Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQX; I4U:FSE) announced in a news release it received its initial royalty payment from the Jerritt Canyon project in Nevada and filed the requisite NI 43-101 technical report.
The payment, which covered net smelter returns royalties accrued between Feb. 3 and March 31, 2020, was for $156,632. These are monies from the 0.05% royalty that Ely Gold acquired from Eric Sprott, the transaction of which closed in May. The royalty includes all of the current resources outlined in the technical report and the 119-square-mile land package controlled by Jerritt Canyon Gold LLC.
Ely Gold has a second royalty on Jerritt Canyon, a per ton payment based on throughput at the Jerritt Canyon processing facilities. The royalty amount is tied to the gold price. Ely Gold received $71,826.30 from this per ton royalty to date.
Ely reported that, according to mine operator Jerritt Canyon Gold LLC, since mining began at Jerritt Canyon in 1981, more than 8 million ounces of gold have been produced. In 2018 alone, the mill there processed 1.20 million tons of ore.
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