Mackay Gold Closes the Acquisition of Comstock's Mining Assets in Nevada
Mackay Gold & Silver (MACK.V) on Monday said it closed its acquisition of Comstock's (LODE) Silver City Lode properties in Nevada, expanding Mackay's total land holdings in the region by 70% to 4,343 hectares.Mackay paid $20 million cash and two-million shares on closing as part of the first tranche of the consideration, the mineral exploration company said Monday.The second tranche, which must be completed by Dec. 21, 2027, consists of $7 million cash, of which up to $2 million can be settled in shares."The historic Comstock District hosted some of the most productive mining ground in nineteenth century America, and we believe there is a lot more gold and silver to be found," chief executive Darwin Green said in a release. "Since the company's inception, Mackay has been intently focused on consolidation of the patchwork of mining properties that make up the district, which we view as a prerequisite to applying the type of modern, large-scale, systematic exploration the district deservesComstock retains a 1.5% net smelter returns royalty on the properties.Mackay shares opened down C$0.02, or 0.7%, to C$3.00 on the TSX Venture Exchange.