Metalla Acquires Five Ontario Royalties
TORONTO, ONTARIO--(Marketwired - Feb 28, 2017) - Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (CSE:MTA) (OTCQB:EXCFF) (FRANKFURT:X9CP) is pleased to announce that has signed a binding agreement with 2090720 Ontario Inc to purchase five net smelter royalties (NSR's) on property located within or proximal to four established mining camps in Ontario. The NSR's will be purchased outright for 250,000 common shares of Metalla and 150,000 warrants allowing 2090720 Ontario Inc to acquire 150,000 shares at $0.75 for a period of two years.
Details pertaining to the recent royalty acquisitions are as follows:
- Pelangio Poirier Royalty ('PPR') Property: Metalla will own a 1% NSR on a leased mining claim located approximately 22 km due west of Timmins, Ontario. The actual mineral title of the PPR Property is controlled by Pelangio Exploration Inc. The property is surrounded by Tahoe Resources Inc.'s West Timmins Mine Property holdings; more specifically the PPR Property is approximately 1 km west of the Tahoe head-frame. Over the past few years Tahoe and its predecessor Lakeshore Gold have been focused on exploring, developing and mining deposits on a northeasterly trending structure hosting their Thunder Creek, 144 Zone and Gap Zone deposits. The surface expression of this gold bearing structure is located about 500 meters southeast of the PPR Property. This structure dips steeply in a northwesterly direction towards the PPR Property and the structure is projected to cross on to the PPR Property at depth.
- DNA Detour Lake ('DDL') Property: Metalla will control a 2% NSR on large land package comprised of 10 unpatented mining claims covering approximately 4360 acres. The mineral title for the DDL Property is currently held by the Detour Gold Corp. as part of their substantial land holdings surrounding their Detour Lake Mine. The DDL Property east boundary is about 7 kilometers due west of the anticipated Detour Gold's new west pit. The DDL Property is located on the projected western extension of the Sunday Lake Deformation (SLD) Zone; the Detour Lake Mine is spatially associated with this major structure. Further, Metalla's royalty at Detour Lake on the SLD Zone is one of the few NSR's on this structure not controlled by Franco-Nevada Corp..
- Solomon's Pillars ('SP') Property: The SP Property is a strategically located project within the historic Geraldton Beardmore Mining Camp. Metalla controls a 1% NSR on the SP Property; the actual mineral title for the property comprised of a leased claim and four staked claims covering approximately 320 acres of land is controlled by Sage Gold Inc. A historical report by Inco Gold, one of the former owners of the SP Property documents a chronological history of the property since the mid 1930's. Since the mid 1930's the SP Property was the focus of numerous gold exploration programs conducted by various operators in order to evaluate known gold mineralization. This work included shaft sinking, extensive lateral development, surface trenching and diamond drill programs. In recent years there has been a consolidation of land holdings in the Geraldton Beardmore Camp and a re-evaluation of the gold potential of the area. This work has mainly been conducted by Greenstone Gold Mines a joint venture between Premier Gold Mines Ltd. and Centerra Gold Inc.. The SP Property adjoins Greenstone's Brookbank Deposit.
- Sirola Grenfell ('SG') Property: The SG Property is located approximately 8 kilometers northwest of Kirkland Lake Ontario. The property is made up 8 mineral leases and 3 mining claims; in total the project covers approximately 1360 acres of land. Metalla current controls a 0.25% NSR interest in the SG Property. The mineral title to the property is currently controlled by 2522962 Ontario Inc and the property is under option to Golden Peak Resources. Typical of projects in established mining camps, the SG Property has been the focus of numerous sporadic exploration efforts since the early 1930's. Work on the property over the years included shaft sinking, substantial lateral development work, bulk sampling of high grade veins and a number of drilling campaigns to test numerous narrow vein high grade and bulk tonnage gold targets.
- Beaudoin Property: The Beaudoin Property is consists of three patented mining claims covering about 120 acres of land located about 5 km southwest of Timmins city centre. The mineral title for the project is currently controlled Explor Resources Inc..; Metalla has retained a 0.4% NSR on the property. The NSR is subject to a buy back right where Explor Resources can purchase 0.2% NSR for $200,000. The Beaudoin Property is contiguous with the DeSantis Mine Property now controlled by Osisko Mining. The Beaudoin Property royalty complements Metalla's royalty holdings in this area where it currently holds a 1.5% NSR on the DeSantis Mine Property.
"Metalla is pleased to have added another experienced royalty partner and shareholder to its growing network of value added people, who have the expert local knowledge of both geology and strategic land positions in the major domestic mining camps, being consolidated by well-known funded juniors and major gold producers", commented, Tim Gallagher, Chairman & CEO of Metalla.
The technical content of this news release has been reviewed and approved by Charles Beaudry, M.Sc, P.Geo, a Director of Metalla and Qualified Person as defined in NI 43-101.
Metalla Royalty & Streaming Ltd. is a precious metals royalty and streaming company engaged in the acquisition and management of precious metal royalties, streams, and similar production-based interests.
On behalf of the Board of Directors:
Tim Gallagher, Chairman & CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contact
Metalla Royalty & Streaming Ltd.
416-925-0090
info@metallaroyalty.com
www.metallaroyalty.com