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Alamos Gold (NYSE:AGI) agreed to acquire Orford Mining Corporation (ORMFF) as part of a $16-million deal.
The Canadian intermediate gold producer will obtain all issued and outstanding shares of Orford through a court-approved plan of arrangement.
“Our acquisition of Orford is consistent with our strategy of building out a pipeline of high-quality, long-term projects, in good jurisdictions, to complement our near-term organic growth projects in Canada," Alamos CEO John A. McCluskey said in a statement.
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Per this agreement:
McCluskey singled out the Qiqavik Gold project as an early-stage gold project with long-term potential. Situated in Nunavik, Quebec, this 100% owned project covers 438 square kilometers in the Cape Smith Belt.
Early-stage exploration reveals high-grade gold occurrences controlled by structural splays off the Qiqavik Break.
Other prospective projects include West Raglan and Joutel Properties, with the former hosting Ni, Cu, PGE, and Co mineralization in ultramafic units, and currently under an option agreement with Wyloo Metals.
The latter is an advanced gold exploration site adjacent to Agnico Eagle Mines’ (NYSE:AEM) past-producing Eagle-Telbel operation, with multiple gold zones identified through historical and current drilling.
Orford also has a Nunavik Lithium site in northern Quebec. This project holds promise with the discovery of Lithium-Cesium-Tantalum-bearing pegmatites, suggesting potential for lithium and gold exploration.
The acquisition significantly benefits Orford's shareholders, offering an immediate premium. The price calculates to an approximate 134% premium based on the 20-day volume-weighted average price of Orford shares.
Also Read: Agnico Eagle Mines Invests $17M In Canada Nickel Company After Grim Year For Metal
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