Ditem Acquires 3 Properties in the Detour Gold Trend
MONTREAL, QUEBEC -- (Marketwire) -- 09/06/12 -- 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 three gold exploration properties in northwestern Quebec. The properties, situated in Quebec near the Ontario/Quebec border to the east of the Detour Lake Mine and along the Detour Gold Trend, are composed of three groups of claims named Mannerelle (132 claims), Martigny (18 claims) and Jeremie (85 claims) for a total of more than 12,000 hectares. The maps concerning the claims and the general geology may be viewed at the following links: http://www.ditem.com/detourgoldtrendclaims.pdf and http://www.ditem.com/detourgoldtrendgeology.pdf.
Geologically, the properties 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, which extends northward towards Ditem's Martigny property.
Ditem now holds over 120 km2 of mineral licenses making it one of the main holders of claims in this area. The Company may decide to acquire other claims along the Trend.
According to the agreement, in return for a 100% interest in the properties, Ditem will pay to three arm's length vendors a total of $100,000 over a 24 month period and a total of 8.5 million shares and 1 M warrants at $0.10 valid for five years. The vendors will also hold a 2% NSR on the properties subject to a 1% buy back for $1 M in favour of the purchaser.
Ditem is an exploration and development company with properties in Quebec 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.
Mr. Mario Joly (M.Sc Geology), President of Ditem Explorations is the Qualified Person (as that term is defined in National Instrument 43-101) who has reviewed this news release and is responsible for the technical information reported herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Mario Joly
(514) 875-9034
mario.joly@ditem.com
