Metalla Royalty & Streaming Ltd (CVE:MTA) (OTCMKTS:MTAFF) announced promising news Thursday that the firm has completed its second closing to acquire two additional royalties from Alamos Gold Inc (NYSE:AGI) (TSE:AGI).
These include a development royalty on the El Realito property, a satellite deposit that is part of Agnico Eagle Mines Limited (NYSE: AEM) La India mine located in Sonora Mexico and an exploration royalty on the Biricu Property in Guerrero, Mexico.
The firm noted it has also agreed to purchase a royalty from Alamos on the Orion gold-silver project, owned by Minera Frisco S.A.B. C.V. located in Nayarit, Mexico.
The company said it has entered into an amended purchase and sale agreement with a goal to purchase the Orion royalty from Alamos.
The firm said for the Biricu Royalty, Metalla issued 10, 299 shares, with a hold period that expires on October 21, 2019. For the Orion royalty, Metally is expected to issue 257,491 shares. The firm noted the closing shares will be subject to a four-month hold period and that it has also elected not to proceed with the acquisition of the royalty on the Choquelimpie property located in Chile.
El Realito Royalty
The El Realito property is owned and operated by Agnico Eagle, adjacent to its operating La India mine.The mine was put into production in 2014 and as of December 2018, Agnico Eagle has completed 15.8 thousand metres of drilling, with an additional 10,000 planned for further mine-site exploration and 2,000 metres of infill drilling at El Realito and nearby targets in 2019.
The drill program is currently testing extensions to expand the resource.
The Orion Royalty covers 30,782 hectares, located in Nayarit, Mexico in the prolific Sierra Madre Occidental mountain range.
The exploration project is a low sulphidation epithermal underground deposit owned by Minera Frisco S.A.B de C.V.
Minera Frisco purchased the Orion Project in October of 2012 as part of the acquisition of the Ocampo mine from AuRico Gold.
Shares of Metalla Royalty & Streaming were up 3.8 at C$1.08 on Thursday.
Contact Katie Lewis at [email protected]