Labrador Gold and Nemo collaborate on Ontario exploration project

Core Viewpoint - Labrador Gold and Nemo Resources have established a joint venture to explore the Watson Project in north-western Ontario, which is expected to uncover significant gold and critical mineral deposits [1][2]. Group 1: Joint Venture Details - The joint venture will be led by Elementary Minerals, which holds 127,100 hectares of mineral claims in the Fort Hope greenstone belt [1][3]. - Nemo Resources will manage the operations of the joint venture, with a technical committee overseeing the exploration strategy [2]. Group 2: Financial Contributions and Stake Distribution - Labrador Gold has invested $1.5 million (C$2.03 million) into Elementary Minerals to support exploration efforts [3]. - Under the agreement, Nemo has transferred 314 mining claims covering 6,300 hectares to Elementary in exchange for four million common shares, representing a 20% stake [5]. - Labrador Gold has received 16 million common shares for its financial contributions, securing an 80% interest in Elementary Minerals [5]. Group 3: Exploration Plans and Geological Context - The Watson Project is located in a less-explored region compared to neighboring belts, with potential for gold and critical minerals such as antimony, nickel, copper, and zinc [2]. - Elementary's exploration plans for 2026 include conducting an airborne survey followed by soil sampling to locate substantial gold deposits [4]. - The geological features of the area include significant banded iron formations where gold occurrences have been identified but remain untested [4][7]. Group 4: Future Infrastructure Developments - A proposed road to Ontario's Ring of Fire region is expected to begin construction in mid-2026, which could reduce exploration and development costs once completed [5]. Group 5: Exploration Potential - Labrador Gold's VP of exploration highlighted the outstanding exploration potential at Watson, emphasizing the favorable geology and historical limited exploration in the area [6]. - The district-scale land package comprises over 127,000 hectares of prospective greenstone belt, which will be systematically screened for large-scale mineral deposits [7].