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Friday, 25th May 2007 (5435 views)

The net smelter return royalty has been acquired by Tenajon Resources relating to the Summit Lake gold property in British Columbia.

A total consideration of $105,000 (£52,900) has been tendered by the mining company to the Royal Bank of Canada to snap up the net smelter royalty.

Situated just 30 kilometres away form Stewart, the property had previously been providing Tenajon Resources with a three per cent royalty and then after a sum of $600,000 was paid by the firm, a one per cent royalty followed.

The Summit Lake gold property yielded some 95,426 ounces of gold between 1981 and 1985 and an average gold grade of 0.474 ounces per tonne was recovered from more than 200,000 tonnes in total that was milled during this period at the site.

Aside from Summit Lake, the company declared earlier this month that it was to acquire the Moly Brook extension property and the 100 per cent ownership rests solely on Tenajon paying a two per cent net smelter royalty.

 

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