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Metalla purchases 2% royalty on Agnico's Akasaba West gold-copper property

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Metalla purchases 2% royalty on Agnico's Akasaba West gold-copper property

Metalla Royalty & Streaming Ltd. acquired a 2% net smelter return royalty on the Akasaba West gold-copper property in Quebec from Alexandria Minerals Corp. for C$250,000 cash.

The Akasaba West project is owned and operated by Agnico Eagle Mines Ltd., which plans to start mining on the property in 2020, according to the May 14 release.

Agnico will maintain its right to buy back half of the royalty for C$7 million, and the royalty payments will start after gold production from the property exceeds 210,000 ounces.

The Akasaba West deposit has the potential to produce about 20,000 to 25,000 ounces of gold and 8.5 million to 10.0 million pounds of copper per year for the first four to five years. Capital costs for the project are estimated at about C$50 million.

Metalla recently entered a definitive all-share deal for a friendly takeover of ValGold Resources Ltd., which includes a 2% net smelter royalty on parts of the Garrison gold project in Ontario.