Metalla Royalty & Streaming Ltd (CVE:MTA) (OTCMKTS:MTAFF) told investors Friday that the company has completed its acquisition of a new royalty on St Barbara Ltd’s Fifteen Mile Stream project.
The Vancouver-based company now has a 3% net smelter return (NSR) royalty on the project after a deal with an unnamed third party for C$2 million.
Located in Nova Scotia, Fifteen Mile Stream hosts total proven and probable gold reserves of 16.8 million tons, or 576,000 ounces grading at nearly 1.1 grams per ton (g/t) gold.
READ: Metalla inks C$2 million deal to buy 3% royalty from St Barbara's Fifteen Mile Stream gold mining project
Metalla said it made an upfront cash payment of C$500,000, with the C$1.5 million balance to come once the royalty payor exercises its buy-back right
The streaming company also updated shareholders on the other projects in its 42 asset portfolio that includes royalties on projects around the globe.
At Santa Gertrudia in Mexico, where Metalla holds a 2% NSR royalty, operator Agnico Eagle is continuing to expand mineralization after revealing results showing 8.2 g/t gold over 7.3 metres and 8.8 g/t gold over 6 metres.
Drilling at the Becarros zone has discovered new mineralization known as the Bertha target, with 2.1 g/t gold over 9.5 metres and 3 g/t over 8 metres.
Metalla also holds two royalties on the COSE and Joaquin projects operated by Pan American Silver. Development at COSE, where the company has a 1.5% NSR, has extracted 1,500 tons at 2600 g/t silver and 33 g/t gold which is currently stockpiled on surface.
Metalla expects the timeline for stope production at Joaquin to begin by the end of 2019.
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