North American Palladium (NAP) continues to diversify its stable of properties with the acquisition of the Vezza Gold Project in Quebec from Agnico-Eagle.
North American Palladium (NAP) continues to diversify its stable of properties with the acquisition of the Vezza Gold Project in Quebec from Agnico-Eagle.
The Toronto base metal miner announced April 20, it has a letter of intent to acquire the advanced stage exploration project in the Abitibi region for $10 million in cash and shares.
A recent resource estimate pegs the property at 228,000 ounces of gold in the measured and indicated category. The transaction is subject to the approval of the TSX and is expected to close within 30 days.
NAP also operates the Lac des Iles palladium mine north of Thunder Bay. In a statement, NAP president-CEO William Biggar said the Vezza acquisition supports the company strategy to increase gold production through their underutilized Sleeping Giant mill. "With Vezza, we now have a sufficient number of projects in our pipeline that, if developed, could significantly increase production in our gold division."
NAP's gold division includes a stable of Quebec projects including Discovery, Flordin and Dormex, all of which are within trucking distance of the Sleeping Giant mill.
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