Currently viewing Global edition

Corvus Gold sells non-core Alaska royalties, raises cash

Canadian miner Corvus Gold says it is all cashed up to undertake its expanded summer work programme at the Mother Lode and North Bullfrog projects in Nevada.
Corvus Gold sells non-core Alaska royalties, raises cash Corvus Gold sells non-core Alaska royalties, raises cash Corvus Gold sells non-core Alaska royalties, raises cash Corvus Gold sells non-core Alaska royalties, raises cash Corvus Gold sells non-core Alaska royalties, raises cash

Corvus Gold is fully funded to undertake an expanded exploration campaign at the Mother Lode project, Nevada

Staff Reporter

EMX Royalty Corp (TSXV:EMX) has agreed to fund C$900,000 through a private placement in Corvus and bought a package of four non-core Alaska royalty interests for $350,000.

The company will issue 500,000 common shares for the private placement at $1.80, with no warrants or commission mixed into the deal.

The royalties include the 1% net smelter return (NSR) royalty on the Chisna project; a 3% NSR on LMS; a 1% NSR on the Goodpaster district; and a 1% NSR on West Pogo, although it chose to retain a 1% NSR in the project, since it is immediately west of the operating Pogo mine in the Goodpaster district.

Upon closing, Corvus expects its treasury to swell to $5.5 million, which it believes is enough to fully fund an expanded fiscal 2019-2020 budget. The expanded programme is intended to enlarge the Mother Lode deposit as well as fund a new discovery drill programme at the North Bullfrog property.

"This funding will provide key development capital with favorable terms, maintained upside royalty exposure to a core Alaska property as well as adding an important new long-term investor to the share register," said CEO Jeff Pintius.

"Our 2019-2020 exploration programme offers our shareholders exposure to an expanding Mother Lode resource base as well as the discovery of new deposits in this very productive new Nevada gold district."