In return for the claims, Troilus will receive approximately 184.3 million Sayona shares, valued at a price of C$0.217 each, for an aggregate value of C$40 million ($30m). Troilus will also be granted a 2% net smelter return (NSR) royalty.
None of the transferred claims cover the Tortigny deposit nor do they cover claims included in the preliminary economic assessment (PEA) of 2020 for the historic Troilus gold-copper project or areas of recent exploration by Troilus.
The former Troilus mine 170 km north of Chibougamau, Quebec, produced about 2.0 million oz. of gold and 70,000 tonnes of copper between 1996 and 2010 when it was operated by Inmet.
The recent PEA put the indicated resource at 177.3 million tonnes grading 0.73 g/t gold, 0.08% copper and 1.17 g/t silver, containing 4.3 million oz. gold, 332.6 million lb. copper and 6.66 million oz. silver. The inferred portion is 116.7 million tonnes at 0.73 g/t gold, 0.07% copper and…
