Val d'Or Resources Corp. entered a joint venture with Nippon Dragon Resources Inc. after completing the due diligence of the latter's Denain and Rocmec 1 gold projects in Quebec.

The joint venture will be managed by a new company, Rocmec Gold Inc., which will be owned 51% by Nippon and 49% by Val d'Or.

Rocmec Gold will hold the Denain and Rocmec 1 properties, additional mining acquisitions in Quebec and part ownership of the patents related to Nippon's thermal fragmentation mining process, according to the Aug. 3 release.

Val d'Or is trying to secure requisite funds of C$16.2 million, which will be used to restart the Rocmec 1 project, drilling at the Denain project, acquisition of additional mining properties in Quebec and earning into the thermal fragmentation mining process patents.