The Vancouver-based firm said Lincoln Hill was next to Coeur's Rochester openpit heap leach mine, providing significant operational synergies for Coeur.
According to a preliminary economic assessment published by Rye Patch Gold in October 2014, Lincoln Hill has a measured and indicated oxide resource of 285,000 ounces of gold and 7.3 million ounces of silver in 23.4 million tonnes of ore.
"The Lincoln Hill royalty fits our strategy of purchasing or originating royalties, at or near producing mines, with quality operators. As Coeur moves toward the permitting of the new stage six leach pad at Rochester, the higher-grade Lincoln Hill ore will be in very close proximity," CEO Trey Wasser said.
"This royalty represents the kind of catalyst for growth we are focused on as we grow our royalty portfolio."
Coeur bought the Lincoln Hill property as part of a larger property package from Alio Gold in October.
Coeur said at the time the Lincoln Hill average gold resource grade was more than four-times higher than Rochester's current grade, adding the asset was planned to become a source of higher-grade, low-cost production capable of bolstering future cash flow and further extending Rochester's mine life.
Ely bought the NSR royalty from a third-party vendor for total cash payments of C$750,000 (US$555,632). Ely will also grant the seller 500,000 common share purchase warrants, allowing the holder to buy one Ely share at 17c for two years following closing, which is expected to occur in June.
Ely (TSXV:ELY) closed 5.56% or 1c higher in Toronto Wednesday at 19c, giving it a market capitalisation of $17.69 million. The stock has gained 60% over the past 12 months and 50% in the year to date, having last peaked at 20c.