NioGold acquires remaining 40% of Malartic H property

NioGold Mining Corp. (CVE:NOX) said Tuesday it has consolidated 100% ownership of the Malartic H property  in the Abitibi region ofQuebec.

The Quebec-based exploration company originally acquired a 60% interest in the property from Breakwater Resources (TSE:BWR) in 2010, buying the remaining 40% from Breakwater for $90,000 cash.

The company also has projects in the Cadillac and Val-d’Or region of Quebec.

The Malartic property consists of 18 claims for a total surface of 7.3 square kilometres and is located 7.5 kilometres northeast Osisko' Mining’s (TSE:OSK) famous Malartic mine.

Source: NioGold

The company highlighted results of some historical holes on the H zone inside the Malartic H and on the Malartic Block showing a strong potential near surface.

  • 4.09 g/t Au over 12.3 m in hole MH-89-09 at a vertical depth of 11 m.
  • 4.43 g/t Au over 3.9 m and 3.94 g/t Au over 7.3 m in hole 54-31 at a vertical depth of 20 and 69 m respectively.
  • 1.85 g/t Au over 13.8 m in hole MH-89-12 at a vertical depth of 28 m.
  • 19.46 g/t Au over 1.0 m in hole 54-17 at a vertical depth of 41 m.

The two largest mining camps in Quebec's Abitibi area are Timmins and Kirkland Lake, which account for almost 100 million ounces of gold combined.