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Osisko Gold Royalties Announces Royalty Transaction With Marimaca Copper
MONTREAL, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (“Osisko”) (OR: TSX & NYSE) is pleased to announce that it has acquired a 1.0% net smelte
About this update from Or Royalties Inc.
[{"type":"text","content":" MONTREAL, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (“Osisko”) (OR: TSX & NYSE) is pleased to announce that it has acquired a 1.0% net smelter return (“NSR”) royalty covering the currently known mineralization and prospective exploration areas that constitute the Marimaca copper project located in Antofagasta, Chile (Figure 1). HIGHLIGHTS Osisko has acquired a 1.0% NSR royalty from Marimaca Copper Corp. (MARI:TSX) and certain of its wholly-owned subsidiaries (“Marimaca”) for total consideration of US$15.5 million; Newly-created royalty on the Marimaca copper project covering approximately 1,310 hectares including the existing resource and prospective, near-resource targets; As part of the transaction Osisko has been granted certain rights including a right of first refusal with respect to any royalty, stream, or similar interest in connection with financing the Marimaca project; The Marimaca project is within a well-established mining jurisdiction, located 35 kilometers from the operating Mantos Blancos copper mine, owned by Capstone Copper Corp. where Osisko owns a silver stream; Osisko believes that the Marimaca project is one of the top undeveloped copper projects currently owned by a single-asset developer; A 2020 preliminary economic assessment highlighted annual copper cathode production of 36 thousand tonnes over a 12 year period; 41,572m of drilling in 2022 is expected to expand mineral resources to support a definitive feasibility study which is expected to commence later this year; In particular, Marimaca defined an exploration target of 30-50Mt of 0.4-0.5% Cu for the MAMIX zone which is located at depth and along strike of the known deposit that should add to increased mineral inventory in upcoming studies; Simple low-strip open-pit oxide copper project with low capital intensity; Proven mining jurisdiction with access to key infrastructure including power, water and ports; Experienced management team and board of directors. MARIMACA COPPER PROJECT The Marimaca copper project is an oxide, open-pit, heap-leach copper project located in Antofagasta, Chile. The asset is 100%-owned by Marimaca and hosts a NI 43-101 compliant resource of 70.4Mt grading 0.60% CuT (total copper), 0.39% CuS (soluble copper) for 420kt CuT (276kt CuS) in the Measured and Indicated resource categories plus 43Mt grading 0....