Aurion Resources (TSX-V:AU) Ltd said mining major B2Gold Corp was set to acquire a further 19% of the pair's joint venture (JV) in Finland, taking the latter's total interest in the project up to 70% after exercising an option.
The JV covers an area of around 331 square kilometres (sq km) along the major crustal scale Sirkka Shear Zone in the Central Lapland greenstone belt, and since the deal was struck in 2016, B2Gold has completed more than C$15 million in exploration expenditures, paid Aurion C$50,000 in cash, and issued 550,000 of its shares.
B2Gold has also told Aurion it aims to sole fund all programs and budgets until a feasibility study is completed as required under the remaining option to acquire an additional 5% stake, subject to its right to terminate sole funding at any time.
"Aurion highly values the opportunity to work alongside a company of B2Gold's caliber who has a strong track record in exploration, development and mining, and we are pleased that our co-operation continues," said Matti Talikka, Aurion's CEO, in a statement.
READ: Aurion Resources identifies gold in till anomalies from sampling at its Risti and Launi properties in Finland
"The B2Gold team has already made several discoveries on the JV property and their commitment is a testament to the world class potential for significant discoveries within the Central Lapland Greenstone Belt."
The joint venture already includes a number of discoveries, such as Kutuvuoma (16.47 grams per ton (g/t) gold over 11.0m), Soretiavuoma (48 g/t gold over 1.1m), Sinermä (0.54 g/t gold over 40.2m), Kiekerömaa (5.8 g/t gold over 5m) and Kettukuusikko (4.33 g/t gold over 20.4m).
In addition, Rupert Resources' 4 million ounce Ikkari discovery sits immediately adjacent to the joint venture, noted Aurion.
B2Gold is currently completing a 5,000 metre (m) diamond drill program on the Kutuvuoma-Ikkari corridor as well as base of till and trenching programs on a number of targets in the eastern part of the JV property
Aurion Resources (TSX-V:AU) is a Canadian exploration company which acquires early-stage precious metals exploration opportunities. It has a portfolio of properties in Finland, including its flagship Risti and Launi projects, as well as joint venture agreements with Kinross Gold, B2Gold Corp and strategic resources in Finland.
Contact the author at giles@proactiveinvestors.com