Mar 16, 2021
 in 
Precious Metals

Sailfish (TSX.V:FISH) Sells Tocaninzinho NSR To Metalla (TSX:MTA)

SAILFISH TO MONETIZE A PORTION OF THE NSR ON THE TOCANTINZINHO GOLD PROJECT FOR US$9,000,000

Sailfish Royalty Corp. has entered into a royalty transfer agreement with Metalla Royalty & Streaming Ltd. to transfer a 0.75-per-cent post-buy-down interest of the company's up to 3.5-per-cent net smelter return royalty (NSR) held on the Tocantinzinho gold project located in northern Brazil for total consideration of $9-million (U.S.) in cash.

Cesar Gonzalez, Chief Executive Officer of Sailfish states that, "the monetization of a portion of the NSR on Tocantinzinho provides the funds necessary to execute on key strategic initiatives at Sailfish. Specifically, the net proceeds will be used to repay all debt outstanding, fund the purchase of approximately 1.1 million common shares remaining under the normal course issuer bid and provide the seed capital to successfully spinout the Gavilanes silver property into a separate publicly traded company."

The Transaction is expected to close on or before March 19, 2021 ("Closing Date"). The Purchase Consideration will be paid to Sailfish as follows: US$6 million on the Closing Date and US$3 million within 60 days from the Closing Date.

TOCANTINZINHO GOLD

Tocantinzinho is a permitted, high-grade open pit gold deposit in the Tapajos district in Para state, Brazil operated by Eldorado Gold that has an expected mine life of 10 years with an estimated annual gold production of 170Koz at a $580 per ounce cash cost.

The Tocantinzinho deposit is open at depth with no drilling deeper than 400 metres and the large underexplored land package presents a great deal of additional exploration potential that may yield satellite mineralized bodies. Notably, northwest of the deposit is the Santa Patricia Cu-Mo porphyry prospect which is inferred to be a potential porphyry system at depth.

Sailfish Royalty (TSX.V: FISH) has 75M shares outstanding, and is currently trading at $1.10, giving it a market cap of $82.5M.  

*DISCLAIMER: THIS ARTICLE CONTAINS SPONSORED CONTENT

More Posts

You Might Also Like

Read More

Sun Summit (TSX.V: SMN, OTCQB: SMREF) Closes $5M Brokered Private Placement

Read More
Sun Summit (TSX.V: SMN, OTCQB: SMREF) Closes $5M Brokered Private Placement
Read More

Excellon Resources (NYSE/TSX: EXN) Adds a Second Rig to Silver City

Read More
Excellon Resources (NYSE/TSX: EXN) Adds a Second Rig to Silver City
Read More

Sailfish (TSX.V: FISH, OTCQX: SROYF) Signs Agreement with Osisko Gold Royalties (NYSE/TSX: OR) to Fully Monetize the NSR on the Tocantinzinho Gold Project for US$10M

Read More
Sailfish (TSX.V: FISH, OTCQX: SROYF) Signs Agreement with Osisko Gold Royalties (NYSE/TSX: OR) to Fully Monetize the NSR on the Tocantinzinho Gold Project for US$10M
Read More

Exploration Moves: Millennial Precious Metals (TSX.V: MPM) drills 30 m of 2.8 g/t Au at Red Canyon, Nevada

Read More
Exploration Moves: Millennial Precious Metals (TSX.V: MPM) drills 30 m of 2.8 g/t Au at Red Canyon, Nevada
Read More

Exploration Moves: Sonoro Gold (TSX.V: SGO) Reports Surface Sampling Materially Extends Oxide Gold Mineralized Zones

Read More
Exploration Moves: Sonoro Gold (TSX.V: SGO) Reports Surface Sampling Materially Extends Oxide Gold Mineralized Zones
Read More

Financing Moves: Troilus Gold (TSX: TLG) Raises $56.15M Via a Bought Deal & a PP with The Government of Quebec

Read More
Financing Moves: Troilus Gold (TSX: TLG) Raises $56.15M Via a Bought Deal & a PP with The Government of Quebec
See All Posts
DISCLAIMER