Ditem Acquires 2nd Claim Group in the Detour Gold Trend
MONTREAL, QUEBEC--(Marketwired - Dec. 5, 2013) - Ditem Explorations (TSX VENTURE:DIT) is pleased to announce that it has, subject to regulatory approval, signed a purchase agreement for a 100% interest in a block of claims in the Detour Gold Trend in northwestern Quebec. The property, situated near the Ontario/Quebec border to the east of the Detour Lake Mine, is composed of 261 mining claims situated in the core region of the Trend. With this acquisition Ditem has now acquired a key land position in this area.
Geologically, the claims are situated in the Harricana-Turgeon Greenstone belt which also includes the Matagami, Joutel, Brouillan and Casa Berardi mining districts. Specifically, the properties are within the east-west Detour Gold Trend which extends from the Detour Mine in Ontario to the Matagami area in Quebec. This trend is mainly composed of mafic to intermediate volcanic rocks (basalt, andesite) with local felsic volcanic rocks (dacite, rhyolite). The mafic volcanic rocks are bordered to the south by sedimentary rocks mainly composed of alternate wacke and mudrock units and local iron formation and conglomerate, and to the north with biotite-rich granodiorite and tonalite units of the Opatica Sub-Province. All claims are situated on the major east-west deformation corridor now referred to as the Detour Gold Trend. Previous and recent exploration programs indicated northeast and northwest faults within the deformation corridor which may be associated with gold mineralization, as notably the Bug Lake fault.
According to the agreement and in return for an immediate 100% interest in the properties, Ditem will pay to two arm's length vendors a total of 12,000,000 shares, being 6,000,000 shares each. The vendors will also hold a total 2% NSR (1% each) on the properties subject to a 1% buy back for $1 M in favour Ditem.
Ditem is an exploration and development company with properties in the Quebec side of the Detour Gold Trend, in Val-d'Or with the Bruell property, on the North Shore near La Romaine and in the Otish Basin, and in Saskatchewan in the Athabasca Basin. Properties and general information may be viewed on the Company's website at www.ditem.com. http://online.wsj.com/article/PR-CO-20131205-909291.html?dsk=y Is this a joke ditem's pps is only .005! ???
Detour made no money on this transaction so...? Why give the mining claims away for pennies; should we buy Ditem?