Canada : Sandstorm Metals & Energy Acquires NSR Royalty From High Grade Lead-Zinc-Silver Prairie Creek Project.
Canadian Zinc will have the option, for a period of 30 months, to repurchase up to 100% of the NSR at face value if Canadian Zinc enters into a commodity stream agreement with Sandstorm Metals that has an upfront deposit of no less than US$90 million. In addition, Canadian Zinc has provided Sandstorm Metals with a right of first refusal on any future royalty or commodity stream financing for the Prairie Creek project.
"Prairie Creek is a high-grade project that has significant exploration potential," said Sandstorm President & CEO Nolan Watson. "Canadian Zinc s management team has done an excellent job developing the project while working towards securing their final permits."
In addition, Sandstorm Gold Ltd. ( Sandstorm Gold ) has acquired a 1.2% NSR on precious metals from Prairie Creek via a back-to-back agreement with Sandstorm Metals for US$3.2 million.
About Prairie Creek
The Prairie Creek Mine is an advanced-staged zinc-lead-silver property located in the Northwest Territories in Canada. Prairie Creek is an underground operation that will utilize multiple mining methods to access readily available ore. Canadian Zinc has the majority of the required infrastructure in place including a 1,000 tonne per day mill, 5 kilometres of underground workings and related equipment, a heavy duty and light duty surface fleet, 3 exploration diamond drills and a 1,000 metre airstrip. Canadian Zinc holds permits for the exploration and development of Prairie Creek and is moving through the final stages of the Type A Water Licence which is the required to operate the mine. Lead sulphide, zinc sulphide and lead oxide concentrates will be produced at site and then transported to a smelter. Exploration drilling around the mine site and north of the existing resources is ongoing.
A National Instrument ( NI ) 43-101 Technical Report entitled Prairie Creek Property Northwest Territories, Canada Technical Report for Canadian Zinc Corporation, Qualified Persons J. M. Shannon, P. Geo., AMC Mining Consultants Ltd.; D. Nussipakynova, P. Geo., AMC Mining Consultants Ltd.; JB Hancock, P. Eng., Barrie Hancock & Associates Inc.; and B MacLean, P. Eng., SNC-Lavalin Inc. and dated June 15, 2012 filed on SEDAR estimates the following Reserve and Resources at Prairie Creek.
2013 Al Bawaba (Albawaba.com)
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|Date:||Jun 1, 2013|
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