Aurion Resources (TSX-V:AU) Ltd said it has signed a formal definitive option agreement with B2Gold Corp, granting it the right to earn up to an undivided 75% interest in the 53 square kilometre (km) Kuortis property.
The Kuortis property is located approximately 25km south of Agnico-Eagle's Kittilä Mine in the Lapland Province of Finland and adjacent to its existing joint-venture property with B2Gold.
Under the terms of the agreement, Aurion said B2Gold can earn a 51% undivided interest in the property by incurring a minimum of C$750,000 in exploration expenditures on or before the second anniversary of the agreement dated October 26, 2021; incurring exploration expenditures not less than C$1,750,000 on or before the fifth anniversary of the agreement date; and by issuing 25,000 B2Gold shares to Aurion.
READ: Aurion Resources notes that B2Gold has drilled a new discovery at its Finland joint venture
B2Gold can acquire an additional 24% undivided interest in the property by completing the first option; issuing an additional 25,000 B2Gold shares; and incurring an additional C$2,500,000 in exploration expenditures on or before the fifth anniversary, Aurion said.
"We are pleased to join forces with B2Gold's world-class exploration team on another project," Aurion CEO Matti Talikka said in a statement.
"The Kuortis property is located adjacent to the existing JV property with B2Gold and further expands the land position in the vicinity of the crustal scale Sirkka Shear Zone that is considered to play a significant role in the development of gold mineralization within the Central Lapland Greenstone Belt including the recent significant discoveries by the Aurion-B2Gold JV and Rupert Resources.”
Aurion Resources (TSX-V:AU) is a Canadian exploration company that 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 stephen.gunnion@proactiveinvestors.com