Orefinders Resources has signed an option agreement to purchase a 100% stake in the Grizzly Gold Project in the Chibougamau District of Quebec, Canada, from undisclosed vendors.

Located 60km west of Chapais, the Grizzly property is made up of 105 contiguous mining claims. It is proximate to all major infrastructure from Chibougamau’s mining camp, including road, rail, and hydropower lines.

Under the agreement, Orefinders will provide $450,000 in cash or shares and $750,000 to fund activities on the property over the next 48 months to earn a 100% interest in Grizzly.

Upon completion of the deal, the vendors will retain a 2.5% net smelter return (NSR) on the Grizzly project.

Orefinders said in a press statement: “Should Orefinders choose to make any payments in shares, Orefinders shares would be valued on a 15-day volume weight average price. The option agreement’s vendors are with a private arms-length company.”

On the Grizzly project, Orefinders will undertake 18 holes, a 3,000m phase one drill campaign with plans to conclude the drill by the end of 2022.

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Orefinders chairman Stephen Stewart said: “Our group is very interested in exploring near-surface gold and copper deposits in the Chibougamau District of Quebec.

“This acquisition represents an investment in another known mineralised structure that is near the surface and mostly untested. Furthermore, the area has top-tier infrastructure yet is still an emerging district in the context of near-surface operations based on new interpretations our group has developed.”

Orefinders currently holds an option to acquire up to 75% of the Orefinders Knight and McGarry projects in Canada.