- Abitibi Royalties (RZZ) acquires additional royalties on the Malartic South Project
- The first agreement amends a previous royalty agreement, increasing Abitibi Royalties’ interest in the Malartic South Property from a 2 per cent to 3 per cent NSR
- The second agreement expands Abitibi Royalties’ NSR to the south with a new 2.5 per cent royalty and 15 per cent of any gross proceeds
- The purchase price paid by Abitibi totals C$26,500, which will be paid in cash
- Abitibi Royalties owns various royalties at the Canadian Malartic Mine near Val-d’Or, Québec
- Abitibi Royalties Inc. (RZZ) it up 0.17 per cent and is trading at $23.46 at 11:09 am ET
Abitibi Royalties Inc. (RZZ) continues to build its royalty presence throughout the Malartic mining region in Québec.
Abitibi has entered into two agreements with Eagle Ridge Mining Ltd. involving royalties located south of the Canadian Malartic Mine.
The first agreement amends a previous royalty, increasing Abitibi Royalties’ interest in the Malartic South Property from a 2 per cent to 3 per cent NSR on certain claims.
The second agreement expands Abitibi Royalties’ NSR to the south with a new 2.5 per cent royalty and 15 per cent of any gross proceeds should the property be sold or joint ventured.
The purchase price paid by Abitibi totals C$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.
Abitibi 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.
Abitibi Royalties owns various royalties at the Canadian Malartic Mine near Val-d’Or, Québec.
In addition, Abitibi is building a portfolio of royalties on early-stage properties near producing mines and generating mineral projects for option or sale.
Abitibi is unique among its peers due to its strong treasury, no debt, monthly dividend, share buyback program and a limited number of shares.
Abitibi Royalties Inc. (RZZ) it up 0.17 per cent and is trading at $23.46 at 11:09 am ET.