Wedoany.com Report-Jun 4, Canadian mineral exploration company Miata Metals has signed an option agreement to fully acquire the Nassau gold project in Suriname. The agreement allows Miata to increase its ownership from 70% to 100%, securing full control over the asset. The Nassau property is located in a geologically significant greenstone belt near existing gold mines and placer deposits, and hosts several known gold zones.

As the operator, Miata will be responsible for carrying out exploration at Nassau.

Miata Metals CEO Jacob Verbaas commented on the agreement: “With this transaction, Miata now holds exposure to the potential for 100% ownership of both Sela Creek and Nassau, providing us with full strategic control over our Suriname gold portfolio. We continue to systematically advance our flagship Sela Creek gold project, where our technical team is drill-testing a large-scale orogenic system across 215km². We are pleased to enter into this agreement at Nassau as it strengthens our long-term position in the prolific greenstone belts of Suriname. Nassau is on trend with the producing Rosebel and Merian mines, road accessible, and close to important infrastructure. Like Sela Creek, we believe the Nassau project now also has the right foundation to build lasting shareholder value in Suriname’s highly prospective gold belt.”

The Nassau property includes multiple high-priority exploration targets identified by previous operators, and remains underexplored despite its proximity to producing mines. The area is considered favorable for future discoveries due to its geological setting and accessibility.

Under the terms of the agreement, Miata is required to make total cash payments of $1.35 million over three years, along with exploration work commitments totaling $2 million. The payment schedule consists of an initial $25,000 deposit, followed by $200,000, $400,000, and $650,000 payable on each successive anniversary of the agreement.

As part of the deal, Miata will also grant the original property holder a 2% net smelter royalty (NSR) on future gold production from Nassau. The agreement includes a provision allowing Miata to buy back portions of the NSR, providing added flexibility for future development and investment.

Miata will act as the project operator, overseeing all exploration activities at Nassau. This move consolidates the company’s position in Suriname’s gold sector, following its acquisition of 79North in October of the previous year. That transaction included the initial 70% stakes in both the Sela Creek and Nassau projects.

With this latest agreement, Miata Metals strengthens its long-term strategy in the region, gaining greater control over two key assets within Suriname’s gold-rich greenstone belt. The company aims to unlock value through focused exploration and development of these projects.