Virginia Energy to option Quebec property to Orient Venture Capital
Virginia Energy Resources has signed a letter of intent to option its Hawk Ridge copper-nickel-PGM property in Ungava Bay, Quebec, to Orient Venture Capital for $3m of cash and stock.
The 14,976-hectare property is located 130km north of Kuujjuak in the Labrador Trough and includes several deposits with significant past drilling.
Orient Venture Capital will earn a 100% interest in the property, subject to underlying royalty interests, by making staged payments totaling $2m in cash and $1m in shares of its stock.
Virginia Energy Resources is a uranium development and exploration firm that holds a 29% stake in the advanced stage Coles Hill uranium project in Virginia.
The company is also pursuing active exploration programs in the Athabasca basin of Saskatchewan and in the Otish basin of Quebec.
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