|Asset||West Malartic (Chibex South)|
|Interest||0.66% Net Smelter Royalty|
|Counterparty||Agnico Eagle Mines Limited|
The Chibex South property is located approximately 11km east of the town of Cadillac, within the Rouyn-Noranda Mining District, and located approximately 10km north-west of Canada’s largest operating open-pit gold mine Canadian Malartic, operated by Agnico-Eagle Mines Limited and Yamana Gold Inc (Source: https://canadianmalartic.com/en/about-us/).
The Chibex South property covers two past producing mines, the West Malartic Mine (mined 1942 – 1946) and the Pan Canadian #2 mine (mined 1938). The West Malartic Mine contained one vertical shaft developed to a depth of 1,231 feet with nine historical levels totalling some 14,550ft of drifting and cross-cutting. Historical production from May 11th, 1942 – January 1946 at West Malartic produced a total of 308,332 tons of ore that yielded 35,582oz gold and 1,178oz silver for an average grade of 3.94 g/t gold.