Canadian mineral exploration company Miata Metals has entered into an option agreement to fully acquire the Nassau gold project in Suriname.
The Nassau property, located near significant gold mines, is host to multiple gold zones and has been historically under-explored. It is situated in a gold-rich greenstone belt and surrounded by gold placer deposits.
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The deal allows Miata to acquire the remaining 30% interest in the Nassau property, increasing its stake from 70% to 100%.
The property contains numerous gold occurrences and three high-priority exploration targets established by previous operators.
Miata CEO Jacob Verbaas said: “With this transaction, Miata now holds exposure to the potential for 100% ownership of both Sela Creek and Nassau, providing us with full strategic control over our Suriname gold portfolio.
“We continue to systematically advance our flagship Sela Creek gold project, where our technical team is drill-testing a large-scale orogenic system across 215km². We are pleased to enter into this agreement at Nassau as it strengthens our long-term position in the prolific greenstone belts of Suriname.
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By GlobalData“Nassau is on trend with the producing Rosebel and Merian mines, road accessible, and close to important infrastructure. Like Sela Creek, we believe the Nassau project now also has the right foundation to build lasting shareholder value in Suriname’s highly prospective gold belt.”
The agreement requires Miata to make cash payments totalling $1.35m (C$1.85m) and work commitments of $2m over three years.
The payment schedule includes an initial deposit of $25,000, followed by payments on each anniversary of the agreement in the amount of $200,000, $400,000 and $650,000, respectively.
Concurrently, Miata will grant the optionor a 2% net smelter royalty (NSR) from the sale of gold mined at Nassau, with a buyback right for Miata to purchase portions of the NSR.
As the operator, Miata is responsible for carrying out exploration at Nassau.
In October last year, Miata Metals expanded its gold exploration portfolio through the acquisition of 79North, which included a 70% interest in both the Sela Creek Gold Project and the Nassau gold project.
