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.
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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.”
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55 North Mining claims to have spent more than $5m on exploration at the property since 2017.
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By GlobalDataBetween 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.
