23rd Jan 2019 13:09
LONDON (Alliance News) - Natural resources firm Jangada Mines PLC said Wednesday that SilverStream SEZC has acquired the existing 1% net smelter royalty on the Pedra Branca project from Solitario Zinc Corp.
Shares in Jangada were down 10% at 2.02 pence on Wednesday.
Pedra Branca is a Brazilian palladium, platinum and nickel project covering 48,000 hectares, which includes three mining licences and 42 exploration licences.
Pedra Branca has a resource of 1.52 million ounces of platinum group metal and gold, a net present value of USD192 million, and an initial run rate of 67%.
According to Jangada, SilverStream called the Pedra Branca royalty "the centrepiece" of its transaction. This transaction also included another royalty an option to be a third royalty for CAD600,000.
"SilverStream has recognised the value in Pedra Branca and this transaction is the latest step in the third party validation of Pedra Branca as we advance through the verification stages of the [bankable feasibility study] this quarter," said Jangada Chair Brian McMaster.
Related Shares:
Jangada Mines