v.DIT (at .03) acquiring more property at Detour . Ditem Explorations to acquire three Quebec properties
2012-09-06 08:26 ET - News Release
Mr. Mario Joly reports
DITEM ACQUIRES 3 PROPERTIES IN THE DETOUR GOLD TREND
Ditem Explorations Inc. has, subject to regulatory approval, signed a purchase agreement for a 100-per-cent interest in three gold exploration properties in northwestern Quebec. The properties, situated in Quebec near the Ontario/Quebec border to the east of the Detour Lake mine and along the Detour gold trend, are composed of three groups of claims named Mannerelle (132 claims), Martigny (18 claims) and Jeremie (85 claims), for a total of more than 12,000 hectares. The maps concerning the claims and the general geology may be viewed at the company's website.
Geologically, the properties are situated in the Harricana-Turgeon greenstone belt, which also includes the Matagami, Joutel, Brouillan and Casa Berardi mining districts. Specifically, the properties are within the east-west Detour gold trend, which extends from the Detour mine in Ontario to the Matagami area in Quebec. This trend is mainly composed of mafic to intermediate volcanic rocks (basalt, andesite) with local felsic volcanic rocks (dacite, rhyolite). The mafic volcanic rocks are bordered to the south by sedimentary rocks mainly composed of alternate wacke and mudrock units, and local iron formation and conglomerate, and to the north with biotite-rich granodiorite and tonalite units of the Opatica subprovince. All claims are situated on the major east-west deformation corridor now referred to as the Detour gold trend. Previous and recent exploration programs indicated northeast and northwest faults within the deformation corridor which may be associated with gold mineralization, notably the Bug Lake fault, which extends northward toward Ditem's Martigny property.
Ditem now holds over 120 square kilometres of mineral licences, making it one of the main holders of claims in this area. The company may decide to acquire other claims along the trend.
According to the agreement, in return for a 100-per-cent interest in the properties, Ditem will pay to three arm's-length vendors a total of $100,000 over a 24-month period, and a total of 8.5 million shares and one million warrants at 10 cents each, valid for five years. The vendors will also hold a 2-per-cent net-smelter royalty on the properties, subject to a 1-per-cent buyback for $1-million in favour of the purchaser.
Mario Joly (MSc, geology), president of Ditem Explorations, is the qualified person (as that term is defined in National Instrument 43-101) who has reviewed this news release and is responsible for the technical information reported herein.