MONTREAL, QUEBEC--(Marketwired - June 19, 2015) - J.A.G. MINES Ltd. (JAG) (TSX VENTURE:JML) is pleased to announce its association with the exploration company Khalkos (TSX VENTURE:KAS) to resume exploration on its Malartic gold property.
The JAG property consists of 24 claims covering 767 hectares in the Malartic mining camp, 30 km northwest of the city of Val-d'Or. The property is straddled by a gold bearing shear zone of more than 3 km and is the host of the Malrobic gold deposit. It is also near important gold producers at the heart of the Cadillac deformation zone, just 7 km from the Lapa mine (Agnico Eagle "AEM"), 11km from the Canadian Malartic mine (Yamana - AEM) and 20 km from the Laronde mine (AEM), on the same geological contact where the gold mines Doyon-Bousquet, Laronde and Westwood are located.
The first gold showings were discovered between the 1920s and the 1930s, and led to the sinking of a shaft of 80 meters with lateral works on two levels totaling more than 240 meters. Over 15,000 meters of diamond drilling has been undertaken in the 80s which led to the identification of six mineralized zones within the same shear. It contains a system of quartz veins and veinlets with historical grades ranging between 2 and 22 g/t Au over 1 to 5 meters in true thickness. The property also contains the Currie-Mills showing (Panamint) where historical grades of 19.35 g/t Au over 1.2 meters and 22.6 g/t Au over 1.5 meters were obtained approximately 1 km south of the Malrobic's main deposit, also known as North-Malartic.
Khalkos will obtain a 55% interest in the property in consideration of the issuance of one million shares and an amount of $50,000 payable in three installments between now and June 15, 2017. In addition, a total of $1,000,000 in exploration works will need to be undertaken by Khalkos on the property over a three year period, including works of a value of $250,000 during the first year.
ABOUT JAG
J.A.G. Mines Ltd. is a public company incorporated in April 1976 under the Canada Business Corporations Act. JAG is engaged in the exploration and development of mining projects, particularly Belleterre in Témiscamingue and St-Robert in Beauce, aiming at their eventual commercial exploration. JAG and its subsidiary Olitra are also active in the search of oil and gas at Lac St-Jean and in Bas St-Laurent (Témiscouata and Pohénégamook) since 2006. JAG holds 65.8% of Olitra's outstanding shares.
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