The 7.58 km2 (758 hectares) Wasamac property is located 15 west of Rouyn-Noranda, Quebec.
Gold mineralization on the property was originally discovered in 1936, and a considerable amount of exploration and development work has been carried out on the property since then. Intermittent production from the Wasamac Mine from 1965 to1971 totaled approximately 252,920 Au ounces grading 4.16 g/t Au.
Richmont Mines signed an option agreement with Lac Minerals in May 1986 to earn a 50% interest in the property by incurring $5.0 million of exploration expenses. Richmont acquired 100% ownership of the property in 1992, began dewatering the pre-existing underground operations and completed surface drilling. Work was ceased in 1994 due to unfavourable economic conditions at the time. The Corporation completed drilling on the property over 2002 - 2004, and 70,000 metres of drilling in 2010 - 2011. Richmont released details of an independent Regulation 43-101 Preliminary Economic Assessment (“PEA”) in early 2012. Mineralization on the property is closely associated with pyrite dissemination and alteration of the volcanic rocks within the shear zone.