- Oops!Something went wrong.Please try again later.
Val-d'Or, Québec--(Newsfile Corp. - May 18, 2021) - Abitibi Royalties Inc. (TSXV: RZZ) (OTC: ATBYF) ("Abitibi Royalties" or the "Company") is pleased to announce that it continues to build its royalty presence throughout the Malartic mining region in Québec. The Company has entered into two agreements with Eagle Ridge Mining Ltd. ("Eagle Ridge", formerly Tamarack Gold Resources Inc.) involving royalties located south of the Canadian Malartic Mine (the "Malartic South Property") (Fig. 1 and 2). The first agreement amends a previous royalty, increasing Abitibi Royalties' interest in the Malartic South Property from a 2% to 3% NSR ("Net Smelter Royalties") on certain claims (see press release dated May 28, 2020). The second agreement expands Abitibi Royalties' NSR to the south with a new 2.5% royalty and 15% of any gross proceeds (cash and shares) should the property be sold or joint ventured. The purchase price paid by the Company totals CDN$26,500, which will be paid in cash.
The Malartic South Property is owned and operated by Eagle Ridge, a private company. The royalties were acquired due to the project's location, favourable geology and the increasing exploration activity in the area. The Company believes that the Malartic region, even with its long history of mining, represents one of the most exciting areas in Canada for exploration due to the discoveries being made at the Odyssey Underground Project.
Eagle Ridge is planning to conduct field-sampling programs and complete a technical report during 2021. The project is believed to have gold and base metal potential based on historical data from the area.
Eagle Ridge is actively looking for partners in order to advance the Malartic South Property. Parties that might be interested in purchasing or optioning the Malartic South Property should contact Eagle Ridge at (416) 303-6684.
About Abitibi Royalties
Abitibi Royalties owns various royalties at the Canadian Malartic Mine near Val-d'Or, Québec. In addition, the Company is building a portfolio of royalties on early-stage properties near producing mines and generating mineral projects for option or sale. The Company is unique among its peers due to its strong treasury, no debt, monthly dividend, share buyback program and limited number of shares.
Glenn Mullan, Chairman, is the Qualified Person (as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who has reviewed and approved this news release.
For additional information, please contact:
Shanda Kilborn - Director, Corporate Development
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Forward Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Figure 1. New Royalties South of Canadian Malartic Mine
To view an enhanced version of Figure 1, please visit:
Figure 2. Aerial View from the Malartic South Property
To view an enhanced version of Figure 2, please visit:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84398