On July 7, the mining company Ressources Sphinx Ltd. issued a press release announcing the finalization of the total acquisition of the Calumet Nord property in the municipality of l'Île-du-Grand-Calumet.

According to the President and CEO of Sphinx, Jeremie Ryan, a field analysis of 6,564 soil samples uncovered a significant mining potential for gold and copper, particularly in the northern extension of the mine's stratigraphy.

However, this process of acquisition has been ongoing and delayed due to COVID-19.

Here is Ryan speaking on the issue:

As explained by Ryan, the purchase of the 24.8 km2 property will allow Sphinx Resources to approach investors to finance the mining project. Ryan hopes the company will be able to drill the first holes by the end of 2020.The Calumet-Nord property is adjacent to the north and east of the New Calumet mine, which produced 3.8 million tonnes of ore at a grade of 5.8 per cent Zn, 1.6 per cent Pb, 65 g / t Ag and 0.4 g / t Au between 1944 and 1968.

Note, under an agreement signed in June 2019, the seller of the property, Ressources Tranchemontagne ltée, will retain a royalty of 1 per cent on the foundry’s net income, in exchange for a payment of $1,000,000 in cash.

The full interview with Jeremy Ryan on Sphinx Resources’ acquisition of Calumet-Nord is available here.