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JZR Gold satisfies all obligations under a Joint Venture Royalty Agreement with ECO, and has acquired a 50% Net Profit Interest on the Vila Nova Gold Project in Amapa State, Brazil
(TheNewswire) Vancouver, British Columbia, Canada – TheNewswire – Jan...
About this update from Jzr Gold Inc.
[{"type":"text","content":"JZR Gold satisfies all obligations under a Joint Venture Royalty Agreement with ECO, and has acquired a 50% Net Profit Interest on the Vila Nova Gold Project in Amapa State, Brazil\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia, Canada –\n \n \n TheNewswire – January 23,\n2023\n \n \n –\n \n \n JZR Gold Inc. (the “\n \n \n Company\n \n \n ” or “\n \n \n JZR\n \n \n ”)\n \n \n (\n \n \n TSXV:\nJZR\n \n \n ) is pleased to announce that it has\nsatisfied all requirements under a Joint Venture Royalty Agreement\nwith ECO Mining Oil & Gaz Drilling and Exploration (EIRELI)\n(“\n \n \n ECO\n \n \n ”) entered into on July 6, 2020, as amended on January 9,\n2023 (the “\n \n \n JVRA\n \n \n ”). Pursuant to the JVRA, it has acquired a 50% Net Profit\nInterest (as defined in the JVRA) from all Net Profit (as defined in\nthe JVRA) generated from the Vila Nova Gold Project located in Amapa\nState, Brazil (the “\n \n \n Project\n \n \n ” or the “\n \n \n Property\n \n \n ”).\n Pursuant to an agreement between ECO and Cooperativa do Garimpeiros\ndo Vale da Vila Nova dated January 12, 2020, ECO is entitled to 85% of\nthe total sale value of all gold derived from the tailings piles,\ndams, pond basin and waste reservoir on the Property.\n \n \n \n \n In connection with the foregoing, the Company advanced\nto ECO an aggregate of US$6,000,000 (the “\n \n \n Capital Payments\n \n \n ”)\nto, among other things, construct and assemble an 800-tonne-per-day\nbulk-sampling gravimetric mill (the “\n \n \n Mill\n \n \n ”) on the\nProperty.  The sum of the Capital Payments is considered a loan to\nECO by the Company, and is to be repaid to the Company from the\nproceeds of the sale of any products, prior to the distribution of any\nprofits.  As previously disclosed, the Mill has been assembled, and\nis operating and processing material on the Property.\n \n \n The Property has a long history of alluvial mining in the\ndeeply saprolitized bedrock consisting of banded gold-bearing iron\nformations and exhalative gold zones. Some hard rock was also\nproduced.\n \n \n \n \n The technical information in this news release has been\nprepared in accordance with National Instrume...