Maverix Metals Inc. (TSX: MMX) has completed the acquisition of an additional net smelter return (NSR) royalty on the Hope Bay mine in Nunavut, owned and operated by TMAC Resources Inc. Maverix now holds a 2.75% NSR royalty on Hope Bay effective from August 1, 2019. The 2.75% NSR royalty will reduce to 2.5% upon registration of the royalty against the property. TMAC continues to optimize the established operations and expects Hope Bay to produce over 160,000 ounces of gold in 2019.
Hope Bay is an 80 km by 20 km Archean greenstone belt located in Nunavut. It is a high-grade gold district with established Measured and Indicated Mineral Resources totaling approximately 4.81 million ounces of gold at an average grade of 8.3 g/t Au and Inferred Mineral Resources totaling 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.