SOQUEM signs option deals with a pair of Quebec juniors

The mining exploration arm of the Quebec government, SOQUEM, recently made a number of property deals and financings with Quebec juniors.

North of Schefferville, SOQUEM may earn (subject to the necessary approvals) a 50% interest in the Scheffor gold property from Societe d’Exploration Miniere Mazarin (ME) and Societe d’Exploration Miniere Vior (ME) by spending $500,000 on exploration work and making a cash payment of $30,000.

Also, after the first exploration phase, SOQUEM may earn a 50% interest in seven adjacent exploration permits from Mazarin/Vior by spending $1.5 million on exploration.

An option deal with Cache Explorations (ME) will give SOQUEM a 50% interest in the Montauban gold property at the Seigneurie des Grondines Ouest through work expenditures worth $195,000 and a $5,000 cash payment.

Lyon Lake Mines (ME) has filed a preliminary prospectus (worth a maximum of $681,000, including $500,000 in flow-through shares) and SOQUEM has indicated a commitment to subscribe for up to $125,000 in Lyon shares. Lyon plans to spend the money on three properties: Alpha, optioned from SOQUEM, and Roquemaure and Lac Long, optioned from Audrey Resources.

MSV Resources (ME) completed a $300,000 private placement with SOQUEM, which received 937,500 A shares of MSV at 32 cents per share. MSV plans to spend the proceeds exploring areas outside the A and B zones at its Eastmain gold property near James Bay.