Abitibi Royalties Inc.

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Abitibi Royalties' objective is to capture the upside potential inherent to the various stages of the mining sector, while limiting the risks related to the difficulties in assessing the rate of success and accurately predicting the costs for exploration, development, and mine operation.

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Abitibi Royalties Inc.

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Abitibi Royalties' objective is to capture the upside potential inherent to the various stages of the mining sector, ......

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8020 Admin

15 days ago

8020 Admin posted a press release Abitibi Royalties Update on Canadian Malartic Mine & Early Stage Exploration Royalties in ABITIBI ROYALTIES INC.


VAL-D’OR, Québec, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V: “Abitibi Royalties” or the “Company”) is pleased to provide an update on the Company’s net smelter royalties (“NSR”) at the Canadian Malartic Mine, Canada’s largest gold mine, near Val-d’Or, Québec, in addition to other NSRs the Company holds on earlier stage exploration projects. The Company is unique among its peers due to its strong treasury, no debt, monthly dividend, share buyback program and limited number of outstanding shares (approximately 12.5 million).


Royalties at Canadian Malartic Mine


The Canadian Malartic Mine, where Abitibi Royalties owns various NSRs and a net profit interest (“NPI”), is jointly operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). Abitibi Royalties’ NSRs and NPI cover portions of East Malartic (3% NSR), Odyssey (3% NSR), Sladen (3% NSR), Sheehan (3% NSR), Jeffrey (3% NSR), Barnat Extension (3% NSR), Gouldie Zone (2% NSR) and the Charlie Zone (2% NSR). In addition, the Company holds a 1.5% NSR on the Midway Project and a 15% NPI on the Radium Property, which are all operated and located at, or proximate to, the Canadian Malartic Mine (Fig. 1).


1) Updated Resource Estimate for East Malartic & Odyssey Project


The objective of the 2019 exploration program at Canadian Malartic was to define and increase underground mineral resources, with a focus on Odyssey, East Malartic, and the newly discovered East Gouldie Zone (Fig. 1). The owners of the Canadian Malartic Mine issued new resource estimates for East Malartic and Odyssey (as of year-end 2019) on February 13, 2020. The updated resource estimate for East Malartic includes Indicated Resources of 694,000 ounces of gold (9.9 million tonnes grading 2.18 g/t gold) and Inferred mineral resources of 5,192,000 ounces of gold (78.8 million tonnes grading 2.05 g/t). The updated resource estimate for the Odyssey Project includes Indicated mineral resources of 136,000 ounces of gold (2.0 million tonnes grading 2.10 g/t) and Inferred mineral resources of 1,666,000 ounces of gold (23.4 million tonnes grading 2.22 g/t).  No estimate was provided for the Midway Project where the Company holds a 1.5% NSR (subject to a 1% buyback for USD$1 million), which contains a historical NI 43-101 resource estimate.


Deep drilling east of the open pit in late 2018 resulted in the discovery of a new gold-mineralized zone, located south of the East Malartic and Odyssey zones, named the East Gouldie Zone.  The East Gouldie Zone has a strike length of 1,300 metres in an east-west direction, dips 60 degrees north, and extends from 700 metres to 1,900 metres (estimated) depth below surface. Exploration drilling suggests that East Gouldie may potentially trend onto the Company’s 3% NSR at depth and that the East Gouldie, East Malartic and Sladen zones are converging, increasing the level of confidence in the economic potential of overall mineral resources below 1,000 meters. However, the Company believes additional drilling is required to make these determinations.  The initial resource estimate for East Gouldie can be found in Agnico Eagle’s and Yamana’s Q4-2019 Financial Results News Releases dated February 13, 2020.


For the portion of the reserve and resources covered by Abitibi Royalties’ 3% NSR as of December 31, 2018 (resources for East Malartic calculated to a depth of 1,000 metres versus resources stated above that were calculated to a depth of 1,800 metres), please see the Company’s news release dated March 14th, 2019.  The Company anticipates receiving an updated reserve and resource estimate for areas covered by its 3% NSR in late Q1 or early Q2-2020 based on the updated estimates above.


2) Update on Barnat Extension


In Q4-2019, pre-commercial production began at the Barnat Extension project as the new Highway 117 deviation has opened.  The mine owners announced that mining activities at the Barnat pit are expected to ramp up during 2020.  The Company expects to receive from the mine owners an updated 3-year production schedule for the Barnat Extension areas covered by the Company’s 3% NSR in late Q1 or early Q2-2020. The Company also anticipates receiving and releasing an updated reserve and resource estimate for areas covered by its 3% NSR at Jeffrey and the Barnat Extension in late Q1 or early Q2-2020. 


3) Possible Production 2023 (3% NSR)


Agnico Eagle states that it is evaluating several potential opportunities at a number of existing operations to build further value and enhance its gold production profile.  Odyssey and East Malartic were identified as possible opportunities for potential underground mining to a depth of 1,000 metres starting in 2023 (which have not been approved for development at this time). The substantial increases in mineral resources, particularly at the East Gouldie and East Malartic zones, are anticipated to eventually replace mineral reserves currently being mined at the adjacent Canadian Malartic pit.  The Partnership continues to evaluate the Odyssey project with consideration being given to potential new development synergies between the various zones at East Gouldie, Odyssey, East Malartic and Canadian Malartic.  Agnico Eagle further states that subject to a positive development decision, initial production could potentially start in 2023.  The permit allowing for the development of an underground ramp was received in December 2018. Agnico Eagle states production from deeper portions (below 1,000 metres) of the Odyssey and East Malartic underground zones and development of the East Gouldie Zone could potentially commence beyond 2023 (which have not been approved for development at this time). There can be no assurances that the development scenarios above will be approved as stated, or at all.


4) Canadian Malartic Mine Exploration Budget 


Exploration programs are ongoing to evaluate several deposits and prospective exploration areas to the east of the Canadian Malartic open pit, including the new mineralized zone discovery of East Gouldie, as well as Odyssey, East Malartic, Sladen, Sheehan and Rand (Fig. 1). Agnico Eagle states that the Canadian Malartic exploration programs in 2020 will consist of 112,000 metres of drilling. A total of 90,000 metres of exploration and conversion drilling will be primarily focused on declaring new inferred mineral resources at the East Gouldie Zone and infilling the current inferred mineral resources.  Exploration drilling suggests that East Gouldie may potentially trend onto the Company’s 3% NSR at depth. However, the Company believes additional drilling and information is required to make this determination. An additional 22,000 metres of exploration drilling will test other regional targets at Canadian Malartic.


5) Earlier Stage Exploration Royalties – Malartic Area, Québec & Red Lake, Ontario


In 2015, Abitibi Royalties began acquiring royalties on early-stage projects near existing mines, where historical exploration had outlined favourable geology with indications of mineralization. The Company believed this was a low-cost method of gaining increased exposure to favourable mining regions. Since acquiring the royalties, a number of the projects are now being advanced.


Revillard (2% NSR)


Abitibi Royalties holds a 2% NSR on the Revillard property, located approximately 10 kilometres northwest of the Canadian Malartic Mine in Québec (Fig 2). The Revillard property forms part of a larger set of claims known as the Malartic Project, which is under option by Dundee Precious Metals (“Dundee”). In 2019, Dundee met its second year of exploration commitments to the underlying property owner, which included 5,833 metres of drilling in 9 holes. Drill results can be reviewed in Dundee’s Q4-2019 MD&A. Other exploration activities completed in 2019 include prospecting, mapping and rock sampling. Exploration plans for 2020 include a possible 3,250 metres drill program.


New Alger Project (1% NSR)


Abitibi Royalties holds a 1% NSR on the New Alger Project, which contains the historic Thompson-Cadillac Mine, located in the Abitibi region of northwest Québec and adjoins Agnico Eagle’s LaRonde Mine to the southeast (Fig. 3). The project contains a NI 43-101 Inferred resource estimate that can be viewed here. Renforth Resources Inc. (“Renforth”), which owns 100% of the New Alger Project, announced drill results on January 21, 2020 that included a new discovery of the gold-bearing Sericite Zone in the Caddillac Break, which returned 11.2 gpt gold over 0.5 metres. The Sericite Zone was intersected over 160 metres in 3 holes and is open along strike. In addition, the Thompson-Cadillac Mine Veins were intersected in each hole and included 5.38 gpt gold over 4.8 metres (core length), including 11.83 gpt gold over 1.9 metres (core length).


Renforth announced on January 5th, 2020 that a new phase of drilling had commenced at the New Alger Project. The exploration program will drill several longer holes that will focus on different target areas. Results from this drill program are pending.


Red Lake Royalties (1% NSR)


The Company holds various NSR interests located near Newmont Corporation’s Red Lake Mine and adjacent to Pure Gold Mining’s Madsen Mine and Great Bear Resources’ Dixie Project (Fig. 4) in Red Lake, Ontario. On October 10, 2019, Pacton Gold Inc. (“Pacton”) announced that drill crews had been mobilized to complete a 10,000 metre drill program on a number of high-priority targets within the Madsen-Dixie fault corridor. Abitibi Royalties’ 1% NSR covers a number of key historical gold occurrences within Pacton’s Red Lake Gold Project and inside the Madsen-Dixie fault corridor. Drill results are pending.


6) Q4-2019 Cash Generation


On January 20, 2020, the Company announced that it had generated total cash of approximately CDN$2.1 million during Q4-2019, with approximately CDN$999,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR at the Canadian Malartic Mine. The remainder of the cash generated during the quarter came from option premiums (CDN$268,000), dividends (CDN$140,000) and taxable capital gains from equity investments (CDN$697,000).


During the twelve months ended December 31, 2019, the Company generated cash of approximately CDN$5.3 million (See news release dated April 16, 2019 for Q1-2019, July 17, 2019 for Q2-2019 and October 16, 2019 for Q3-2019 breakdowns).


7) Dividend Payments


On January 20, 2020, the Company announced that its board of directors had approved a 25% dividend increase from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of dividend payments was also changed from quarterly to monthly. The increased dividend amount and the payment of monthly dividends will begin in April 2020.


Technical Information


Abitibi Royalties has not received all, or in most cases any, of the drill hole data that has not been made public that makes up the updated resource estimates at the Canadian Malartic Mine.  Please see the Company’s news release dated March 14, 2019 to view the resources covered by Abitibi Royalties’ 3% NSR at Canadian Malartic as of December 31, 2018 (resources for East Malartic calculated to a depth of 1,000 metres in 2018 versus a depth of 1,800 metres in 2019).  The Company expects to receive an updated reserve and resource estimate for areas covered at by its NSRs in late Q1 or early Q2-2020. Additionally, the Company can make no assurances that the areas for possible production in 2023 and beyond where the Company holds a royalty will result in actual production or that all or any of the planned drilling in 2020 will be in areas covered by the Company’s royalties.  Similarly, the Company can provide no assurances that the proposed exploration at Dundee’s Malartic Project or Pacton’s Red Lake properties will occur on areas covered by the Company’s NSRs. Fire assay results for gold from the New Alger Project contained in this news release were obtained from Laboratoire d’Analyse Bourlamaque, in Bourlamaque, Québec.


Non-IFRS Measure: The Company has calculated the measure “cash” using the cash basis of accounting. This is a non-IFRS measure as IFRS required the Company’s cash in its financial statements to be recognized using the accrual basis of accounting. The Company believes that this measure, while not a substitute for measures of performance prepared in accordance with IFRS, provides investors an improved ability to evaluate the underlying performance of the Company.


QUALIFIED PERSON


Glenn J. Mullan, Chairman, is the Qualified Person (as that term is defined in National Instrument 43-101 – Standards of Disclosure for Minerals Projects) and has reviewed and approved the technical sections of this news release, which are solely based on and derived from public disclosure made by Agnico Eagle and Yamana, and without independent verification. Information contained in this news release under the heading “Earlier Stage Exploration Royalties” was obtained solely from the public disclosures of the property owners and operators and without independent verification.


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early-stage properties near producing mines. The Company is unique among its peers due to its strong treasury, no debt, monthly dividend, share buyback program and limited number of shares (approximately 12.5 million).


For additional information, please contact:









Shanda Kilborn – Director, Corporate Development
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1. Abitibi Royalties’ Canadian Malartic Royalties


Figure 2. Abitibi Royalties - Revillard Royalty Location


Figure 3. Abitibi Royalties - New Alger Royalty Location


Figure 4. Abitibi Royalties’ NSRs in Red Lake District 


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8020 Admin

1 month ago

8020 Admin posted a press release Abitibi Royalties: Q4 2019 Royalty Payment in ABITIBI ROYALTIES INC.

25% Dividend Increase - CDN$0.15 Per Share Annual Basis to Be Paid Monthly


VAL-D’OR, Québec, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) is pleased to announce its Q4 2019 royalty payment from the Canadian Malartic Mine, located near Val-d’Or, Québec and total cash1 generated during the quarter. In addition, the Company’s board of directors has approved, effective April 2020, a 25% dividend increase to the Company’s outstanding common shares from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of the payment of dividends will be changed from quarterly to monthly, also effective April 2020. The Company is unique among its peers due to its strong treasury, no debt, new monthly dividend, share buyback program and limited number of outstanding shares (approximately 12.5 million).


Q4 2019 Royalty Payment


During Q4 2019, the Company generated total cash of approximately CDN$2.1 million, with approximately CDN$999,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR at the Canadian Malartic Mine. Royalties from the open pit portion of the Canadian Malartic Mine commenced at the end of Q4 2018 (the Company’s core underground royalties at East Malartic and Odyssey are not in production). The Canadian Malartic Mine is the largest gold mine in Canada and is operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). The remainder of the cash generated during the quarter came from option premiums (CDN$268,000), Dividends (CDN$140,000) and taxable capital gains from equity investments (CDN$697,000).


During the twelve months ended December 31, 2019, the Company generated cash of approximately CDN$5.3 million (See news release dated April 16, 2019 for Q1 2019, July 17, 2019 for Q2 2019 and October 16, 2019 for Q3 2019 breakdowns).


The Company has 12,521,610 issued shares, with no warrants, stock options or other forms of share-based compensation outstanding.


25% Dividend Increase to be paid Monthly


The Company’s board of directors has approved a 25% dividend increase from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of dividend payments will also be changed from quarterly to monthly. The increased dividend amount and the payment of monthly dividends will begin in April 2020. Table 1. below sets out the record and payment dates for shareholders for Q1 and Q2 2020.


1 Non-IFRS Measure: The Company has calculated the measure “cash” using the cash basis of accounting. This is a non-IFRS measure as IFRS requires the Company’s cash in its financial statements to be recognized using the accrual basis of accounting. The Company believes that this measure, while not a substitute for measures of performance prepared in accordance with IFRS, provides investors an improved ability to evaluate the underlying performance of the Company.


Table. 1                                                                                                                                                                       
Q1-Q2 2020 Dividend Schedule



Read more here: https://quotemedia.com/portal/quote/?qm_symbol=RZZ%3ACHI&qmodStoryID=6022358645867826 

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8020 Admin

3 months ago

8020 Admin posted a press release Golden Valley Mines Corporate and Exploration Update in ABITIBI ROYALTIES INC.




  • Abitibi Royalties dividend payments & Canadian Malartic exploration update



  • International Prospect Ventures update from Pilbara, Western Australia



  • Val-d’Or Mining Corporation – Golden Valley’s ownership increases to 37.2%



  • Sirios Resources report first inferred resource estimate at Cheechoo Prospect (1.6M oz inferred)



VAL-D’OR, Quebec, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Golden Valley Mines Ltd. (“Golden Valley” or the “Company”) (TSX-V: GZZ) is pleased to provide an update on the Company’s activities, including updates on its related entities: Abitibi Royalties Inc. (RZZ-TSXV), International Prospect Ventures Ltd. (IZZ-TSXV) and Val-d’Or Mining Corporation (VZZ-TSXV),  and further updates on its option/joint ventures and net smelter royalties - including its royalty on the Cheechoo gold project.


A) Updates on Related Entities


1) Abitibi Royalties (RZZ-TSXV):  Golden Valley holds an approximate 44.8% interest (5,605,246 shares) in Abitibi Royalties Inc. (“Abitibi Royalties”).


Dividend Update: Abitibi Royalties declared its fourth quarter dividend (see Abitibi Royalties’ news release dated October 28, 2019).  The dividend paid is $0.03 per share of Abitibi Royalties paid quarterly, or $0.12 per share per annum.


Canadian Malartic Mine Update:  Exploration programs are ongoing to evaluate several deposits and prospective exploration areas to the east of the Canadian Malartic open pit where Abitibi Royalties holds royalties, covering and including portions of the Odyssey, East Malartic, Sladen, Sheehan, Jeffrey, Gouldie and Charlie zones. The permit allowing for the development of an underground ramp was received in December 2018.


Agnico Eagle and Yamana have announced a new discovery at the Canadian Malartic Mine named East Gouldie (see Abitibi Royalties news release September 10, 2019). Yamana states that East Gouldie, East Malartic and Sladen zones are converging at depth, increasing the level of confidence in the economic potential of the overall resources below 1,000 metres and the prospect for a large underground bulk tonnage opportunity. An initial resource estimate for East Malartic below 1,000 metres was contained in the Abitibi Royalties’ news release dated September 10, 2019.  Abitibi Royalties anticipates receiving an updated reserve and resource estimate for areas covered by its NSRs at the Canadian Malartic mine in late Q1 or early Q2-2020.


Please see Abitibi Royalties’ news release dated October 28, 2019, including the Technical Information section, for further information.


2) International Prospect Ventures Inc. (IZZ-TSXV): Golden Valley holds an approximate 16.5% interest (4,470,910 shares) in International Prospect Ventures Inc. (“International Prospect”).


Update on Wits End Prospect – Pilbara, Western Australia:  With the granting of the final licences on January 9, 2019, International Prospect now holds 100% of eight properties in the eastern Pilbara of Western Australia, southeast of Karratha, covering a total area of approximately 1026.10 square kilometres. The strategic locations of the tenements were determined on the basis of a review of known geology and historical exploration results, and a focus on coarse-grained conglomerate host rocks at, or in proximity to, a prominent and well-documented geological unconformity.


Between March and August 2019, International Prospect received 11 Prospecting Permit notices (Section 40E Permits) and executed seven Prospecting Agreements with local prospectors interested in exploring portions of the properties. The prospectors use metal detecting methods to search for gold nuggets at, or near, surface. Several mandatory prospecting reports are pending, but official reports submitted to date to the Department of Mines and Petroleum offer some interesting and encouraging results including 108 gold nuggets (total weight 22.1 grams) and 2 gold nuggets (0.8 and 1.2 g) from Licence E46/1197 and 22 grams of gold nuggets (ranging from 0.1 to 5.2 grams) from five areas on Licence E46/1198. In addition, a single +7 ounce gold nugget was reported from Licence E46/1198.   Recent site visits were conducted to most (7 of 8) of the properties near Marble Bar and Nullagine, and as far East as the Woodie Woodie area, and included visits to the sites from which many of the nuggets were reportedly collected in 2019 and other reconnaissance field activity.  International Prospect is in the process of planning its first exploration program on the properties which will focus on prospecting, geological mapping and surface sampling.


Porcupine Miracle Prospect:  The property is located approximately 30 km southeast of South Porcupine (Timmins, Ontario) and is comprised of 9 mining claim cells (64 ha) within Langmuir Township. Historical work completed in the early 1900’s by the Porcupine Miracle Gold Mining Company reportedly included shaft sinking, underground development and the construction of a stamp mill.  No records exist as to any production.  International Prospect has completed a Phase I property-scale ground magnetic, induced polarization (IP) and Horizontal Loop Electromagnetic (HLEM) geophysical surveying.  The property is available for option and International Prospect is actively seeking joint venture partners.


3) Val-d’Or Mining Corporation (VZZ-TSXV):  Golden Valley holds an approximate 37.2% interest (17,354,110 shares) in Val-d’Or Mining Corporation (“Val-d’Or Mining”).


The Company has recently increased its share ownership in Val-d’Or Mining from 31.0% to 37.2% in accordance with an option agreement between the Company and Val-d’Or Mining that was amended in November, 2019.  Val-d’Or Mining subsequently exercised its option to acquire a 100% interest in a group of properties located in the Abitibi Greenstone Belt of North-Eastern Ontario and North-Western Québec.  The advantages of the amendment to the option agreement and subsequent exercise of the option results in the streamlining of the Company’s operations, as well as the continuing evolution of the Company’s business model from direct investment in conventional grass-roots exploration towards the retention of royalty and equity interests and exploration investment on the Company’s properties by arms-length 3rd parties.  Furthermore, the Company will continue to receive economic benefits through retained royalties from Net Smelter Returns from the properties, an increased equity interest in Val-d’Or Mining and a portion of any consideration received by Val-d’Or Mining from third party transactions entered into through December 31, 2022.


For additional details with respect to the exploration and field work completed to date by Val-d’Or Mining, please refer to Val-d’Or Mining’s continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Val-d’Or Mining’s issuer profile.


B) Update on Option/Joint Ventures


1) Net Smelter Royalty on the Cheechoo Gold Prospect (James Bay, Québec) - Sirios Resources Inc. (“Sirios”) – Figure 1


Sirios recently announced an initial resource estimation for the Cheechoo gold deposit, based on an open-pit constrained model, as follows:



  • Inferred resources containing 1.6 million ounces of gold, from 71.0 million tonnes at an average grade of 0.69 grams of gold per tonne.  The estimate is based on data from 270 diamond drill holes totaling 64,212.45 metres and 385 channels for 3,214.88 metres completed by Sirios between 2012 and April 2019.  (see Sirios press release dated December 11, 2019 for further information).


For additional details with respect to the exploration and field work completed, as well as for the details on the expenditures made to date by Sirios on the project, please refer to Sirios’ continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Sirios’ issuer profile.


Golden Valley retains an NSR of 4% on all commodities other than gold, for which the NSR ranges from 2.5% to 4% on a sliding scale, based on gold prices.


2) Option Agreement with O3 Mining Inc. (“O3”) (formerly Alexandria Minerals Corporation (“Alexandria”)) on the Centremaque Gold Prospect (Val-d’Or, Québec) –  Figure 2


O3 may earn an 80% interest in the Centremaque Gold Prospect (“Centremaque”) by issuing treasury shares to Golden Valley over a four-year period from date of signing with a total value of $250,000 (of which shares with deemed consideration of $100,000 have been issued to date, and additional shares with deemed consideration of $50,000 will be issued in April 2020, and $100,000 in April 2021), and by conducting exploration activities totaling $4 million over the same four-year period, of which $250,000 had to be spent in the first year of the option agreement, and an additional $500,000 by the 2nd anniversary (extended to July 31, 2019 and completed).  If vested, Golden Valley will retain a 20% Free-Carried Interest and a 1.5% NSR (0.5% buyback for $1M).


A 5,200-metre drilling program is ongoing and recent results include 18.8 g/t Au over 1.3 metres in O3-C-19-011; 5.30 g/t Au over 1.9 metres in O3-C-19-010 and 3.65 g/t Au over 2.25 metres in O3-C-19-008 (see O3 press release dated October 21, 2019 for further information) as well as 9.3 g/t Au over 6.0 metres, including 25.7 g/t Au over 1.9 metres in CAX-19-016 (see O3 press release dated December 12, 2019). 


For additional details with respect to the exploration and fieldwork programs completed to date on the Centremaque Gold Prospect, as well as for the details on the expenditures made to date by Alexandria (previously) and O3 (currently) on the project, please refer to Alexandria’s and O3’s continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Alexandria’s and O3’s issuer profiles.


3) 15% Free-Carried Interest and 3% Net Smelter Royalty on the Lac Barry Gold Prospect (southwest of the Gladiator Deposit (Bonterra Resources Inc.) & south of the Windfall Lake Gold Project (Osisko Mining Inc.)) – Figure 3 and Figure 4


Golden Valley retains a 15% free-carried interest in the Lac Barry Gold Prospect and a 3% net smelter royalty (“NSR”), with 1% of the NSR being subject to a buyback in favour of Bonterra for $1 million payable by Bonterra to Golden Valley.


For additional details with respect to the exploration and fieldwork programs completed to date on the Lac Barry Gold Prospect, as well as for the details on the expenditures made to date by Bonterra on the project, please refer to Bonterra’s continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Bonterra’s issuer profile.


The Company has relied on publicly available information from the other public companies noted above and has not independently verified the information in this press release.


Glenn J. Mullan P. Geo., the President and Chief Executive Officer of Val-d’Or Mining and Michael P. Rosatelli M.Sc., P.Geo., the Vice-President Exploration of Val-d’Or Mining are the Qualified Persons (as that term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who approved the technical disclosure included in this news release except as it pertains to International Prospect. Dr. Scott Jobin-Bevans (PhD, PMP, P.Geo.), a director and Vice President Exploration of International Prospect, is the Qualified Person who has reviewed this news release as it pertains to International Prospect and is responsible for that particular technical information reported herein.


About Golden Valley Mines Ltd.:  Golden Valley Mines is focused on project generation and continues to evaluate opportunities to enhance its mining exploration property portfolio.  The Company is able to grow its current assets by way of partner-funded option/joint ventures and through its shareholdings in related entities.


For additional information please contact:

Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
152, chemin de la Mine École
Val-d’Or, Québec J9P 7B6
Telephone: 819.824.2808 ext. 204
Email: glenn.mullan@goldenvalleymines.com

Forward Looking Statements: 
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1.Cheechoo Claim Map


Figure 2. Centremaque Property Location


Figure 3. Lac Barry Property Evaluation


Figure 4. Lac Barry Claim Map


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8020 Admin

3 months ago

8020 Admin posted a press release Abitibi Royalties Ex-Dividend Date Set at December 6, 2019 in ABITIBI ROYALTIES INC.


VAL-D’OR, Québec, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) announces that further to its news release of October 28, 2019, the ex-dividend date for its Q4-2019 quarterly dividend has been set at December 6, 2019.  The cash quarterly dividend of CDN$0.03 per common share (CDN$0.12 per common share on an annual basis) is to be paid on December 30, 2019, to shareholders of record on December 9, 2019.  The full amount of the dividend will be designated as an 'eligible dividend' as defined in the Income Tax Act (Canada).


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early-stage properties near producing mines. The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of shares (approximately 12.5 million).


For additional information, please contact:









Shanda Kilborn – Director, Corporate Development
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.                                                                                                   


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


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8020 Admin

4 months ago

8020 Admin posted a press release Abitibi Royalties: Canadian Malartic & Early Stage Royalties Update Q4-2019 Quarterly Dividend Declared in ABITIBI ROYALTIES INC.


VAL-D’OR, Québec, Oct. 28, 2019 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) is pleased to provide an update on the Company’s net smelter royalties (NSRs) at the Canadian Malartic Mine, Canada’s largest gold mine, near Val-d’Or, Québec, in addition to other NSRs the Company holds on early-stage exploration projects. The Company’s board of directors has approved a Q4-2019 quarterly dividend of CDN$0.03 per common share (which would amount to CDN$0.12 per common share on an annual basis). The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of outstanding shares (approximately 12.5 million).


Royalties at the Canadian Malartic Mine


The Canadian Malartic Mine, where Abitibi Royalties owns various NSRs and a net profit interest (“NPI”), is jointly operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). Abitibi Royalties’ NSRs and NPI cover portions of East Malartic (3% NSR), Odyssey (3% NSR), Sladen (3% NSR), Sheehan (3% NSR), Jeffrey (3% NSR), Barnat Extension (3% NSR), Gouldie (2% NSR), Charlie (2% NSR) and all of Midway (1.5% NSR) and the Radium Property (15% NPI) (Fig 1.).


1) Canadian Malartic Mine


Exploration programs are ongoing to evaluate several deposits and prospective exploration areas to the east of the Canadian Malartic open pit where the Company holds royalties, including portions of the Odyssey, East Malartic, Sladen and Sheehan zones. The Company believes these opportunities may have the potential to provide new sources of mineralization for the Canadian Malartic mill. The mineralization could initially displace a portion of the lower grade open pit mineralization. Access for additional underground drilling and possible mining would be by ramp extending from the Odyssey zone. The permit allowing for the development of an underground ramp was received in December 2018.


Agnico Eagle and Yamana have announced a new discovery at the Canadian Malartic Mine named East Gouldie (see Abitibi Royalties news release September 10, 2019). Exploration drilling suggests that East Gouldie may potentially trend north onto the Company’s 3% NSR at depth. However, the Company believes additional drilling is required to make this determination. Yamana states that East Gouldie, East Malartic and Sladen zones are converging at depth, increasing the level of confidence in the economic potential of the overall resources below 1,000 metres and the prospect for a large underground bulk tonnage opportunity. An initial resource estimate for East Malartic below 1,000 metres was contained in the Company’s news release dated September 10, 2019. The Company anticipates receiving an updated reserve and resource estimate for areas covered by its NSRs at the Canadian Malartic mine in late Q1 or early Q2-2020.


While targeting deeper mineralization along trend from the East Gouldie Zone, drilling intersected an undefined zone located 300 metres north of the East Gouldie Zone horizon and south of the Company’s 3% NSR. This intersection suggests the potential for another zone towards the east in the larger East Gouldie structure, which may also potentially cross into the Company’s 3% NSR. However, similar to East Gouldie, additional drilling is required before the Company can make this determination.


Early Stage Royalties Update


In 2015, Abitibi Royalties began acquiring royalties on early-stage projects near existing mines, where historical exploration had outlined favourable geology with indications of mineralization. The Company believed this was a low-cost method of gaining increased exposure to favourable mining regions. Since acquiring the royalties, a number of the projects are now being advanced.


1) Red Lake Royalties (1% NSR)


The Company holds various NSR interests located near Newmont Goldcorp’s Red Lake Mine and adjacent to Pure Gold’s Madsen Mine and Great Bear Resources Dixie Project (Fig. 2) in Red Lake, Ontario. On October 10, 2019, Pacton Gold Inc. (“Pacton”) announced that drill crews had been mobilized to complete a 10,000 metre drill program on a number of high-priority targets within the Madsen-Dixie fault corridor. Abitibi Royalties’ 1% NSR covers a number of key historical gold occurrences within Pacton’s Red Lake Gold Project and inside the Madsen-Dixie fault corridor.


2) New Alger Project Royalty (1% NSR)


Abitibi Royalties holds a 1% NSR on the New Alger Project, which contains the historic Thompson-Cadillac Mine, located in the Abitibi region of northwest Québec and adjoins Agnico Eagle’s LaRonde Mine to the southeast (Fig. 3). The project contains a NI 43-101 Inferred resource estimate that can be viewed here. Renforth Resources Inc. (“Renforth”), which owns 100% of the New Alger Project, announced that it is preparing a new NI 43-101 Technical Report and is planning a drill program at the project focused on the Discovery Vein, which is located approximately 250 metres south of the historic Thompson-Cadillac Mine.


Q3-2019 Cash Generation


As announced on October 16, 2019, the Company generated total cash during Q3-2019 of approximately CDN$988,000, with approximately CDN$834,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR (Fig. 1) at the Canadian Malartic Mine. Royalties from the open pit portion of the Canadian Malartic Mine commenced at the end of Q4-2018 (the Company’s core underground royalties at East Malartic and Odyssey are not yet in production). The remainder of the cash generated during the quarter came from options premiums (CDN$63,000) (for additional information pertaining to the options contracts, including expiry dates and strike prices, please see the Company’s Q-2 2019 MD&A prepared as of August 22, 2019) and dividends (CDN$91,000). During the nine months ended September 30, 2019, the Company generated cash of approximately CDN$3.2 million. 


Q4-2019 Dividend Declared (CDN$0.03 Quarterly/CDN$0.12 Annually)


The Company’s board of directors has approved its Q4-2019 quarterly dividend on the Company’s outstanding common shares of CDN$0.03 per common share (which amounts to CDN$0.12 per common share on an annual basis). The record and payment dates for the quarterly dividend will be December 9 and 30, 2019, respectively. The ex-dividend date will be announced in a subsequent news release once finalized. The full amount of the dividend will be designated as an “eligible dividend” as defined in the Income Tax Act (Canada).


Technical Information


The Company requires additional details before it will know the full impact of the studies being completed by Agnico Eagle and Yamana on any potential future underground production inside the Company’s 3% NSR area. This includes the grade and tonnes of the open pit low-grade ores that could be potentially displaced by the higher-grade underground material, subsequent production totals and the percentage of production coming from the area covered by the Company’s 3% NSR. The Company has not received any of the drill hole data from the exploration drilling at the Canadian Malartic Mine in 2019 that is not in public domain and there can be no assurances that the new discoveries at the mine and described in this news release will extend into the Company’s royalty area. Similarly, the Company can provide no assurances that all or any of the exploration drilling at Pacton’s Red Lake properties will occur in areas covered by the Company’s NSRs.


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early-stage properties near producing mines. The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of shares (approximately 12.5 million).


QUALIFIED PERSON


Glenn J. Mullan, Chairman, is the Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) who has reviewed this news release, based solely on the public disclosure provided by Agnico Eagle, Yamana, Pacton, and Renforth and without independent verification, and is responsible for the technical information reported herein.


For additional information, please contact:









Shanda Kilborn – Director, Corporate Development
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1. Abitibi Royalties’ Canadian Malartic Royalties and New Prospect Areas


Figure 2. Abitibi Royalties’ NSRs in Red Lake District


Figure 3. Abitibi Royalties - New Alger Royalty Location


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8020 Admin

5 months ago

8020 Admin posted a press release Abitibi Royalties: Q3-2019 Royalty Payment in ABITIBI ROYALTIES INC.


VAL-D’OR. Quebec, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) is pleased to announce its Q3-2019 royalty payment from the Canadian Malartic Mine, located near Val-d’Or, Québec and total cash generated during the quarter. The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of shares (approximately 12.5 million). 


Q3-2019 Royalty Payment  


During Q3-2019, the Company generated total cash of approximately CDN$988,000, with approximately CDN$834,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR (Fig. 1) at the Canadian Malartic Mine. Royalties from the open pit portion of the Canadian Malartic Mine commenced at the end of Q4-2018 (the Company’s core underground royalties at East Malartic and Odyssey are not in production). The Canadian Malartic Mine is the largest gold mine in Canada and is operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). The remainder of the cash generated during the quarter came from options premiums (CDN$63,000) and dividends (CDN$91,000). Please see news release dated March 14, 2019 for the Company’s 2019-2021 royalty production schedule. The Company has 12,532,910 issued shares, with no warrants, stock options or other forms of share-based compensation outstanding.  


During the nine months ended September 30, 2019, the Company generated cash of approximately CDN$3.2 million (see news releases dated April 16, 2019 for Q1-2019 and July 17, 2019 for Q-2 breakdowns). 


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines. The Company has approximately CDN$44.3 million (as of October 15, 2019) in cash and investments* and is debt free.


*Investment values calculated based on closing prices and certain share price limits due to call option contracts. Please see the Company’s Q2-2019 MD&A (prepared as of August 22, 2019) for further call option contract details.

For additional information, please contact:









Shanda Kilborn – Director, Corporate Development

2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.                                                                                                   


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1. Abitibi Royalties’ Canadian Malartic Royalties 


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Abitibi Royalties Inc.

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Abitibi Royalties' objective is to capture the upside potential inherent to the various stages of the mining sector, while limiting the risks related to the difficulties in assessing the rate of success and accurately predicting the costs for exploration, development, and mine operation.

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Abitibi Royalties' objective is to capture the upside potential inherent to the various stages of the mining sector, ......

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15 days ago

8020 Admin posted a press release Abitibi Royalties Update on Canadian Malartic Mine & Early Stage Exploration Royalties in ABITIBI ROYALTIES INC.


VAL-D’OR, Québec, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V: “Abitibi Royalties” or the “Company”) is pleased to provide an update on the Company’s net smelter royalties (“NSR”) at the Canadian Malartic Mine, Canada’s largest gold mine, near Val-d’Or, Québec, in addition to other NSRs the Company holds on earlier stage exploration projects. The Company is unique among its peers due to its strong treasury, no debt, monthly dividend, share buyback program and limited number of outstanding shares (approximately 12.5 million).


Royalties at Canadian Malartic Mine


The Canadian Malartic Mine, where Abitibi Royalties owns various NSRs and a net profit interest (“NPI”), is jointly operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). Abitibi Royalties’ NSRs and NPI cover portions of East Malartic (3% NSR), Odyssey (3% NSR), Sladen (3% NSR), Sheehan (3% NSR), Jeffrey (3% NSR), Barnat Extension (3% NSR), Gouldie Zone (2% NSR) and the Charlie Zone (2% NSR). In addition, the Company holds a 1.5% NSR on the Midway Project and a 15% NPI on the Radium Property, which are all operated and located at, or proximate to, the Canadian Malartic Mine (Fig. 1).


1) Updated Resource Estimate for East Malartic & Odyssey Project


The objective of the 2019 exploration program at Canadian Malartic was to define and increase underground mineral resources, with a focus on Odyssey, East Malartic, and the newly discovered East Gouldie Zone (Fig. 1). The owners of the Canadian Malartic Mine issued new resource estimates for East Malartic and Odyssey (as of year-end 2019) on February 13, 2020. The updated resource estimate for East Malartic includes Indicated Resources of 694,000 ounces of gold (9.9 million tonnes grading 2.18 g/t gold) and Inferred mineral resources of 5,192,000 ounces of gold (78.8 million tonnes grading 2.05 g/t). The updated resource estimate for the Odyssey Project includes Indicated mineral resources of 136,000 ounces of gold (2.0 million tonnes grading 2.10 g/t) and Inferred mineral resources of 1,666,000 ounces of gold (23.4 million tonnes grading 2.22 g/t).  No estimate was provided for the Midway Project where the Company holds a 1.5% NSR (subject to a 1% buyback for USD$1 million), which contains a historical NI 43-101 resource estimate.


Deep drilling east of the open pit in late 2018 resulted in the discovery of a new gold-mineralized zone, located south of the East Malartic and Odyssey zones, named the East Gouldie Zone.  The East Gouldie Zone has a strike length of 1,300 metres in an east-west direction, dips 60 degrees north, and extends from 700 metres to 1,900 metres (estimated) depth below surface. Exploration drilling suggests that East Gouldie may potentially trend onto the Company’s 3% NSR at depth and that the East Gouldie, East Malartic and Sladen zones are converging, increasing the level of confidence in the economic potential of overall mineral resources below 1,000 meters. However, the Company believes additional drilling is required to make these determinations.  The initial resource estimate for East Gouldie can be found in Agnico Eagle’s and Yamana’s Q4-2019 Financial Results News Releases dated February 13, 2020.


For the portion of the reserve and resources covered by Abitibi Royalties’ 3% NSR as of December 31, 2018 (resources for East Malartic calculated to a depth of 1,000 metres versus resources stated above that were calculated to a depth of 1,800 metres), please see the Company’s news release dated March 14th, 2019.  The Company anticipates receiving an updated reserve and resource estimate for areas covered by its 3% NSR in late Q1 or early Q2-2020 based on the updated estimates above.


2) Update on Barnat Extension


In Q4-2019, pre-commercial production began at the Barnat Extension project as the new Highway 117 deviation has opened.  The mine owners announced that mining activities at the Barnat pit are expected to ramp up during 2020.  The Company expects to receive from the mine owners an updated 3-year production schedule for the Barnat Extension areas covered by the Company’s 3% NSR in late Q1 or early Q2-2020. The Company also anticipates receiving and releasing an updated reserve and resource estimate for areas covered by its 3% NSR at Jeffrey and the Barnat Extension in late Q1 or early Q2-2020. 


3) Possible Production 2023 (3% NSR)


Agnico Eagle states that it is evaluating several potential opportunities at a number of existing operations to build further value and enhance its gold production profile.  Odyssey and East Malartic were identified as possible opportunities for potential underground mining to a depth of 1,000 metres starting in 2023 (which have not been approved for development at this time). The substantial increases in mineral resources, particularly at the East Gouldie and East Malartic zones, are anticipated to eventually replace mineral reserves currently being mined at the adjacent Canadian Malartic pit.  The Partnership continues to evaluate the Odyssey project with consideration being given to potential new development synergies between the various zones at East Gouldie, Odyssey, East Malartic and Canadian Malartic.  Agnico Eagle further states that subject to a positive development decision, initial production could potentially start in 2023.  The permit allowing for the development of an underground ramp was received in December 2018. Agnico Eagle states production from deeper portions (below 1,000 metres) of the Odyssey and East Malartic underground zones and development of the East Gouldie Zone could potentially commence beyond 2023 (which have not been approved for development at this time). There can be no assurances that the development scenarios above will be approved as stated, or at all.


4) Canadian Malartic Mine Exploration Budget 


Exploration programs are ongoing to evaluate several deposits and prospective exploration areas to the east of the Canadian Malartic open pit, including the new mineralized zone discovery of East Gouldie, as well as Odyssey, East Malartic, Sladen, Sheehan and Rand (Fig. 1). Agnico Eagle states that the Canadian Malartic exploration programs in 2020 will consist of 112,000 metres of drilling. A total of 90,000 metres of exploration and conversion drilling will be primarily focused on declaring new inferred mineral resources at the East Gouldie Zone and infilling the current inferred mineral resources.  Exploration drilling suggests that East Gouldie may potentially trend onto the Company’s 3% NSR at depth. However, the Company believes additional drilling and information is required to make this determination. An additional 22,000 metres of exploration drilling will test other regional targets at Canadian Malartic.


5) Earlier Stage Exploration Royalties – Malartic Area, Québec & Red Lake, Ontario


In 2015, Abitibi Royalties began acquiring royalties on early-stage projects near existing mines, where historical exploration had outlined favourable geology with indications of mineralization. The Company believed this was a low-cost method of gaining increased exposure to favourable mining regions. Since acquiring the royalties, a number of the projects are now being advanced.


Revillard (2% NSR)


Abitibi Royalties holds a 2% NSR on the Revillard property, located approximately 10 kilometres northwest of the Canadian Malartic Mine in Québec (Fig 2). The Revillard property forms part of a larger set of claims known as the Malartic Project, which is under option by Dundee Precious Metals (“Dundee”). In 2019, Dundee met its second year of exploration commitments to the underlying property owner, which included 5,833 metres of drilling in 9 holes. Drill results can be reviewed in Dundee’s Q4-2019 MD&A. Other exploration activities completed in 2019 include prospecting, mapping and rock sampling. Exploration plans for 2020 include a possible 3,250 metres drill program.


New Alger Project (1% NSR)


Abitibi Royalties holds a 1% NSR on the New Alger Project, which contains the historic Thompson-Cadillac Mine, located in the Abitibi region of northwest Québec and adjoins Agnico Eagle’s LaRonde Mine to the southeast (Fig. 3). The project contains a NI 43-101 Inferred resource estimate that can be viewed here. Renforth Resources Inc. (“Renforth”), which owns 100% of the New Alger Project, announced drill results on January 21, 2020 that included a new discovery of the gold-bearing Sericite Zone in the Caddillac Break, which returned 11.2 gpt gold over 0.5 metres. The Sericite Zone was intersected over 160 metres in 3 holes and is open along strike. In addition, the Thompson-Cadillac Mine Veins were intersected in each hole and included 5.38 gpt gold over 4.8 metres (core length), including 11.83 gpt gold over 1.9 metres (core length).


Renforth announced on January 5th, 2020 that a new phase of drilling had commenced at the New Alger Project. The exploration program will drill several longer holes that will focus on different target areas. Results from this drill program are pending.


Red Lake Royalties (1% NSR)


The Company holds various NSR interests located near Newmont Corporation’s Red Lake Mine and adjacent to Pure Gold Mining’s Madsen Mine and Great Bear Resources’ Dixie Project (Fig. 4) in Red Lake, Ontario. On October 10, 2019, Pacton Gold Inc. (“Pacton”) announced that drill crews had been mobilized to complete a 10,000 metre drill program on a number of high-priority targets within the Madsen-Dixie fault corridor. Abitibi Royalties’ 1% NSR covers a number of key historical gold occurrences within Pacton’s Red Lake Gold Project and inside the Madsen-Dixie fault corridor. Drill results are pending.


6) Q4-2019 Cash Generation


On January 20, 2020, the Company announced that it had generated total cash of approximately CDN$2.1 million during Q4-2019, with approximately CDN$999,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR at the Canadian Malartic Mine. The remainder of the cash generated during the quarter came from option premiums (CDN$268,000), dividends (CDN$140,000) and taxable capital gains from equity investments (CDN$697,000).


During the twelve months ended December 31, 2019, the Company generated cash of approximately CDN$5.3 million (See news release dated April 16, 2019 for Q1-2019, July 17, 2019 for Q2-2019 and October 16, 2019 for Q3-2019 breakdowns).


7) Dividend Payments


On January 20, 2020, the Company announced that its board of directors had approved a 25% dividend increase from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of dividend payments was also changed from quarterly to monthly. The increased dividend amount and the payment of monthly dividends will begin in April 2020.


Technical Information


Abitibi Royalties has not received all, or in most cases any, of the drill hole data that has not been made public that makes up the updated resource estimates at the Canadian Malartic Mine.  Please see the Company’s news release dated March 14, 2019 to view the resources covered by Abitibi Royalties’ 3% NSR at Canadian Malartic as of December 31, 2018 (resources for East Malartic calculated to a depth of 1,000 metres in 2018 versus a depth of 1,800 metres in 2019).  The Company expects to receive an updated reserve and resource estimate for areas covered at by its NSRs in late Q1 or early Q2-2020. Additionally, the Company can make no assurances that the areas for possible production in 2023 and beyond where the Company holds a royalty will result in actual production or that all or any of the planned drilling in 2020 will be in areas covered by the Company’s royalties.  Similarly, the Company can provide no assurances that the proposed exploration at Dundee’s Malartic Project or Pacton’s Red Lake properties will occur on areas covered by the Company’s NSRs. Fire assay results for gold from the New Alger Project contained in this news release were obtained from Laboratoire d’Analyse Bourlamaque, in Bourlamaque, Québec.


Non-IFRS Measure: The Company has calculated the measure “cash” using the cash basis of accounting. This is a non-IFRS measure as IFRS required the Company’s cash in its financial statements to be recognized using the accrual basis of accounting. The Company believes that this measure, while not a substitute for measures of performance prepared in accordance with IFRS, provides investors an improved ability to evaluate the underlying performance of the Company.


QUALIFIED PERSON


Glenn J. Mullan, Chairman, is the Qualified Person (as that term is defined in National Instrument 43-101 – Standards of Disclosure for Minerals Projects) and has reviewed and approved the technical sections of this news release, which are solely based on and derived from public disclosure made by Agnico Eagle and Yamana, and without independent verification. Information contained in this news release under the heading “Earlier Stage Exploration Royalties” was obtained solely from the public disclosures of the property owners and operators and without independent verification.


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early-stage properties near producing mines. The Company is unique among its peers due to its strong treasury, no debt, monthly dividend, share buyback program and limited number of shares (approximately 12.5 million).


For additional information, please contact:









Shanda Kilborn – Director, Corporate Development
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1. Abitibi Royalties’ Canadian Malartic Royalties


Figure 2. Abitibi Royalties - Revillard Royalty Location


Figure 3. Abitibi Royalties - New Alger Royalty Location


Figure 4. Abitibi Royalties’ NSRs in Red Lake District 


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8020 Admin

1 month ago

8020 Admin posted a press release Abitibi Royalties: Q4 2019 Royalty Payment in ABITIBI ROYALTIES INC.

25% Dividend Increase - CDN$0.15 Per Share Annual Basis to Be Paid Monthly


VAL-D’OR, Québec, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) is pleased to announce its Q4 2019 royalty payment from the Canadian Malartic Mine, located near Val-d’Or, Québec and total cash1 generated during the quarter. In addition, the Company’s board of directors has approved, effective April 2020, a 25% dividend increase to the Company’s outstanding common shares from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of the payment of dividends will be changed from quarterly to monthly, also effective April 2020. The Company is unique among its peers due to its strong treasury, no debt, new monthly dividend, share buyback program and limited number of outstanding shares (approximately 12.5 million).


Q4 2019 Royalty Payment


During Q4 2019, the Company generated total cash of approximately CDN$2.1 million, with approximately CDN$999,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR at the Canadian Malartic Mine. Royalties from the open pit portion of the Canadian Malartic Mine commenced at the end of Q4 2018 (the Company’s core underground royalties at East Malartic and Odyssey are not in production). The Canadian Malartic Mine is the largest gold mine in Canada and is operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). The remainder of the cash generated during the quarter came from option premiums (CDN$268,000), Dividends (CDN$140,000) and taxable capital gains from equity investments (CDN$697,000).


During the twelve months ended December 31, 2019, the Company generated cash of approximately CDN$5.3 million (See news release dated April 16, 2019 for Q1 2019, July 17, 2019 for Q2 2019 and October 16, 2019 for Q3 2019 breakdowns).


The Company has 12,521,610 issued shares, with no warrants, stock options or other forms of share-based compensation outstanding.


25% Dividend Increase to be paid Monthly


The Company’s board of directors has approved a 25% dividend increase from CDN$0.12 to CDN$0.15 per common share on an annualized basis. The frequency of dividend payments will also be changed from quarterly to monthly. The increased dividend amount and the payment of monthly dividends will begin in April 2020. Table 1. below sets out the record and payment dates for shareholders for Q1 and Q2 2020.


1 Non-IFRS Measure: The Company has calculated the measure “cash” using the cash basis of accounting. This is a non-IFRS measure as IFRS requires the Company’s cash in its financial statements to be recognized using the accrual basis of accounting. The Company believes that this measure, while not a substitute for measures of performance prepared in accordance with IFRS, provides investors an improved ability to evaluate the underlying performance of the Company.


Table. 1                                                                                                                                                                       
Q1-Q2 2020 Dividend Schedule



Read more here: https://quotemedia.com/portal/quote/?qm_symbol=RZZ%3ACHI&qmodStoryID=6022358645867826 

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8020 Admin

3 months ago

8020 Admin posted a press release Golden Valley Mines Corporate and Exploration Update in ABITIBI ROYALTIES INC.




  • Abitibi Royalties dividend payments & Canadian Malartic exploration update



  • International Prospect Ventures update from Pilbara, Western Australia



  • Val-d’Or Mining Corporation – Golden Valley’s ownership increases to 37.2%



  • Sirios Resources report first inferred resource estimate at Cheechoo Prospect (1.6M oz inferred)



VAL-D’OR, Quebec, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Golden Valley Mines Ltd. (“Golden Valley” or the “Company”) (TSX-V: GZZ) is pleased to provide an update on the Company’s activities, including updates on its related entities: Abitibi Royalties Inc. (RZZ-TSXV), International Prospect Ventures Ltd. (IZZ-TSXV) and Val-d’Or Mining Corporation (VZZ-TSXV),  and further updates on its option/joint ventures and net smelter royalties - including its royalty on the Cheechoo gold project.


A) Updates on Related Entities


1) Abitibi Royalties (RZZ-TSXV):  Golden Valley holds an approximate 44.8% interest (5,605,246 shares) in Abitibi Royalties Inc. (“Abitibi Royalties”).


Dividend Update: Abitibi Royalties declared its fourth quarter dividend (see Abitibi Royalties’ news release dated October 28, 2019).  The dividend paid is $0.03 per share of Abitibi Royalties paid quarterly, or $0.12 per share per annum.


Canadian Malartic Mine Update:  Exploration programs are ongoing to evaluate several deposits and prospective exploration areas to the east of the Canadian Malartic open pit where Abitibi Royalties holds royalties, covering and including portions of the Odyssey, East Malartic, Sladen, Sheehan, Jeffrey, Gouldie and Charlie zones. The permit allowing for the development of an underground ramp was received in December 2018.


Agnico Eagle and Yamana have announced a new discovery at the Canadian Malartic Mine named East Gouldie (see Abitibi Royalties news release September 10, 2019). Yamana states that East Gouldie, East Malartic and Sladen zones are converging at depth, increasing the level of confidence in the economic potential of the overall resources below 1,000 metres and the prospect for a large underground bulk tonnage opportunity. An initial resource estimate for East Malartic below 1,000 metres was contained in the Abitibi Royalties’ news release dated September 10, 2019.  Abitibi Royalties anticipates receiving an updated reserve and resource estimate for areas covered by its NSRs at the Canadian Malartic mine in late Q1 or early Q2-2020.


Please see Abitibi Royalties’ news release dated October 28, 2019, including the Technical Information section, for further information.


2) International Prospect Ventures Inc. (IZZ-TSXV): Golden Valley holds an approximate 16.5% interest (4,470,910 shares) in International Prospect Ventures Inc. (“International Prospect”).


Update on Wits End Prospect – Pilbara, Western Australia:  With the granting of the final licences on January 9, 2019, International Prospect now holds 100% of eight properties in the eastern Pilbara of Western Australia, southeast of Karratha, covering a total area of approximately 1026.10 square kilometres. The strategic locations of the tenements were determined on the basis of a review of known geology and historical exploration results, and a focus on coarse-grained conglomerate host rocks at, or in proximity to, a prominent and well-documented geological unconformity.


Between March and August 2019, International Prospect received 11 Prospecting Permit notices (Section 40E Permits) and executed seven Prospecting Agreements with local prospectors interested in exploring portions of the properties. The prospectors use metal detecting methods to search for gold nuggets at, or near, surface. Several mandatory prospecting reports are pending, but official reports submitted to date to the Department of Mines and Petroleum offer some interesting and encouraging results including 108 gold nuggets (total weight 22.1 grams) and 2 gold nuggets (0.8 and 1.2 g) from Licence E46/1197 and 22 grams of gold nuggets (ranging from 0.1 to 5.2 grams) from five areas on Licence E46/1198. In addition, a single +7 ounce gold nugget was reported from Licence E46/1198.   Recent site visits were conducted to most (7 of 8) of the properties near Marble Bar and Nullagine, and as far East as the Woodie Woodie area, and included visits to the sites from which many of the nuggets were reportedly collected in 2019 and other reconnaissance field activity.  International Prospect is in the process of planning its first exploration program on the properties which will focus on prospecting, geological mapping and surface sampling.


Porcupine Miracle Prospect:  The property is located approximately 30 km southeast of South Porcupine (Timmins, Ontario) and is comprised of 9 mining claim cells (64 ha) within Langmuir Township. Historical work completed in the early 1900’s by the Porcupine Miracle Gold Mining Company reportedly included shaft sinking, underground development and the construction of a stamp mill.  No records exist as to any production.  International Prospect has completed a Phase I property-scale ground magnetic, induced polarization (IP) and Horizontal Loop Electromagnetic (HLEM) geophysical surveying.  The property is available for option and International Prospect is actively seeking joint venture partners.


3) Val-d’Or Mining Corporation (VZZ-TSXV):  Golden Valley holds an approximate 37.2% interest (17,354,110 shares) in Val-d’Or Mining Corporation (“Val-d’Or Mining”).


The Company has recently increased its share ownership in Val-d’Or Mining from 31.0% to 37.2% in accordance with an option agreement between the Company and Val-d’Or Mining that was amended in November, 2019.  Val-d’Or Mining subsequently exercised its option to acquire a 100% interest in a group of properties located in the Abitibi Greenstone Belt of North-Eastern Ontario and North-Western Québec.  The advantages of the amendment to the option agreement and subsequent exercise of the option results in the streamlining of the Company’s operations, as well as the continuing evolution of the Company’s business model from direct investment in conventional grass-roots exploration towards the retention of royalty and equity interests and exploration investment on the Company’s properties by arms-length 3rd parties.  Furthermore, the Company will continue to receive economic benefits through retained royalties from Net Smelter Returns from the properties, an increased equity interest in Val-d’Or Mining and a portion of any consideration received by Val-d’Or Mining from third party transactions entered into through December 31, 2022.


For additional details with respect to the exploration and field work completed to date by Val-d’Or Mining, please refer to Val-d’Or Mining’s continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Val-d’Or Mining’s issuer profile.


B) Update on Option/Joint Ventures


1) Net Smelter Royalty on the Cheechoo Gold Prospect (James Bay, Québec) - Sirios Resources Inc. (“Sirios”) – Figure 1


Sirios recently announced an initial resource estimation for the Cheechoo gold deposit, based on an open-pit constrained model, as follows:



  • Inferred resources containing 1.6 million ounces of gold, from 71.0 million tonnes at an average grade of 0.69 grams of gold per tonne.  The estimate is based on data from 270 diamond drill holes totaling 64,212.45 metres and 385 channels for 3,214.88 metres completed by Sirios between 2012 and April 2019.  (see Sirios press release dated December 11, 2019 for further information).


For additional details with respect to the exploration and field work completed, as well as for the details on the expenditures made to date by Sirios on the project, please refer to Sirios’ continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Sirios’ issuer profile.


Golden Valley retains an NSR of 4% on all commodities other than gold, for which the NSR ranges from 2.5% to 4% on a sliding scale, based on gold prices.


2) Option Agreement with O3 Mining Inc. (“O3”) (formerly Alexandria Minerals Corporation (“Alexandria”)) on the Centremaque Gold Prospect (Val-d’Or, Québec) –  Figure 2


O3 may earn an 80% interest in the Centremaque Gold Prospect (“Centremaque”) by issuing treasury shares to Golden Valley over a four-year period from date of signing with a total value of $250,000 (of which shares with deemed consideration of $100,000 have been issued to date, and additional shares with deemed consideration of $50,000 will be issued in April 2020, and $100,000 in April 2021), and by conducting exploration activities totaling $4 million over the same four-year period, of which $250,000 had to be spent in the first year of the option agreement, and an additional $500,000 by the 2nd anniversary (extended to July 31, 2019 and completed).  If vested, Golden Valley will retain a 20% Free-Carried Interest and a 1.5% NSR (0.5% buyback for $1M).


A 5,200-metre drilling program is ongoing and recent results include 18.8 g/t Au over 1.3 metres in O3-C-19-011; 5.30 g/t Au over 1.9 metres in O3-C-19-010 and 3.65 g/t Au over 2.25 metres in O3-C-19-008 (see O3 press release dated October 21, 2019 for further information) as well as 9.3 g/t Au over 6.0 metres, including 25.7 g/t Au over 1.9 metres in CAX-19-016 (see O3 press release dated December 12, 2019). 


For additional details with respect to the exploration and fieldwork programs completed to date on the Centremaque Gold Prospect, as well as for the details on the expenditures made to date by Alexandria (previously) and O3 (currently) on the project, please refer to Alexandria’s and O3’s continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Alexandria’s and O3’s issuer profiles.


3) 15% Free-Carried Interest and 3% Net Smelter Royalty on the Lac Barry Gold Prospect (southwest of the Gladiator Deposit (Bonterra Resources Inc.) & south of the Windfall Lake Gold Project (Osisko Mining Inc.)) – Figure 3 and Figure 4


Golden Valley retains a 15% free-carried interest in the Lac Barry Gold Prospect and a 3% net smelter royalty (“NSR”), with 1% of the NSR being subject to a buyback in favour of Bonterra for $1 million payable by Bonterra to Golden Valley.


For additional details with respect to the exploration and fieldwork programs completed to date on the Lac Barry Gold Prospect, as well as for the details on the expenditures made to date by Bonterra on the project, please refer to Bonterra’s continuous disclosure documents available at the SEDAR website (www.sedar.com) by accessing Bonterra’s issuer profile.


The Company has relied on publicly available information from the other public companies noted above and has not independently verified the information in this press release.


Glenn J. Mullan P. Geo., the President and Chief Executive Officer of Val-d’Or Mining and Michael P. Rosatelli M.Sc., P.Geo., the Vice-President Exploration of Val-d’Or Mining are the Qualified Persons (as that term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who approved the technical disclosure included in this news release except as it pertains to International Prospect. Dr. Scott Jobin-Bevans (PhD, PMP, P.Geo.), a director and Vice President Exploration of International Prospect, is the Qualified Person who has reviewed this news release as it pertains to International Prospect and is responsible for that particular technical information reported herein.


About Golden Valley Mines Ltd.:  Golden Valley Mines is focused on project generation and continues to evaluate opportunities to enhance its mining exploration property portfolio.  The Company is able to grow its current assets by way of partner-funded option/joint ventures and through its shareholdings in related entities.


For additional information please contact:

Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
152, chemin de la Mine École
Val-d’Or, Québec J9P 7B6
Telephone: 819.824.2808 ext. 204
Email: glenn.mullan@goldenvalleymines.com

Forward Looking Statements: 
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1.Cheechoo Claim Map


Figure 2. Centremaque Property Location


Figure 3. Lac Barry Property Evaluation


Figure 4. Lac Barry Claim Map


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8020 Admin

3 months ago

8020 Admin posted a press release Abitibi Royalties Ex-Dividend Date Set at December 6, 2019 in ABITIBI ROYALTIES INC.


VAL-D’OR, Québec, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) announces that further to its news release of October 28, 2019, the ex-dividend date for its Q4-2019 quarterly dividend has been set at December 6, 2019.  The cash quarterly dividend of CDN$0.03 per common share (CDN$0.12 per common share on an annual basis) is to be paid on December 30, 2019, to shareholders of record on December 9, 2019.  The full amount of the dividend will be designated as an 'eligible dividend' as defined in the Income Tax Act (Canada).


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early-stage properties near producing mines. The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of shares (approximately 12.5 million).


For additional information, please contact:









Shanda Kilborn – Director, Corporate Development
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.                                                                                                   


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


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8020 Admin

4 months ago

8020 Admin posted a press release Abitibi Royalties: Canadian Malartic & Early Stage Royalties Update Q4-2019 Quarterly Dividend Declared in ABITIBI ROYALTIES INC.


VAL-D’OR, Québec, Oct. 28, 2019 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) is pleased to provide an update on the Company’s net smelter royalties (NSRs) at the Canadian Malartic Mine, Canada’s largest gold mine, near Val-d’Or, Québec, in addition to other NSRs the Company holds on early-stage exploration projects. The Company’s board of directors has approved a Q4-2019 quarterly dividend of CDN$0.03 per common share (which would amount to CDN$0.12 per common share on an annual basis). The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of outstanding shares (approximately 12.5 million).


Royalties at the Canadian Malartic Mine


The Canadian Malartic Mine, where Abitibi Royalties owns various NSRs and a net profit interest (“NPI”), is jointly operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). Abitibi Royalties’ NSRs and NPI cover portions of East Malartic (3% NSR), Odyssey (3% NSR), Sladen (3% NSR), Sheehan (3% NSR), Jeffrey (3% NSR), Barnat Extension (3% NSR), Gouldie (2% NSR), Charlie (2% NSR) and all of Midway (1.5% NSR) and the Radium Property (15% NPI) (Fig 1.).


1) Canadian Malartic Mine


Exploration programs are ongoing to evaluate several deposits and prospective exploration areas to the east of the Canadian Malartic open pit where the Company holds royalties, including portions of the Odyssey, East Malartic, Sladen and Sheehan zones. The Company believes these opportunities may have the potential to provide new sources of mineralization for the Canadian Malartic mill. The mineralization could initially displace a portion of the lower grade open pit mineralization. Access for additional underground drilling and possible mining would be by ramp extending from the Odyssey zone. The permit allowing for the development of an underground ramp was received in December 2018.


Agnico Eagle and Yamana have announced a new discovery at the Canadian Malartic Mine named East Gouldie (see Abitibi Royalties news release September 10, 2019). Exploration drilling suggests that East Gouldie may potentially trend north onto the Company’s 3% NSR at depth. However, the Company believes additional drilling is required to make this determination. Yamana states that East Gouldie, East Malartic and Sladen zones are converging at depth, increasing the level of confidence in the economic potential of the overall resources below 1,000 metres and the prospect for a large underground bulk tonnage opportunity. An initial resource estimate for East Malartic below 1,000 metres was contained in the Company’s news release dated September 10, 2019. The Company anticipates receiving an updated reserve and resource estimate for areas covered by its NSRs at the Canadian Malartic mine in late Q1 or early Q2-2020.


While targeting deeper mineralization along trend from the East Gouldie Zone, drilling intersected an undefined zone located 300 metres north of the East Gouldie Zone horizon and south of the Company’s 3% NSR. This intersection suggests the potential for another zone towards the east in the larger East Gouldie structure, which may also potentially cross into the Company’s 3% NSR. However, similar to East Gouldie, additional drilling is required before the Company can make this determination.


Early Stage Royalties Update


In 2015, Abitibi Royalties began acquiring royalties on early-stage projects near existing mines, where historical exploration had outlined favourable geology with indications of mineralization. The Company believed this was a low-cost method of gaining increased exposure to favourable mining regions. Since acquiring the royalties, a number of the projects are now being advanced.


1) Red Lake Royalties (1% NSR)


The Company holds various NSR interests located near Newmont Goldcorp’s Red Lake Mine and adjacent to Pure Gold’s Madsen Mine and Great Bear Resources Dixie Project (Fig. 2) in Red Lake, Ontario. On October 10, 2019, Pacton Gold Inc. (“Pacton”) announced that drill crews had been mobilized to complete a 10,000 metre drill program on a number of high-priority targets within the Madsen-Dixie fault corridor. Abitibi Royalties’ 1% NSR covers a number of key historical gold occurrences within Pacton’s Red Lake Gold Project and inside the Madsen-Dixie fault corridor.


2) New Alger Project Royalty (1% NSR)


Abitibi Royalties holds a 1% NSR on the New Alger Project, which contains the historic Thompson-Cadillac Mine, located in the Abitibi region of northwest Québec and adjoins Agnico Eagle’s LaRonde Mine to the southeast (Fig. 3). The project contains a NI 43-101 Inferred resource estimate that can be viewed here. Renforth Resources Inc. (“Renforth”), which owns 100% of the New Alger Project, announced that it is preparing a new NI 43-101 Technical Report and is planning a drill program at the project focused on the Discovery Vein, which is located approximately 250 metres south of the historic Thompson-Cadillac Mine.


Q3-2019 Cash Generation


As announced on October 16, 2019, the Company generated total cash during Q3-2019 of approximately CDN$988,000, with approximately CDN$834,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR (Fig. 1) at the Canadian Malartic Mine. Royalties from the open pit portion of the Canadian Malartic Mine commenced at the end of Q4-2018 (the Company’s core underground royalties at East Malartic and Odyssey are not yet in production). The remainder of the cash generated during the quarter came from options premiums (CDN$63,000) (for additional information pertaining to the options contracts, including expiry dates and strike prices, please see the Company’s Q-2 2019 MD&A prepared as of August 22, 2019) and dividends (CDN$91,000). During the nine months ended September 30, 2019, the Company generated cash of approximately CDN$3.2 million. 


Q4-2019 Dividend Declared (CDN$0.03 Quarterly/CDN$0.12 Annually)


The Company’s board of directors has approved its Q4-2019 quarterly dividend on the Company’s outstanding common shares of CDN$0.03 per common share (which amounts to CDN$0.12 per common share on an annual basis). The record and payment dates for the quarterly dividend will be December 9 and 30, 2019, respectively. The ex-dividend date will be announced in a subsequent news release once finalized. The full amount of the dividend will be designated as an “eligible dividend” as defined in the Income Tax Act (Canada).


Technical Information


The Company requires additional details before it will know the full impact of the studies being completed by Agnico Eagle and Yamana on any potential future underground production inside the Company’s 3% NSR area. This includes the grade and tonnes of the open pit low-grade ores that could be potentially displaced by the higher-grade underground material, subsequent production totals and the percentage of production coming from the area covered by the Company’s 3% NSR. The Company has not received any of the drill hole data from the exploration drilling at the Canadian Malartic Mine in 2019 that is not in public domain and there can be no assurances that the new discoveries at the mine and described in this news release will extend into the Company’s royalty area. Similarly, the Company can provide no assurances that all or any of the exploration drilling at Pacton’s Red Lake properties will occur in areas covered by the Company’s NSRs.


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early-stage properties near producing mines. The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of shares (approximately 12.5 million).


QUALIFIED PERSON


Glenn J. Mullan, Chairman, is the Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) who has reviewed this news release, based solely on the public disclosure provided by Agnico Eagle, Yamana, Pacton, and Renforth and without independent verification, and is responsible for the technical information reported herein.


For additional information, please contact:









Shanda Kilborn – Director, Corporate Development
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1. Abitibi Royalties’ Canadian Malartic Royalties and New Prospect Areas


Figure 2. Abitibi Royalties’ NSRs in Red Lake District


Figure 3. Abitibi Royalties - New Alger Royalty Location


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8020 Admin

5 months ago

8020 Admin posted a press release Abitibi Royalties: Q3-2019 Royalty Payment in ABITIBI ROYALTIES INC.


VAL-D’OR. Quebec, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Abitibi Royalties Inc. (RZZ-TSX-V, ATBYF-OTC-Nasdaq Intl: “Abitibi Royalties” or the “Company”) is pleased to announce its Q3-2019 royalty payment from the Canadian Malartic Mine, located near Val-d’Or, Québec and total cash generated during the quarter. The Company is unique among its peers due to its strong treasury, no debt, quarterly dividend, share buyback program and limited number of shares (approximately 12.5 million). 


Q3-2019 Royalty Payment  


During Q3-2019, the Company generated total cash of approximately CDN$988,000, with approximately CDN$834,000 coming from royalties on the open pit portion contained within the Company’s 3% NSR (Fig. 1) at the Canadian Malartic Mine. Royalties from the open pit portion of the Canadian Malartic Mine commenced at the end of Q4-2018 (the Company’s core underground royalties at East Malartic and Odyssey are not in production). The Canadian Malartic Mine is the largest gold mine in Canada and is operated by Agnico Eagle Mines Limited (“Agnico Eagle”) and Yamana Gold Inc. (“Yamana”). The remainder of the cash generated during the quarter came from options premiums (CDN$63,000) and dividends (CDN$91,000). Please see news release dated March 14, 2019 for the Company’s 2019-2021 royalty production schedule. The Company has 12,532,910 issued shares, with no warrants, stock options or other forms of share-based compensation outstanding.  


During the nine months ended September 30, 2019, the Company generated cash of approximately CDN$3.2 million (see news releases dated April 16, 2019 for Q1-2019 and July 17, 2019 for Q-2 breakdowns). 


About Abitibi Royalties


Abitibi Royalties owns various royalty interests at the Canadian Malartic Mine near Val-d’Or Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines. The Company has approximately CDN$44.3 million (as of October 15, 2019) in cash and investments* and is debt free.


*Investment values calculated based on closing prices and certain share price limits due to call option contracts. Please see the Company’s Q2-2019 MD&A (prepared as of August 22, 2019) for further call option contract details.

For additional information, please contact:









Shanda Kilborn – Director, Corporate Development

2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 1-888-392-3857
Email: info@abitibiroyalties.com
 

Forward Looking Statements:


This news release contains certain statements that may be deemed “forward-looking statements”.  Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.  Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.                                                                                                   


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Figure 1. Abitibi Royalties’ Canadian Malartic Royalties 


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