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Chalice Gold Mines (ASX: CHN) (TSX: CXN) and Chantrell Ventures entered into a binding share purchase agreement whereby Chantrell will purchase Chalice’s wholly owned subsidiary Chalice Gold Mines (Quebec) Inc. (CGMQ).

In a media statement, the companies said that Chantrell is in the process of being renamed O3 Mining Inc. and it will be a new Osisko Mining (TSX: OSK) led venture.

Under the terms of the agreement, Chalice will sell all outstanding shares in CGMQ to O3 Mining and will receive 3,092,784 common shares of O3 Mining, at a deemed value of C$3.88 per common share, for a total of C$12 million in consideration.

CGMQ is the registered holder of the East Cadillac and Kinebik gold projects in Quebec.

East Cadillac covers an area of 293 square kilometres and is located approximately 35 kilometres east of the 20-million-ounce Val-d’Or gold camp. According to Chalice, the project is along strike from Agnico Eagle and Yamana Gold’s Canadian Malartic mine and Eldorado Gold’s Sigma Lamaque mine.

The Kinebik gold project, on the other hand, covers an area of 188 square kilometres and includes 30 kilometres of strike along the Casa Berardi Fault in the Abitibi greenstone belt.