SSR made a C$3 million cash payment to Taiga, completed over $4 million in exploration expenditures and reimbursed $400,000 for initial exploration work in addition to previously making an additional $400,000 cash payments to Taiga and predecessor Eagle Plains Resources, to exercise the option.
Taiga retains a 2.5% net smelter return royalty on the majority of lands that comprise Fisher, with remaining areas subject to other third-party royalty agreements.
Fisher comprises 34,000 hectares contiguous to the north, south and east with SSR's Seabee gold operation. Since optioning the property in 2016, SSR has completed 34,641m of drilling in 87 holes for expenditures totalling more than $12 million. SSR has invested some $430 million in Seabee and has increased its production from 50,000oz/y to about 120,000oz/y.
In 2020, exploration resulted in new discoveries at the Yin, Abel Lake and Mac North zones, including drilling highlights of 2.29m grading 13.74 grams per tonne of gold.
Shares in Taiga Gold are trading at C24c, valuing the company at $19.5 million.