Nova Royalty Corp. (TSX-V: NOVR) is pleased to announce that, further to its news release dated September 8, 2020, it has completed the previously announced acquisition from Transition Metals Corp. of an existing 1.0% net smelter return royalty on the Janice Lake copper-silver project in Saskatchewan being advanced by Rio Tinto Exploration Canada Inc. and Forum Energy Metals Corp. as well as a portfolio of eight (8) other royalties. Royalties acquired in the Transaction include a 1.0% NSR royalty on the Wollaston project, 40 km along strike from Janice Lake, a 1.25% NSR on the Dundonald nickel project and a portfolio of six royalties on prospective exploration properties in some of Canada’s most mineralized basins. These include NSR royalties on Bancroft, Maude Lake, Saturday Night, Homathko, Elephant Head and West Matachewan projects. Total consideration paid to TMC consisted of $1,072,500 in cash and 525,000 common shares of Nova, as well as additional contingent payments payable to TMC upon achievement of certain milestones in respect of the Janice Lake project.
JANICE LAKE PROJECT
Janice Lake is a sedimentary copper-silver project, located 55 km southeast of Key Lake, Saskatchewan. It encompasses a 52 km long district of the Wollaston Copperbelt, totaling over 380 sq. km. with over 20 known copper occurrences on the property. Copper-silver mineralization currently extends for approximately 8 km in outcrop and in drill holes along strike of the Janice Lake basin. Rio Tinto optioned the project in May 2019, and can earn an 80% interest in the Janice Lake Project by spending C$30 million in addition to making separate option payments to Forum and TMC. Rio completed its initial C$3mm, 18-month spending commitment in 8 months by spending C$3.7mm on its initial drilling program in 2019. The initial drilling disclosed by Forum on May 12, 2020 identified two key targets, Jansem and Janice:
Forum announced on September 29, 2020 that Rio Tinto has completed its summer exploration program, which included systematic mapping of the 52km extent of the property, 25 holes for 818 meters of Reverse Air Blast drilling, and the construction of an 80-person Burbidge Lake camp to serve as a base of future operations. Forum expects further details to be available by late October. Forum previously guided that the RAB drilling in 2020 would serve as a basis for developing a diamond drilling program in 2021.
Technical information contained in this news release has been reviewed and approved by Christian Rios, AIPG Certified Professional Geologist, Advisor to Nova and a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Nova is a royalty company focused on providing investors with exposure to the building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange.
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