A Sudbury junior miner has cashed up to do exploration on a prospective gold property near Wawa.
Manitou Gold has raised $3 million through flow-through shares to continue work on its Goudreau Project.
Two Toronto gold mining and exploration companies have taken substantial ownership stakes in Manitou.
Alamos Gold, operators of the neighbouring high-grade Island Gold Mine, have taken a 19.9 per cent stake in Manitou, while O3 Mining now holds a 7.9 per cent ownership position.
As part of their buy-in, Alamos gets a seat with Manitou’s exploration committee to discuss strategy for the property.
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The Goudreau Project is a 22,500-hectare property north of Wawa, situated between Alamos’ Island Gold Mine to the west and the former Renabie Mine to the east, owned by Barrick.
Manitou has been prospecting on the property and hired GoldSpot Discoveries, a Toronto mining artificial intelligence company, to analyze current and past data to come up with drill targets.
“We welcome the investments from both Alamos and O3 Mining and their enthusiasm for Manitou’s exploration plans,” said Manitou Gold CEO Richard Murphy in a Jan. 2 news release.
“After having spent the last three years consolidating the Goudreau Project, I now look forward to accelerating exploration across our entire Goudreau Project portfolio.”
O3 Mining has a stable of gold properties in western Quebec and northeastern Ontario, including the Garrison Project, north of Kirkland Lake.
