IRC holds a 0.5% gross overriding royalty on Nevada Gold Mine's ("NGM") Anglo/Zeke claim block in Eureka County, Nevada
Metalla closes acquisition of strategic Cortez royalties. (Credit: Adam Radosavljevic from Pixabay)
Metalla Royalty & Streaming Ltd. (“Metalla” or the “Company”) (TSXV:MTA) (NYSE American: MTA) The Company is pleased to announce that, further to the news release dated April 27, 2020, it has completed the acquisition of 100% of the issued and outstanding shares of Idaho Resource Corporation (“IRC”), a private Nevada corporation, for US$2 Million in cash and 357,121 shares.
IRC holds a 0.5% gross overriding royalty on Nevada Gold Mine’s (“NGM”) Anglo/Zeke claim block in Eureka County, Nevada, which is located on trend to the southeast of the Cortez Operations and Goldrush project owned by NGM. NGM is a joint venture between Barrick Gold Corporation (“Barrick”) (61.5%) and Newmont Corporation (“Newmont”) (38.5%), which was created in July 2019 to combine Barrick and Newmont’s significant assets across Nevada to create the single largest gold producer in the world. IRC also holds a 1.5% gross overriding royalty covering NuLegacy Gold Corporation’s Red Hill project in Eureka County, Nevada, which is contiguous to the southeast of the Anglo/Zeke claims. IRC also holds reversionary rights to mineral claims encompassing all of the NGM’s Cortez operations. The shares issued in connection with the acquisition are subject to a four month hold period under applicable Canadian securities laws.
Source: Company Press Release