First Mining will also make a future contingent payment of $1 million, in cash or shares, to be paid within 12 months of commercial production being declared at its Duparquet gold project, as long as any major surface infrastructure related to the Duparquet project has been constructed on the Porcupine East property.
The Porcupine East property consists of 51 mineral claims covering an area of 1,868 hectares and includes 7.3 km of strike along the Destor-Porcupine fault zone (DPFZ) as well as numerous favourable mineralized splays or secondary structures originating off of the DPFZ. The underlying geology on Porcupine East is very similar to that of the adjoining Duparquet gold property, according to First Mining.
“These highly prospective claims are located in between our Duparquet, Pitt and Duquesne gold projects, and will provide First Mining with a contiguous property package covering 19 km of favourable stratigraphy in…
