Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Elemental Altus Royalties (TSXV: ELE) has entered into a binding agreement to acquire a portfolio of 19 royalties from a wholly owned subsidiary of First Mining Gold (TSX: FF).
Total consideration for the royalty acquisition is $5 million, of which $3.5 million will be paid in cash and $1.5 million in Elemental Altus common shares (approximately 0.9% of those outstanding).
Upon completion, Elemental Altus would increase its global royalty land coverage by 20% (1,500 square kilometres), bringing the royalty portfolio to more than 75 royalties covering approximately 9,000 square kilometres.
According to the company, this transaction would significantly expand its North American royalty presence with an additional five royalties in Canada and the US.
Included in the royalty package is a 2% net smelter return (NSR) royalty on the Pickle Crow gold project in Ontario, one of Canada’s highest-grade gold deposits (over 2 million ounces), having produced over 1.5 million ounces in the past; and a 1.5% NSR royalty on the Hope Brook gold project in Newfoundland, which has previously produced approximately 750,000 ounces.
“The acquisition of this royalty portfolio materially expands our development pipeline in Canada,” Elemental Altus CEO Frederick Bell said in a news release. “The Pickle Crow and Hope Brook projects are both former operating gold mines which have reportedly produced over 2.2 million ounces of gold historically, and are currently the subject of extensive exploration and investment.”
Pickle Crow is a development-stage gold project that is 100% owned by Australia’s Auteco Minerals. Located in the greenstone lode gold Uchi sub province of Ontario, the Pickle Crow property currently has a JORC (2012) inferred mineral resource of 2.23 million ounces at 7.8 grams per tonne (g/t).
Earlier this month, Auteco received firm commitments from investors to raise approximately A$9 million, ($6.7m) which will be used to fast-track exploration work focused on targeting new discoveries and continuing to step out on the existing resource.
Elemental Altus’ royalty covers 190 km2 of the project’s total area, including all current resources, historical workings, an existing and unused 225 t/d mill, and several priority regional targets.
Hope Brook is an advanced-stage, high-grade gold project owned by Big Ridge Gold. Located 85 km east of Port aux Basques, Newfoundland, the property is host to a former gold mine that produced 752,162 ounces from 1987 to 1997.
The 260 km2 project, entirely covered by Elemental Altus’ royalty, has well maintained infrastructure on site including an operational 28-person camp, an 1,100-metre airstrip, ice-free docking facility and connection to the provincial electrical power grid via an on-site substation.
Hope Brook currently hosts a mineral resource totalling 844,000 ounces of gold at 4.77 g/t in the indicated category and a 110,000 ounces at 4.11 g/t in the inferred category. Big Ridge Gold has plans to update the resource estimate during H1 2023.
