Mr. Doug Ward reports
MAVERIX METALS COMPLETES ACQUISITION OF ADDITIONAL ROYALTY ON THE HOPE BAY MINE
Maverix Metals Inc. has completed the acquisition of an additional net smelter return royalty (NSR) on the Hope Bay mine in Nunavut, Canada, owned and operated by TMAC Resources Inc. Maverix now holds a 2.75-per-cent net smelter return royalty on Hope Bay, effective from Aug. 1, 2019. The 2.75-per-cent net smelter return royalty will reduce to 2.5 per cent upon registration of the net smelter return royalty against the property.
TMAC Resources continues to optimize the established operations and expects Hope Bay to produce over 160,000 ounces of gold in 2019.
Maverix Metals has drawn on its existing credit facility to finance the acquisition.
For additional information on the transaction, please refer to Maverix's news release dated Aug. 14, 2019, which is available at the company's website.
About Hope Bay
Hope Bay is an 80-kilometre-by-20-kilometre Archean greenstone belt located in Nunavut, Canada. Hope Bay is a high-grade gold district with established measured and indicated mineral resources totalling approximately 4.81 million ounces of gold at an average grade of 8.3 grams per tonne gold and inferred mineral resources totalling approximately 1.62 million ounces of gold at an average grade of 6.9 g/t Au. Proven and probable mineral reserves total approximately 3.59 million ounces of gold at an average grade of 6.8 g/t Au. Estimates have an effective date of Dec. 31, 2018. Mineral resources are inclusive of those resources converted to mineral reserves.
Doug Ward, BSc, mining engineering, MMSA, is the vice-president, technical services, of Maverix and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Ward has reviewed and approved the scientific and technical disclosure contained in this press release.
About Maverix Metals Inc.
Maverix is a gold royalty and streaming company. Maverix's mission is to: (i) provide its shareholders with significant low-risk leverage to precious metal prices; and (ii) increase underlying per-share value by continuing to grow its portfolio with acquisitions of high-quality royalties and streams that offer robust returns.
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