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Maverix Metals Acquires Royalty on McCoy-Cove Project in Nevada
Maverix Metals Acquires Royalty on McCoy-Cove Project in Nevada Canada NewsWire ...
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[{"type":"text","content":"\n\n\n\nMaverix Metals Acquires Royalty on McCoy-Cove Project in Nevada\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 23, 2018\n\n\n\nVANCOUVER, Aug. 23, 2018 /CNW/ - Maverix Metals Inc. (the \"Company\" or \"Maverix\") (TSX-V: MMX) is pleased to announce that it has acquired a 1.5% net smelter returns royalty on the McCoy-Cove project in Nevada (the \"McCoy-Cove Royalty\"). \n\n\n \n \n\n \nThe McCoy-Cove Royalty was originally intended to be included in the royalty portfolio (the \"Newmont Portfolio\") that Maverix recently acquired from Newmont Mining Corporation (\"Newmont\"), but was subject to a right of first refusal (\"ROFR\") in favour of Premier Gold Mines Limited (\"Premier\"). Prior to the closing of the acquisition of the Newmont Portfolio, Premier provided notice to Newmont that it would exercise the ROFR for a cash payment of US$12 million. However, Premier has now provided notice to Newmont that it will not be proceeding with the ROFR exercise. As a result of the ROFR not being exercised, Newmont has transferred the McCoy-Cove Royalty to Maverix. \n\nMcCoy-Cove is a development stage project located along the highly prospective Battle Mountain-Eureka Trend in Nevada, USA. The Cove property hosts one of the highest grade undeveloped gold deposits in Nevada. Cove was mined by Echo Bay Mines Ltd. between 1987 and 2001 and produced 2.6 million ounces of gold and 100 million ounces of silver. McCoy was mined between 1986 and 2001, and produced approximately 0.9 million ounces of gold and 3.0 million ounces of silver. On January 10th, 2018, Premier and Barrick Gold entered into an exploration and development agreement whereby Barrick Gold will have an option to earn a 60% interest in the exploration portion of the McCoy-Cove property by spending US$22.5 million in exploration before June 30th, 2022. On May 15th, 2018, Premier announced the results of a preliminary economic assessment of the Cove project that outlined an eight-year mine life producing an average of 92,400 ounces of gold per year. Premier has allocated a budge...