Skip to main content

Shares of gold miners have stayed flat even as the price of the metal has soared.Associated Press/The Associated Press

Jayden Resources Inc. , a junior miner based in Vancouver, has struck a deal to buy a 45 per cent stake in the Silver Coin gold project in B.C.

The deal, announced Monday, expands the miner's control of the project.

The asset was bought from Nanika Resources Inc. , which had owned the stake in Silver Coin, a project near Stewart, B.C.

The claims cover about 750 hectares located to the east of the Silver Coin property.

Currently Jayden holds a 28.05-per-cent stake in the gold project. Junior miner Mountain Boy Minerals holds a 26.95 per cent interest and Nanika holds the remaining 45 per cent stake.

Under terms of the deal, Jayden will acquire Nanika's 45 per cent stake by paying $250,000 and issuing 350,000 common shares of the company.

In addition, Jayden has granted Nanika a 2-per-cent net smelter royalty on any gold production from the project.

"This is a significant milestone in the consolidation of Silver Coin's ownership," said Bob Felder, Jayden's president.

"The acquisition adds known mineralization and potential additional resources to the property and facilitates ongoing and future project development as the company advances the project towards production."

Interact with The Globe