EagleOne Metals completes Phase I exploration at Magusi West Gold Project, Quebec
EagleOne Metals Corp. [CSE: EAGL] reported the completion of its Phase 1 exploration program on the Magusi West Gold Project it holds in southern Hebecourt Township, Quebec.
The Project is situated within the Abitibi Greenstone Belt, one of the world’s most richly endowed gold producing regions with over 200 million ounces of gold produced to date. The project is well-located within the district with past and present operating gold mines to the west, as well as numerous past and present copper and gold mines to the east.
The Phase I program on the project consisted of detailed ground geophysics comprised of magnetometer, very low frequency electromagnetic (VLF-EM) and induced polarization (IP) surveys. This work was followed by soil sampling, outcrop stripping, and channel sampling, plus geological mapping and whole-rock sampling of selected exposed outcrops to detect lithogeochemical indicators for potential gold and base metal (copper, zinc) mineralization.
The company’s consulting geologists are reviewing and compiling results from the soil sampling and geophysical surveys and will interpret how they are represented in the known geology of the project. These results are being added to the previously data to further enhance this compilation work. A review of the geophysical surveys is also ongoing.
The company also entered into an amending agreement with the optionor of the Magusi West Project to allow the company further time to review the results of the recently completed program and consider the most efficient manner in which to pursue further exploration on the claim group. In lieu of the original agreement terms that required a $50,000 cash payment and the issuance of 200,000 common shares of the company on December 31, 2024, the company is now required to make cash payments of $6,000 and issue 5,000 shares in order to keep the option agreement in good standing through June 15, 2025.
EagleOne holds the option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in 11 claims comprising the Magusi West Gold Project.