Canada-based mining company 55 North Mining has entered an exploration agreement with Marcel Colomb First Nations (MCFN) for the Last Hope gold project in Lynn Lake, Manitoba.
The deal outlines a framework to collaborate on the proposed exploration of the project.
Details on how the parties will work to progress the exploration activity at the project have been described in the agreement.
MCFN chief Christopher Colomb said: “We are in full support of the Last Hope gold project moving ahead.”
55 North Mining CEO Bruce Reid said: “The landmark agreement is an important step forward in our long-standing relationship with the MCFN band. We look forward to working closely with MCFN to advance our high-grade Last Hope gold project.”
55 North Mining claims to have spent more than $5m on exploration at the property since 2017.
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Between 2020 and 2021, a drilling programme with 11,653m in 29 holes was conducted at the property.
Step-out drilling extended the strike length of gold mineralisation by nearly 1.2km.
In 2020, the phase two drill programme returned 19.25g/t of gold over 15.7m at the project.
It currently claims to host an indicated mineral resource of 408,300t grading 5.41g/t for 71,100oz of gold, and an inferred resource of 1.55 million tonnes grading 5.48g/t for 273,800oz of gold.
This property has the potential to define additional mineral resources and expand the mineral resource area.
The company is planning a phase three drilling programme that will include 9,500m of drilling across 25 holes as a follow-up to the 2020-2021 drill programme.
The target of this programme is the possible mineralisation of an additional 500m along strike to the south-east of the current mineral resource at a depth of 550m.