Miata Metals Corp. announced that it has entered into an option agreement (the "Nassau Agreement") with the registered owner (the "Optionor") of the Nassau gold project in Suriname ("Nassau"), providing a path to increase the 70% interest currently held by the Company to 100%. Highlights: Consolidating the Nassau property represents a unique opportunity to provide Miata's shareholders increased exposure to gold exploration and discovery as the Company continues to progress drilling at its Sela Creek gold project.
Miata acquired a 70% beneficial interest in Nassau in October 2024, and the Nassau Agreement will allow the Company to acquire the incremental 30%. The total project is host to multiple identified gold zones, each of which includes several gold occurrences. Nassau is located 20 kilometres south of Newmont Corporation's Merian gold mine1, and 60 kilometres east of the Rosebel gold mine operated by Zijin Mining1.
Although host to over 100 years of small-scale alluvial and saprolite mining activities2, Nassau is under-explored and has seen minimal modern exploration. With a path to 100% ownership now in hand, Miata continues to compile historical information that will allow for an efficient first-pass surface program including mapping and sampling. Sela Creek remains the Company's core focus as it progresses its maiden 10,000 m drill program, which is approximately 15% complete with assays currently pending on holes 10 through 14.
Nassau Gold Project: The Nassau property is located in a gold-rich greenstone belt in northeast Suriname, part of the Guiana Shield. The payment schedule is as follows, subject to certain conditions precedent which may reduce or defer these payments: USD 25,000 initial deposit and USD 75,000 in cash upon signing; USD 200,000 cash payment on the 1-year anniversary; USD 400,000 cash payment on the 2-year anniversary; USD 650,000 cash payment on the 3-year anniversary. Concurrent with the completion of the option, Miata shall grant the Optionor a 2.0% net smelter royalty ("NSR") from the sale of gold mined from Nassau.
Miata shall maintain a buy-back right to purchase (i) one half% of the NSR for cash payment of USD 1,000,000 and (ii) a further (0.5%) of the NSR for a cash payment of USD 3,000,000. A current 0.5% NSR was granted to a prior operator. Miata will be the operator of Nassau responsible for carrying out exploration.
