Sandstorm Gold acquires royalty package
TORONTO (miningweekly.com) – Sandstorm Gold has acquired a royalty package from Pacific Ridge Exploration for $500 000, lifting the mine financier’s portfolio to 72 streams and royalties.
The package included a 1.65% net smelter return (NSR) royalty on the Spectrum gold property, located in north-western British Columbia and owned by Skeena Resources, as well as a 1% NSR royalty on Pacific Ridge's Eureka Dome and Gold Cap properties, in the White Gold district, in the Yukon territory.
Pacific Ridge had also transferred to Sandstorm its right to buy down royalties on its Mariposa and Sophie properties, in the Yukon.
Skeena acquired the 3 580 ha Spectrum property in October 2014. The property was located about 37 km west of Imperial Metals' Red Chris mine and 16 km west of the NGEx/Teck GJ deposit, in British Columbia, and contained more than ten different showings of high-grade sulphide/gold mineralisation.
Skeena had recently raised C$8-million in equity financing and had embarked on a 10 000 m to 12 000 m drill programme, with the goal of establishing a high-grade National Instrument 43-101-compliant resource before the end of 2015.
Highlights from recent drilling on the property included 43.8 g/t gold over 2 m in hole 14-SP-006 and 254.5 g/t gold over 2 m in hole 14-SP-009.
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