Double Deuce Exploration Corp. Acquires Lac Big-Rush Property in Quebec

Deal News | Feb 04, 2025 | Globenewswire

Double Deuce Exploration Corp., a Canadian exploration company, has entered into a Definitive Option Agreement to acquire a 100% interest in the Lac Big-Rush Property situated in the Chibougamau Mining Camp of Quebec, a region known for its rich mineral resources. The company will secure the property after making a total cash payment of $30,000, investing $300,000 in exploration expenditures, and issuing 600,000 shares over the next three years. The Vendor will retain a 2% Net Smelter Royalty (NSR) but allows for the purchase of half of the NSR. Previously underexplored, the Lac Big-Rush site boasts significant historical drilling data and potential gold resources, thus representing a promising project for future exploration. The successful acquisition aligns with the strategic goals of Double Deuce Exploration to expand its asset base in high-prospect mining jurisdictions like Quebec.

Sectors

  • Mining
  • Natural Resources

Geography

  • Canada – The acquisition takes place in the Chibougamau Mining Camp of Quebec, highlighting activity in the Canadian mining sector.
  • Quebec – The Lac Big-Rush Property is located in Quebec, a prominent region for mining operations and exploration.

Industry

  • Mining – The acquisition pertains to a mining property that includes exploration and potential extraction of mineral resources.
  • Natural Resources – The article discusses resource development in a region known for its metal resources, particularly gold and copper.

Financials

  • $30,000 – Total cash payable for the acquisition.
  • $300,000 – Required exploration expenditures within the next three years.
  • 600,000 shares – Issuance of Company shares as part of the acquisition agreement.

Participants

NameRoleTypeDescription
Double Deuce Exploration Corp.The Acquiring CompanyCompanyA Canadian exploration company focused on expanding its asset base, particularly in mining jurisdictions like Quebec.
The VendorSelling PartyCompany/IndividualA private owner selling the Lac Big-Rush Property to Double Deuce Exploration Corp.
Michael DakeChief Executive OfficerPersonCEO of Double Deuce Exploration Corp., overseeing strategic acquisitions and corporate direction.
Martin DemersQualified PersonPersonThe professional responsible for reviewing and ensuring the technical accuracy of the press release details.