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Metalla acquires royalty on Agnico Eagle’s Akasaba West Development Project in Quebec

The 2% net smelter return royalty was acquired from Alexandria Minerals Corp

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The mining royalties specialist focuses on precious metals

Metalla Royalty and Streaming Ltd (CVE:MTA) announced today that it acquired a 2% NSR (net smelter royalty) royalty on the Akasaba West property from Alexandria Minerals Corp. (CVE:AZX)

"We view this royalty as a great option on further exploration success at the Akasaba West property from one of the world's top gold producers,” said President and Chief Executive Brett Heath.

Metalla is a mining royalties specialist, which focuses on precious metals.

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“The property sits in the famous Cadillac-Larder Lake Fault zone which has produced some of Canada's most well-known mines such as Agnico's Canadian Malartic, Goldex, LaRonde, and Lapa mines, and IAMGOLD's Westwood Gold mine," said Heath.

The Akasaba West property is a gold-copper deposit located in the Bourlamaque and Louvicourt Townships, Val d'Or, Quebec. The project is owned and operated by Agnico Eagle Mines Limited (TSE:AEM) and was acquired in 2014. The goal is to commence mining activities in 2020.

READ: METALLA ROYALTY AND STREAMING TO STRENGTHEN DEVELOPMENT PIPELINE WITH VALGOLD RESOURCES ACQUISITION

The royalty was acquired for C$250,000 in cash. Agnico will maintain its buy-back right of 1% for C$7 million. The royalty will be payable after gold production on the claims comprising the property exceeds 210,000 ounces.

Metalla Royalty shares were unchanged at C$0.80.

Quick facts: Metalla Royalty and Streaming Ltd

Price: 1.29 CAD

TSX-V:MTA
Market: TSX-V
Market Cap: $173.4 m
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