The company, previously Hornby Bay Mineral Exploration, completed its reverse takeover last month of a private company with the option to acquire 100% of the Philibert property in Quebec's Chibougamau mining camp.
It has described Philibert as 9km northeast of Iamgold's Nelligan project and said it had an historical resource of 1.4 million tonnes grading 5.3g/t gold.
In connection with the transaction, the company raised C$3.24 million in a January placement priced at 5c per subscription receipt.
Hornby was incorporated in 2006 focused on uranium exploration in Nunavut.
It has since dropped 10 of its Nunavut claims, has gold exploration projects in Ontario and had an option to acquire 40% of Copper Mountain Mining's Fenton project in British Columbia.
Royal Fox shares (TSXV: FOXG) doubled to close at 10c yesterday, capitalising it about $23.7 million (US$19.6 million).
