Metal has completed the acquisition of the remaining 50% interest in the Roger Gold-Copper Project from SOQUEM, a subsidiary of Investissement Québec.

This project covers an area of ​​987 hectares and is located in the Chibogamau mining region of Quebec.

The two companies entered into a definitive agreement in October 2024 to acquire the project. XXIX made an initial payment of C$75,000 (US$52,135) to SOQUEM for the deal.

To maintain the option to acquire a stake in the venture, XXIX, formerly known as QC Copper and Gold, will have to make additional payments in common shares on or before the first four-year anniversary of the closing date, totaling C$1.6 million.

The number of shares issued will be determined based on the price per share or C$0.05, whichever is higher, not to exceed 17,777,778 shares. If the limit is reached, the remaining payments will be in cash.

Furthermore, the deal gives SOQUEM a 2% net smelter royalty on the Roger project, with XXIX receiving buyback rights.

The Roger Project has an NI 43-101 compliant mineral resource estimate of 535,000 ounces of gold equivalent grading 0.95 g/t AuEq.

It has undergone extensive exploration, including drilling and underground works.

Located close to other major deposits, this project offers 29 diverse development options.

Furthermore, XXIX has entered into an amendment agreement to the option agreement entered into on February 26, 2020 with 2736-1179 Quebec Inc. Ovalbay Geological Services and Melissa Darveau, referred to as Optioners.

This agreement extends the 29th deadline for completion of $1.5 million worth of work commitments at the Cooke-Robitaille property, located near Chapes, Quebec, to July 14, 2026.

In exchange, the 29th issued 500,000 common shares to the Optioners. This agreement ensures that XXIX retains its option to acquire a 100% ownership interest in Cooke-Robitaille while allowing additional time to fulfill its obligations.

“XXIX Metal is the exclusive property of the Roger Gold Project in Quebec” was originally created and published by Mining technologywhich is a trademark of GlobalData.

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