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Metalla Royalty & Streaming updates on Monarch Gold property royalties

Wasamac, for example, has existing proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 grams per ton

Metalla Royalty & Streaming Ltd - Metalla Royalty & Streaming provides update on Monarch Gold property royalties
Metalla Royalty & Streaming owns a 1.5% Net Smelter Return royalty on Monarch Gold's Wasamac Project

Metalla Royalty & Streaming Ltd (CVE:MTA) (NYSE American:MTA) provided an update on its Wasamac gold project royalty and Camflo property royalty located in the Abitibi region of Quebec.

Metalla noted that Yamana Gold Inc (TSE:YRI) has announced an agreement to acquire Monarch Gold Corporation (TSE:MQR) in a stock-and-cash transaction valued at approximately C$152 million. Metalla owns a 1.5% Net Smelter Return royalty, with a buy-back right of 0.5%, for $7.5 million on the Wasamac Project and a 1.0% Net Smelter Return royalty on the Camflo Property.

“Wasamac has existing proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 g/t in one of the most prolific gold trends in the Abitibi region of Quebec, located approximately 100 kilometers from their 50%-owned Canadian Malartic mine, which produced nearly 670Koz of gold in 2019 …  Yamana is a well-capitalized major producer with technical and geological expertise that will provide the Wasamac project a clear path to production with the potential for future discoveries,” CEO Brett Heath said in a statement.

READ: Metalla Royalty & Streaming looks well-positioned as it continues to leverage its large gold and silver portfolio

Yamana said it will provide an update on its plans for the Wasamac project by the third quarter of 2021.

The Camflo property, meanwhile, includes the old Camflo mine (which closed in 1992) and a permitted mill. Yamana intends to review Monarch’s digitized historical exploration data, after which it will make a determination whether to commence an exploratory drill program, according to Metalla.

Metalla Royalty & Streaming acquires precious metals royalties and streams. MTA stock has surged more than 43% year to date to its current price of $10 a share.

Contact Sean at sean@proactiveinvestors.com 

 

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