Metalla Royalty sells Cortez mineral claims to Nevada Gold Mines for $5M

Metalla Royalty & Streaming (MTA) has closed on a purchase and sale agreement with Nevada Gold Mines, an entity formed by Barrick Gold (GOLD) and Newmont (NEM), for the sale by Metalla of the JR mineral claims that make up the Pine Valley property which is part of the Cortez complex in Eureka County, Nevada, for $5M in cash and Metalla will retain 3% NSR Royalty on the Property. The Property covers approximately 1,060 hectares of exploration land east and south of Nevada Gold Mines’ Goldrush deposit along the Battle Mountain-Eureka trend. Goldrush’s reserve estimate is currently 8.0 million ounces at 7.27 g/t gold, which is inclusive of measured and indicated resource estimate of 9.9 million ounces at 6.49 g/t gold and an inferred resource estimate of 4.5 million ounces at 5.9 g/t gold. Barrick has identified a mineral potential area known as Goldrush South on the Anglo/Zeke and the Property. The Royalty complements and overlaps a portion of Metalla’s Cortez trend royalty land package that it acquired in May 2020. Metalla has approved and declared a special dividend payment on the common shares of the company in the amount of C$0.03 per share in cash.