Champion Iron Limited completes acquisition of Lac Lamêlée property from Fancamp Exploration Ltd.
July 12, 2021
1.30 Million CAD
On July 12, 2021, Champion Iron Limited (Champion) completed the acquisition from Fancamp Exploration Ltd. (Fancamp) of the Lac Lamêlée property, a project located adjacent to Champion’s existing development properties south of the Bloom Lake Mine. As part of the transaction, Champion also acquired from Fancamp the 1.5% net smelter royalty interest on Champion’s Moiré Lake property and its Fermont property portfolio, including the O’Keefe-Purdy, Harvey-Tuttle and Consolidated Fire Lake North properties. The consideration paid to Fancamp included C$1.3 million in cash and an undertaking in favour of Fancamp to make future finite production payments on a fixed amount of future iron ore production payable once certain production thresholds have been reached with respect to the Lac Lamêlée, Moiré Lake and Fermont property portfolio properties.
Champion, through its subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex, located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Quebec. Champion also owns a portfolio of exploration and development projects in the Labrador Trough, including the Kamistiatusset project located a few kilometres south-east of Bloom Lake, and the Fire Lake North iron ore project, located approximately 40 km south of Bloom Lake.
McCarthy Tétrault represented Champion Iron Limited with the team led by Konstantin Sobolevski that included Marc Dorion, Louis-Nicolas Boulanger and Charles-Antoine Soulière.