Labrador Gold and Nemo Resources have signed an agreement to form a joint venture (JV) to explore the Watson Project in north-western Ontario, Canada.
Elementary Minerals, which holds 127,100 hectares (ha) of mineral claims in the Fort Hope greenstone belt, will spearhead the collaboration.
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This region, part of the Uchi Subprovince, is significantly less explored than neighbouring belts such as Red Lake and Pickle Lake, and offers potential for gold and critical minerals including antimony, nickel, copper and zinc.
Nemo will manage the operations of the JV, with the exploration strategy overseen by a technical committee composed of representatives from both Labrador Gold and Nemo.
Labrador Gold has provided $1.5m (C$2.03m) in funding to Elementary Minerals to support staking efforts and future exploration activities.
The Elementary Minerals board will include two nominees from Labrador Gold and one from Nemo.
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By GlobalDataThe Watson Project encompasses the largest landholding in the Fort Hope greenstone belt, known for its Archean greenstone geology featuring mafic and felsic volcanic rocks along with sedimentary sequences.
These formations are intruded by felsic-to-intermediate plutonic rocks and host significant banded iron formations where gold occurrences have been identified but remain untested on the eastern Watson property.
Elementary’s exploration plans for 2026 include conducting an airborne survey followed by soil sampling to locate substantial gold deposits.
A proposed road to Ontario’s Ring of Fire region is expected to begin construction mid-2026, offering potential cost reductions for exploration and development once completed.
Under the terms of the agreement, Nemo has transferred 314 mining claims covering 6,300ha, along with related data, to Elementary in exchange for four million common shares, representing a 20% stake.
Labrador Gold has received 16 million common shares for its financial contributions, securing an 80% interest in Elementary Minerals.
Labrador Gold VP exploration Ryan Weston said: “We are very excited about this opportunity with Elementary. We see outstanding exploration potential at Watson, where favourable geology converges with major structural corridors that have historically received only limited base‑metal exploration.
“The presence of significant high‑grade, BIF [banded iron formation]‑hosted gold mineralisation in the western belt strongly reinforces our exploration thesis. The district-scale land package comprises over 127,000ha of prospective greenstone belt, which we plan to systematically screen for large-scale mineral deposits.”
