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Metallic Minerals Receives First Royalty Payment from Dominion Creek Alluvial Gold Mining Project in Yukon, Canada
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2017) - Metallic Minerals Co rp. ...
About this update from Metallic Minerals Corp.
[{"type":"text","content":"Metallic Minerals Receives First Royalty Payment from Dominion Creek Alluvial Gold Mining Project in Yukon, CanadaVancouver, British Columbia--(Newsfile Corp. - November 9, 2017) - Metallic Minerals Corp. (TSXV: MMG) (OTC Pink: MMNGF) (\"Metallic Minerals\" or the \"Company\") is pleased to announce it has received the first royalty payments from test work conducted by the operators at the Company's Dominion Creek alluvial gold project (\"Dominion Creek\" or the \"Property\") in the Klondike Gold District near Dawson City, Yukon. In a news release dated September 25, 2017, Metallic announced that it had granted an experienced alluvial mining operator exclusive rights to mine the Company's 10 claims, totaling 1 mile (1.6 km), along a bench of Dominion Creek (see Figure 1) in exchange for a 15% royalty on all gold production payable to Metallic Minerals. Mining equipment was mobilized to the road-accessible site in September and Metallic Minerals has been paid a production royalty on the gold produced from the processing of the material from a test pit located on the eastern end of the property. Greg Johnson, CEO and Chairman of Metallic Minerals, noted, \"We are pleased to have received the first royalty payment so soon after acquiring the Property this past September. Going forward, the proceeds from these royalty payments will be used to offset some of the corporate and operating expenses related to Metallic's Yukon exploration activities. Though the royalty from Dominion Creek was from a modest amount of test material in 2017, it confirms the presence of recoverable alluvial gold on the Property. Additional ground preparation has been completed at Dominion Creek to facilitate an early start to work in 2018.\"Metallic Minerals further reports that it has closed the agreement announced in a news release dated September 11, 2017 regarding the acquisition of a 100% interest in 36.4 square kilometres (\"km2\") of mining rights along the Australia Creek drainage, a tributary to the Indian River, in the Klondike gold district near Dawson City, Yukon.Mr. Johnson commented, \"In addition to Dominion Creek, the Company also holds 26 miles of creek and bench alluvial mining rights along Australia Creek and has similarly entered into a production royalty agreement with respect to a 2-mile portion thereof. Activities at Australia Creek in ...