The agreement followed after PricewaterhouseCoopers (PWC) called for offers, having been appointed as Blue Note’s administrators with the company filing a proposal under the Bankruptcy and Insolvency Act (Canada).

Cartier’s $261,000 offer submitted to PWC for the purchase of the Chimo and Nova properties has been accepted, the company stated.

Commenting on the acquisition, Cartier president and CEO Philippe Cloutier said that the company believes in the potential of the proposed gold zones to constitute additional resources beyond the known resource base left behind when the mine closed down.

"We are currently reviewing all previous data to determine the best avenues for bringing the project to the next level," added Cloutier.

The Chimo and Nova properties are located 50 km east of the prolific Val-d’Or gold mining camp, and cover the Larder Lake-Cadillac Break.

The Chimo property comprises two mining leases, while the Nova property comprises 38 claims.