Tuesday, 10 April 2012

NQ Exploration to sell stake in Star Lake property

NQ Exploration (CVE:NQE) said Tuesday it has agreed to sell its interest in the Star Lake property in the James Bay area of Quebec to Minerva Financial Corp in a $200,000 deal.
The property, which is located 120 kilometres southeast of the town of Radisson, consists of 89 contiguous map-designated claims that cover a total area of 46 square kilometres.
The company owns a 61.33 percent undivided interest in the property, which may be subject to a net smelter return of 2 percent under certain conditions, half of which may be refunded by the company for $1 million.
In consideration for the interest, NQ will receive 2.0 million class A shares of Minerva valued at 10 cents each. The deal is subject to the approval of both company boards, as well as the TSX Venture Exchange.
Star Lake is a grassroots prospect with uranium, copper and gold potential. The property lies about 50 kilometres north of Goldcorp's (TSE:G) Éléonore gold project.
The Lac Marjolet uranium showing was discovered in the 1970s, when grades of 0.18% U3O8 and 0.072% ThO2 were obtained in pegmatites at the centre of the property.
Lake-bottom sediments also returned anomalous gold values, the company said.
NQ also said that various geochemical, geophysical and geological surveys carried out between 2005 and 2008 confirmed the presence of uranium-bearing pegmatite fields 500 to 3,000 metres long by 200 to 400 metres wide, along a 10-kilometre corridor.
NQ Exploration is a mining exploration company with a portfolio of 11 mining properties in the James Bay and Abitibi regions of Quebec.

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