Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQB) announced in a news release it acquired, for CA$600,000, a 2% net smelter return (NSR) royalty on the Fenelon mine property, operated by Wallbridge Mining Co., in Quebec. The transaction closed April 15, 2019.
This 2% NSR is the second one that Ely acquired on Fenelon, having previously purchased a 1% NSR in October 2018.
"The Fenelon mine property is demonstrating remarkable grades in mineable intercepts, and the project operator has indicated its belief that the resource has significant potential for increased resources," Ely Gold President and CEO Trey Wasser said in the release. "This has become a very high-profile project."
Fenelon spans 1,052 hectares and encompasses the Discovery gold deposit. Wallbridge has been conducting exploration work on the property since late 2016. Most recently, in 2018, it drilled more than 1,000 meters (1,000m) in 90 holes from underground and 5,800m in 17 holes from the surface. This led to the finding of a new gold mineralized zone about 300m southwest of the main Fenelon deposit.
Wallbridge intends to carry out additional underground resource drilling this year.
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