Harfang Announces New Partnership With SOQUEM to Advance Lake Menarik
MONTREAL, July 29, 2025 (GLOBE NEWSWIRE) -- Harfang Exploration Inc. (TSX.V: HAR) ("Harfang" or the "Company") announced today that it has signed a Definitive Option and Joint Venture Agreement (the "Agreement") with SOQUEM Inc. ("SOQUEM"), a subsidiary of Investissement Québec, to advance exploration at the Company's wholly-owned Lake Menarik Property (the "Property") in Eeyou Istchee James Bay, Québec. The Agreement outlines the terms and conditions that give SOQUEM the option to earn a 50% interest in Lake Menarik's West Zone ("Menarik West" or the "Project") (see Figure 1).
HIGHLIGHTS
SOQUEM will have the option to earn a 50% undivided interest in Menarik West, with Harfang owning the other 50%, and being the operator
SOQUEM will fund $3,000,000 of exploration at Menarik West over a three-year period, of which the first $1,000,000 is a firm commitment
SOQUEM will make cash payments to Harfang totaling $200,000 over a two-year period
Rick Breger, President and CEO of Harfang, commented, "This is a significant and sought after development for Harfang. SOQUEM has a great track record of participating in successful mining projects and we are delighted to have them as a partner. Our team has successfully demonstrated the potential at Menarik West with the discovery of wide zones of gold mineralization. Highlights from the 2023 diamond drill program include 1.15 g/t Au over 47 metres and 1.75 g/t Au over 21 metres. In addition, the Company has also found several high-grade gold grab samples across the property including 1,918 g/t Au, 91 g/t Au, and 62 g/t Au. Channel samples also show incredible potential as demonstrated by 12.46 g/t Au over 3.6 metres. These results, along with other favourable indications such as strong chargeability targets and a familiar geologic setting, make Menarik West the logical choice for a partnership promoting its advancement to the next phase of exploration."
Agreement Terms and Conditions
According to the Agreement, SOQUEM will have the option to earn a 50% undivided interest in the Project over a period of three (3) years beginning July 25, 2025 (the "Option Period"), by fulfilling the following conditions:
Financing exploration activities totalling $3,000,000, with the first $1,000,000 as a firm commitment, and according to the following schedule:
$500,000 before July 26, 2026 ("Year 1")
an additional $1,000,000 before July 26, 2027
an additional $1,500,000 before July 26, 2028
Making cash payments to Harfang totalling $200,000 according to the following schedule:
$100,000 on the signing ...
