The Chibougamau project is comprised of three gold properties: WinWin, Fecteau and Grizzly. It consists of 288 mining claims that cover a total surface area of 15,869 hectares. The properties are located in the Chibougamau-Chapais and Urban-Barry mining camps, where previous exploration has identified several gold occurrences and multiple showings located in sub-cropping areas.
On June 20, 2016, the Company entered into three separate option agreements with various prospectors. Pursuant to the agreements, Opus One (previously GFK) can acquire a 100% interest in each property on the following terms and conditions:
- Cash payments over a four-year period totalling $355,000, including an initial payment of $25,000; and
- Exploration expenditures totalling $1,200,000 over a four-year period.