Sailfish Royalty Comments on Draft Environmental Impact Statement filed for Spring Valley
Sailfish Royalty Comments on Draft
Environmental Impact Statement filed for
Spring Valley
Tortola, British Virgin Islands--(Newsfile Corp. - February 18, 2025) - Sailfish Royalty Corp. (TSXV:
FISH) (OTCQX: SROYF) (the "
Company
" or "
Sailfish
") is pleased to announce that on February 14,
2025, the Draft Environmental Impact Statement ("
DEIS
") was filed by the United States Bureau of Land
Management ("
BLM
") to fulfill its obligation under the National Environmental Policy Act to address
potential effects from the development of the Spring Valley Mine Project ("
Spring Valley
") located in
Pershing County, Nevada.
Paolo Lostritto, CEO stated, "We are excited to see that the BLM has filed the DEIS. All comments
relating to the DEIS must be received by April 4, 2025. This should provide for a Record of Decision
regarding the development of Spring Valley by mid to late 2025. It is worth noting that the recent White
House Executive Order related to energy and minerals should result in the permitting process to be
streamlined further. Our up-to 3% net smelter return royalty ("
NSR
") on Spring Valley is a material asset
that should result in a several fold increase in our cash flow once the mine is in production."
As a reminder to shareholders, a Plan of Operations ("
PO
") was filed with the BLM by Solidus
Resources, LLC ("
Operator
") on March 7, 2023 and proposes the development of an open pit mine,
heap leach facilities and related operations and facilities at Spring Valley.
Plan of Operations:
The PO covers 698 unpatented claims and 895 mill site claims as well as private fee lands, either owned
or controlled by the Operator and proposes, among other things, the following activities and facilities:
Development of the Spring Valley open pit;
Construction of pit dewatering facilities, including rapid infiltration basins;
Development of three waste rock storage facilities;
Development of a heap leach facility;
Construction of a crushing circuit;
Construction of carbon processing and refining facilities;
Development of light duty and haul roads;
Development of stormwater control structures;
Development of other facilities including the mine fleet shop, explosives storage, truck shop,
refueling area, and mine offices;
Development of site infrastructure including parking areas, yards, storage areas, and an
aggregate plant; and
Development of site utilities including: power distribution, a used materials pad, freshwater
distribution, potable water system, fire water system, sewage system, communications facilities,
and fuel storage and distribution facilities.
The PO states that the proposed operation will use conventional open pit mining methods. The PO
outlines the excavation of the open pit to occur over 13 years, which includes 18-24 months of pre-
stripping during construction. Over the life of mine ("
LOM
"), approximately 323 million tons of
mineralized material is expected to be mined, along with 598 million tons of waste rock and 328 million
tons of alluvium.
The average mining rate for Spring Valley is expected to be approximately 100 million
tons of material per year. The Company's current royalty portfolio on Spring Valley covers 100% of the
open pit as outlined in the PO, with the majority of the acres included in the proposed open pit covered
by a 3% NSR at prevailing gold prices. See Figure 1 below.
Sailfish holds the following Spring Valley royalty assets:
1
.
up to a 3% NSR
1
on a majority of the acres included in the proposed open pit at Spring Valley
(royalty boundary in blue);
2
.
a 1.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in pink); and
3
.
a 0.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in yellow
2
).
Figure 1 - Sailfish Royalty Corp.'s various Spring Valley royalty holdings (boundaries are approximate).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5699/241250_ccab260a2422e9b8_001full.jpg
1
For clarity, the up to 3% NSR owned by Sailfish is part of a total 7% NSR above $700/oz. Au. The sliding scale NSR royalty is not payable on the
first 500,000 ounces of gold recovered from any commercial production.
2
Excluding the areas included in the blue and pink boundaries.
Spring Valley hosts a 2014 published National Instrument 43-101 -
Standards of Disclosure for Mineral
Projects
("
NI 43-101
") compliant report. The technical report titled "NI 43-101 Technical Report on
Resources, Spring Valley Project", effective August 1, 2014, was prepared by William J. Crowl, R.G.,
MMSA QP, Zachary J. Black, SME-RM and Deepak Malhotra, PhD, SME-RM and filed by Midway Gold
Corp. on September 9, 2014 and is based on work completed in a joint venture between Midway Gold
Corp. and Barrick Gold Corporation (the "
Technical Report
"). The technical report is available at
www.sedarplus.ca
under Midway Gold Corp.'s profile.
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are three main
assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5 sq.
km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern
Nicaragua; an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County,
Nevada; and a 100% interest in the Gavilanes Silver Project located in Durango State, Mexico (currently
in the process of being converted into a 2% net smelter royalty).
Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under the
symbol "SROYF". Please visit the Company's website at
www.sailfishroyalty.com
for additional
information.
Qualified Person
Dr. Matthew D. Gray, President, Resource Geosciences Incorporated, Qualified Person under NI 43-
101 on standards of disclosure for mineral projects, has reviewed and approved the technical content of
this release. To verify the technical content of this disclosure Dr. Gray reviewed the: Spring Valley Mine
Plan of Operations and Nevada Reclamation Permit Application prepared by Solidus Resources Spring
Valley, Nevada, USA; and the BLM acknowledgement letter, obtained from the NDEP and the Humboldt
River field office of the BLM.
For further information:
Paolo Lostritto, CEO, tel. 416-602-2645 or Akiba Leisman, Executive
Chairman of the Board, tel. 917-558-5289.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary statement regarding forward-looking information
Certain disclosures in this release constitute "forward-looking information" within the meaning of
Canadian securities legislation. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions.
Forward-looking statements also include reference to events or conditions that will, would, may, could
or should occur, including, without limitation, statements regarding: advancement of the permitting
process for Spring Valley; plans relating to the development and construction of Spring Valley as
contemplated in the PO; expected mining results over the LOM; and discussion of future plans,
projects, objectives, estimates and forecasts and the timing related thereto. In making the forward-
looking statements in this news release, the Company has applied certain factors and assumptions
that the Company believes are reasonable, including, without limitation: that BLM will approve the PO
and the Operator will receive necessary permits to complete its proposed development and
construction of Spring Valley as contemplated in the PO; the development and construction of Spring
Valley will be completed as contemplated in the PO; and that future mining operations at Spring
Valley will produce the anticipated results. However, the forward-looking statements in this news
release are subject to numerous risks, uncertainties and other factors that may cause future results to
differ materially from those expressed or implied in such forward-looking statements, including without
limitation: that BLM does not approve the PO and the Operator is unable to obtain the necessary
permits to complete its proposed development and construction of Spring Valley as contemplated in
the PO; the proposed development and construction of Spring Valley is not completed as
contemplated in the PO; the results of future mining operations at Spring Valley may be less
favorable than anticipated; and those applicable risks, uncertainties and factors set forth in the
Company's disclosure record under the Company's profile on SEDAR at
www.sedar.com
.There can
be no assurance that such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and forward-looking information. Readers are
cautioned that reliance on such information may not be appropriate for other purposes. The Company
does not undertake to update any forward-looking statement, forward-looking information or financial
out-look that are incorporated by reference herein, except in accordance with applicable securities
laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/241250