Vancouver, British Columbia--(Newsfile Corp. - March 22, 2021) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the 'Company' or 'EMX') is pleased to announce the execution of a definitive agreement (the 'Agreement') with Gold Line Resources Ltd. (TSXV: GLDL) ('Gold Line') and Agnico Eagle Mines Limited. (NYSE: AEM) (TSX: AEM) ('Agnico'), by which Gold Line will acquire Agnico's Oijärvi Gold Project located in central Finland and the Solvik Gold Project located in southern Sweden (collectively, the 'Projects') for an aggregate purchase price of US$10 million comprised of cash and shares of each of Gold Line and EMX (see Figure 1). Agnico will retain a 2% net smelter return ('NSR') royalty on the Projects, 1% (half) of which may be purchased at any time by EMX for US$1 million.
AGNICO-EAGLE MINES AKTIE und aktueller Aktienkurs. Nachrichten zur Aktie Agnico-Eagle Mines Ltd. 860325 AEM CA.
Agnico Eagle Mines Limited (Agnico Eagle) is an international gold producer with operating mines in Canada, Finland and Mexico and exploration and development activities in each of these countries as well as in the United States and Sweden. The Company operates through three business units: Northern Business, Southern Business and Exploration. AGNICO EAGLE MINES LIMITED: Kurs, Charts, Kurse, Empfehlungen, Fundamentaldaten, Echtzeitnews und Analysen der Aktie AGNICO EAGLE MINES LIMITED 860325 Toronto Stock Exchange. Mexico's Penoles Grants Gold Mine Option To Agnico-Eagle MEXICO CITY (Dow Jones)-Mexican mining company Industrias Penoles SA (PE& OLES.MX) said Tuesday it has granted Canada's Agnico-Eagle Mines Ltd (AEM) an option to acquire a gold project in Mexico's northern state of Chihuahua.In a press release, Penoles, the world's biggest silver producer, said Agnico- Eagle will invest $2.8 million to. Aktuelle Kurse, Stammdaten, Charts und weitere Informationen zum Wertpapier Agnico Eagle Mines (ISIN: CA, WKN: 860325).
As a result of the Agreement, Agnico will become a shareholder of EMX and Gold Line, and EMX will increase its equity holdings in Gold Line and receive staged cash payments from Gold Line.
Both Projects contain drill defined gold mineralization, and a historical resource was reported by Agnico for the Kylmäkangas prospect on the Oijärvi property. Historical inferred mineral resource estimates for Kylmäkangas first appeared in Agnico's public disclosures in 2010 and were updated in 2013 to 1.89 million tonnes (Mt) grading 4.11 grams per tonne (g/t) gold (Au) for 250,000 oz Au contained and 31.11 g/t silver (Ag) for 1,896,000 oz Ag contained1. The Kylmäkangas mineralization remains open at depth and along strike, and excellent upside discovery potential is envisioned for both Projects.
The Agreement will result in an important enhancement of Gold Line's Nordic gold portfolio, and a corresponding increased value for EMX as a strategic shareholder in Gold Line. EMX will also gain additional royalty exposure in two emerging gold belts in the Nordic region. This serves as another example of EMX's execution of its royalty generation business model, strategic investment initiatives and creative commercial approaches.
Commercial Terms Overview. Gold Line will acquire 100% interests in the Projects from Agnico for staged payments over three years totaling US$7 million in cash, US$1.5 million in shares of Gold Line and US$1.5 million in shares of EMX. Agnico will retain a 2% NSR royalty on the Projects, 1% (half) of which may be purchased at any time by EMX for US$1 million. EMX will receive additional share and cash payments from Gold Line as reimbursement for the US$1.5 million of EMX shares issued to Agnico over the course of the Agreement.
Closing of the Agreement is subject to the approval of the TSX Venture Exchange for Gold Line and EMX. See Gold Line's News Release dated March 22, 2021 for further transaction details.
Oijärvi Gold Project. The Oijärvi Gold Project is a 1,641 hectare advanced exploration project located approximately 350 kilometers (km) south of Agnico's Kittila Mine and 85 km east of the city of Kemi, Finland. The project is located within an Archean-age greenstone belt (known as the Oijärvi Greenstone Belt), similar to those found elsewhere in Finland and in the Canadian Shield. The project contains several zones of gold mineralization highlighted by the drill-defined Kylmäkangas deposit, with its historical inferred mineral resource. The Kylmäkangas zone remains open at depth and along strike towards the southwest and northeast, and there is evidence of other parallel gold mineralized trends elsewhere on the project.
To date, a total of 292 core holes have been drilled across the project area (total of 51,854 meters). Several holes have intersected high grade intervals, including 22.6 g/t Au and 126.3 g/t Ag over 11.0 meters starting at 102.5 meters depth in historical drill hole R658 (approximate true width)[2]. The mineralization is typical of orogenic gold systems and is developed in, and around, shear zones with mafic and felsic intrusive rocks. Sediment-hosted gold mineralization has also been intersected in reconnaissance drilling peripheral to Kylmäkangas, but has yet to be followed up.
Notably, reconnaissance drilling 1.8 km to the southwest of the Kylmäkangas deposit also intersected gold mineralization in the same stratigraphic position as Kylmäkangas with little to no drilling in between.
Solvik Gold Project. The Solvik Gold Project is a 9,240 hectare advanced exploration project located approximately 16 km south from the past producing Harnäs gold mine in southwestern Sweden. Gold mineralization at Solvik occurs in swarms of quartz veins and breccias developed along deformation zones and in quartz-sericite altered host rocks. Deformation zones mapped and documented by Agnico's work at Solvik total over 55 km in cumulative strike length, which represents considerable upside exploration potential.
A total of 43 core holes have been drilled to date across multiple target areas within the project for a total of 8,364 m. Several holes intersected gold mineralization, including intercepts of 2.50 g/t Au over 19.4 meters starting at 176 meters depth and 2.71 g/t Au over 8.5 meters starting at 47.3 meters (approximate true widths) (Ibid2). Additional drilling will be needed to define mineral resources in the target areas, but multiple drill defined zones of mineralization have been documented thus far. There was little to no modern exploration conducted in the area prior to Agnico's exploration work in 2011 and the project area remains underexplored.
EMX congratulates partner Gold Line on completion of this transaction and looks forward to contributing in advancing the Projects with Gold Line in a technical advisory role.
Comments on Historical Drill Results, Resource Estimates and Nearby Mines and Deposits. EMX has not performed sufficient work to verify the Projects' historical drill results and historical resource estimates, but considers this information as reliable and relevant based upon independent field assessment, including inspection and resampling of historical drill core. Agnico's Kylmäkangas Au-Ag historical resource estimate was based upon: angle core drilling and fire assaying of half-core samples, a 3D model of the geologic controls (e.g., shear-hosted steeply dipping quartz veining and brecciation) to the Au-Ag mineralization based upon reconciled interpretations on section and plan, inverse distance squared interpolation with controls to assay outliers that included grade capping, and reporting based upon a 2 g/t cutoff grade.
The nearby mines and deposits discussed in this news release provide context for the Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and the General Manager, Exploration of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metal royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole
President and Chief Executive
Phone: (303) 979-6666
Dave@EMXroyalty.com
Scott Close
Officer Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com
Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain 'forward looking statements' that reflect the Company's current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and mineral resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as 'estimate,' 'intend,' 'expect,' 'anticipate,' 'will', 'believe', 'potential', 'upside' and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company's future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company's MD&A for the quarter ended September 30, 2020 (the 'MD&A'), and the most recently filed Annual Information Form (the 'AIF') for the year ended December 31, 2019, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC's EDGAR website at www.sec.gov.
Figure 1. Locations of the Oijärvi and Solvik gold projects and existing Gold Line properties.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/77985_fig1.jpg
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1 See Agnico News Release dated February 13, 2013: Agnico-Eagle Reports Fourth Quarter and Full Year 2012 Results; Record Annual Production and Operating Cash Flows; Provides Three Year Production Guidance and Reserve and Resource Update; also unpublished Agnico Eagle - Kylmäkangas Au-Ag Mineralization Prospectus Report, effective date July 15, 2019. Note: a qualified person has not done sufficient work to classify the historical resource estimate as a current mineral resource, and EMX is not treating the historical estimate as a current mineral resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate can be classified as a current mineral resource. The historical resource estimate is presented only for the purpose of describing the extent of gold mineralization and to outline the exploration potential. This historical resource estimate should not be relied upon until verified.
2 The historical drilling was reported by Agnico. EMX has not done sufficient work to verify these drill results but believes the drill results to be reliable and relevant.
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Vancouver, British Columbia--(Newsfile Corp. - February 3, 2021) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ('Maple Gold' or the 'Company') is pleased to announce the closing of its previously announced 50-50 joint venture transaction (the 'Transaction') with Agnico Eagle Mines Limited ('Agnico'), which combines Maple Gold's Douay Project and Agnico's Joutel Project into a consolidated land package of approximately 400 km² (the 'JV'). The closing of the Transaction follows the signing of a Binding Term Sheet between Maple Gold and Agnico that was previously announced on October 8, 2020.
'The closing of this Transaction represents an exciting new chapter for Maple Gold as we move forward on the Douay Project with the best joint venture partner we could ask for,' stated Matthew Hornor, Maple Gold's President and CEO. 'We are excited to kick off the JV's maiden drill campaign shortly to expand the established gold resources at Douay and will continue to test regional targets for new discoveries, all with the aim of establishing an exciting new gold district in Quebec's Abitibi Gold Belt. We also look forward to building on our relationships with the local communities around the combined land package, including the First Nations.'
JV Highlights:
- Maple Gold contributed its 357 km² Douay Gold Project, which has an established National Instrument 43-101 mineral resource estimate of 8.6 million tonnes grading 1.52 g/t Au for 422,000 contained ounces of gold in the Indicated category and 71.2 million tonnes grading 1.03 g/t Au for 2.35 million contained ounces of gold in the Inferred category using a cut-off grade of 0.45 g/t Au for open-pit Mineral resources and a cut-off grade of 1.0 g/t Au for underground Mineral Resources;1
- Agnico contributed its 39 km² Joutel Project, which hosted Agnico's past-producing Telbel mine (reclamation area and associated liabilities are excluded from the JV);
- Agnico to provide an aggregate of C$18 million of funding over four years for exploration expenditures at the Douay and Joutel properties, which will be allocated based on management committee budgets. Agnico and Maple Gold will contribute proportionately for expenditures thereafter;
- Agnico and Maple to jointly fund an additional C$500,000 in exploration of VMS targets located on the western portion of the Douay Project;
- Agnico to contribute its technical expertise to the JV through Joint Operatorship (Fred Speidel, Maple Gold's VP, Exploration will act as the initial General Manager of the JV);
- Agnico to support Maple Gold in its pursuit of third-party project financing for the development phase; and
- Maple Gold and Agnico have each retained a 2% NSR on the property that they contributed to the JV, each with aggregate buyback provisions of C$40 million.
As previously disclosed, Maple Gold and Agnico share a common vision for realizing the exploration potential at the consolidated Douay and Joutel property package. With close collaboration and by employing modern approaches to exploration, management believes there is strong potential for expanded mineral resources and new gold discoveries across the district-scale property package.
Transaction Details
Property Package
The Douay and Joutel Projects are contiguous properties located in the Abitibi region of Quebec with a combined area of approximately 400 km2. Both properties have multiple styles of mineralization, including deep controlling structures, which are generally favorable for exploration and the discovery of mineralized systems.
The Douay Project currently hosts a substantial gold resource (RPA 2019) which remains open in multiple directions laterally with significant resource expansion potential. The resource is also open at depth, with known higher-grade zones open down plunge and the vertical depth of all drilling at Douay averaging only 350 metres. The Joutel Project hosted Agnico's past-producing Telbel mine, which was in production from 1974 to 1993, though certain reclamation lands and associated liabilities are not part of the JV. Both properties are also highly prospective for new regional gold discoveries.
Current plans for the first year of the JV include:
- a Winter 2021 drill campaign of between 10,000 to 12,000 metres at the Douay Project that will encompass both step-out and infill drilling as well as regional exploration drilling focused on new discoveries (such as the Northeast IP and P8 targets);
- digitization of historical data at the Joutel Project of approximately 500 surface and 6,500 underground holes to build a 3D model for additional exploration targeting; and
- completion of larger IP surveys over three separate grids (two over Douay ground and one over Joutel ground), totalling approximately 120 line kilometres.
Figure 1: Douay and Joutel property package showing existing Douay gold resource, past-producing Telbel mine and major regional discovery target areas.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3077/73496_ac73be1914bba852_001full.jpg
JV Funding
In connection with the JV, Agnico will fund an aggregate of C$18 million over a four-year period. Once this funding is complete, the parties will be responsible for their proportionate share of future expenditures, which, after such funding, will be on a 50-50 basis. Agnico and Maple Gold will jointly fund an additional C$500,000 in exploration of VMS targets located on the western portion of the Douay Project.
NSR
Each of Agnico and Maple Gold will retain a 2% net smelter return royalty on the property that they have contributed to the JV (each, a 'Contributed Property NSR'). The first 1% of each Contributed Property NSR may be repurchased at any time by the non-holding party for $15 million and the second 1% of each Contributed Property NSR may be repurchased at any time by the non-holding party for $25 million. In addition, transfer of each Contributed Property NSR will be subject to a right of first refusal.
Technical Expertise
In addition to funding JV expenses and contributing the Joutel Project to the JV, Agnico will also support the JV through Agnico's technical expertise as an explorer, developer and operator with decades of experience in the Abitibi region of Quebec.
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Development Phase Financing
In connection with the process of considering financing alternatives, Agnico has agreed to use commercially reasonable efforts to investigate third-party financing for the JV and to provide commercially reasonable support and assistance to Maple Gold in connection with the Company's pursuit of its share of financing for the development phase of the JV.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work. For a complete description of protocols, please visit the Company's QA/QC page on the website.
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For more information on Agnico Eagle: https://www.agnicoeagle.com.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50-50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel Gold Projects located in Quebec's prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boasts a combined ~400 km² of highly prospective ground including an established gold resource that holds significant resource expansion potential as well as the past-producing Telbel mine.
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The property also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is focused on carrying out aggressive exploration programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.
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ON BEHALF OF MAPLE GOLD MINES LTD.
'Matthew Hornor'
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
Executive Vice President
Cell: 778.686.6836
Email: jlang@maplegoldmines.com
Ms. Shirley Anthony
Director, Corporate Communications
Cell: 778.999.2771
Email: santhony@maplegoldmines.com
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 PRESS RELEASE.
Forward-Looking Statements:
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This press release contains 'forward-looking information' and 'forward-looking statements' (collectively referred to as 'forward-looking statements') within the meaning of applicable Canadian securities legislation, including statements about the future activities at the JV. Forward-looking statements are based on assumptions, uncertainties and management's best estimate of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.'s filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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1 December 6, 2019 RPA report entitled 'Technical Report on the Douay Gold Project, Northwestern Quebec, Canada'.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73496