The newly acquired royalty property will add to Nova’s current royalty pursuits within the Nueva Unión copper-gold undertaking in Chile — a 50/50 three way partnership between Teck and Newmont — and the Dumont nickel-cobalt undertaking within the Abitibi mining camp of Québec.
Whole consideration paid to Transition Metals consisted of C$1.072 million in money and 525,000 widespread shares of Nova, in addition to extra contingent funds payable upon achievement of sure milestones in respect of the Janice Lake undertaking.
Janice Lake is a sedimentary copper-silver undertaking encompassing a 52 km lengthy district of the Wollaston Copperbelt, totaling over 380 sqkm with over 20 identified copper occurrences on the property. Copper-silver mineralization at present extends for about eight km in outcrop and in drill holes alongside strike of the Janice Lake basin.
Rio Tinto optioned the undertaking in Could 2019 and might earn an 80% curiosity Janice Lake by spending C$30 million along with making separate possibility funds to Discussion board Power and Transition Metals.
Final week, Rio introduced the completion of summer exploration on Janice Lake, with a complete of 25 holes for 818 metres on seven targets accomplished, all situated on historic copper showings, structural and geophysical targets recognized on the property.
Shares of Nova Royalty surged 6.5% by 1 p.m. EDT Tuesday following the royalty acquisitions. The corporate started buying and selling on the TSXV on October 1.