01:30 PM EDT, 06/17/2024 (MT Newswires) -- Abcourt Mines ( ABMBF ) said Monday it reached an option agreement giving Quebec Pegmatite Holdings the right to acquire up to 100% of 141 mining claims covering approximately 5,579 hectares in Quebec for up to $2 million.

The property, adjacent to Abcourt's Swanson project, includes portions of the Courville and Abcourt Barvue projects, namely the Jolin (Courville) and Bartec (Abcourt-Barvue) sectors.

The company said Quebec Pegamatite will pay $0.5 million up front for a 25% stake, with three additional $0.5 million payments due in six months, one year and two years following the agreement to reach 100% ownership.

The Abcourt-Barvue zinc-silver deposit is excluded from the agreement.

"We are pleased to conclude a strategic option agreement on portions of our projects that have been less worked and developed. We believe that the union of our two companies through this option agreement will accelerate the development of this high-potential sector by unifying the Swanson and Jolin deposits into a single property," chief executive Pascal Hamelin said in a release.

Abicourt shares were last seen unchanged at $0.045 on the TSX Venture Exchange.