Hudbay Minerals (TSX: HBM) is now the majority owner and operator of the Talbot project in Manitoba, having exercised its right to buy back a 2% interest in the property from Canadian mining junior Rockcliff Metals (CSE: RCLF).<\/p>\n
As consideration for the buy-back, Hudbay has made a C$725,892 cash payment to Rockcliff, and it now owns 51% of the project with Rockcliff holding the remaining 49%.<\/p>\n Compared to 30 mines that have gone into production in the area, Talbot holds the fourth-largest initial resource prior to production<\/p>\n<\/blockquote>\n<\/figure>\n Once Hudbay takes the project into production, Rockcliff will retain a 35% carried interest in the project through life-of-mine, provided that Rockcliff contributes its pro-rata share of pre-construction capital.<\/p>\n The Talbot property is a gold-rich copper asset hosting indicated mineral resource of 2.2 million tonnes at 2.3% Cu, 2.1 g\/t Au, 1.8% Zn, 36 g\/t Ag and inferred mineral resource of 2.4 million tonnes at 1.1% Cu, 1.9 g\/t Au, 1.7% Zn, 25.8 g\/t Ag.<\/p>\n Rockcliff, a major landholder in the Flin Flon-Snow Lake greenstone belt of central Manitoba, has been developing the Talbot deposit over the past six years.<\/p>\n Compared to 30 mines that have gone into production in the area, Talbot holds the fourth-largest initial resource prior to production, after the past-producing Flin Flon mine and the Lalor and 777 mines.<\/p>\n Shares of Hudbay Minerals were down 1.8% by 1:20 p.m. EDT on the TSX, giving the Toronto-based copper miner a market capitalization of C$1.37 billion.<\/p>\n Meanwhile, Rockcliff Metals’ stock plunged 12.5%, capping the company’s value at C$32.27 million.<\/p>\n","protected":false},"excerpt":{"rendered":" Located in the Flin Flon-Snow Lake region, Talbot holds the fourth-largest initial resource prior to production.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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