On August 23, 2011, Toron Inc. entered into a mining property acquisition agreement, through which the company agreed to acquire an undivided 100 percent interest in an aggregate of 62 mineral claims through a four step process, in the Abitibi Greenstone Belt in the Province of Quebec, Canada. These 62 claims have been closed and now are part ofToron Inc.
The Tiblemont gold property, is made up of 62 claims, totaling 3,305 hectares, or 8,164 acres in size. In addition to these properties toron has contracted to purchase an additional 233 claims totalling18,372 hectares or 45,379 acres in size.These claims are located in the area of the Tiblemont and Senneterre townships of Quebec. With this addition the company now has interests in a total of 395 claims that are 21,677 hectares or 53,543 acres in size. The map below represents all of the Tiblemont claims acquired and under contract.
These claims mostly occupy Quebec’s Tiblemont and Senneterre townships, with partial claims in the Courville and Pascalis townships. This entire region is familiar with gold occurrences and deposits, and has hosted numerous gold discoveries for years. We believe that the area of the property is structured geologically in a way that makes it highly favorable for the occurrence of gold. The Tiblemont property is located about 60 km from Osisko’s flagship producing gold mine, the Malartic property, located in the heart of Quebec’s Abitibi Gold belt.
The Courville-Senneterre-Tiblemont region contains a large deformation corridor, the result of several crosscutting deformation zones. These deformation zones introduced several gold occurrences in all of the aforementioned townships. These gold occurrences come to light by drilling quartz veins in felsic dykes, silicified andesites, and tuffs.
Back in the 1930s, gold was discovered in this area, paving the way for abundant exploration activities that were undertaken then and up to the present time. These exploration activities brought positive results in the discoveries of numerous occurrences and deposits of gold and other ore base metals.
Overall, we believe that the Tiblemont Gold Property has a high potential for the discovery of gold. We believe that strong potential for gold and other minerals is evident in the historical works on the property, which included geophysical surveys, aerial geophysics/magnetics, and ground based surveys. This evidence and the showing of the historical data shows a good probability of a gold deposit, and convinces us that additional projects should be carried out on this property. However, at the moment, no proven reserves have been identified.
The property being acquired, the Tiblemont property, is made up of 62 claims, totaling 3,365.23 hectares, or 8,315.65 acres in size. The map below represents the Tiblemont claims acquired and under contract. At the moment, the company has only acquired Block 1, with the two remaining blocks being under contract. Pursuant to the Mining Acquisition Agreement, Toron Inc. has already acquired 22 of the 62 mineral claims, and made an obligation to purchase the remaining 40 claims by December 29, 2011.