Canada-based B2Gold has agreed to acquire a 75% interest in the Kuortis Property in Finland from Aurion Resources, through an option agreement.
The Canadian firm will have the right to earn up to 70% of undivided interest in the 53km² property, which is located nearly 25km south of Agnico-Eagle’s Kittilä Mine and adjacent to the existing JV property with B2Gold.
As part of the deal, B2Gold must incur at least $606,700 (C$750,000) in exploration expenditures on or before the second anniversary of the agreement to initially acquire a 51% undivided interest in the Kuortis Property.
The firm will also have to incur at least $1,415,830 (C$1,750,000) in exploration expenditures on or before the fifth anniversary of the agreement, as well as issue 25,000 B2Gold shares to Aurion.
To acquire an additional 24% undivided interest in the property, B2Gold is required to complete the first option; and issue a further 25,000 B2Gold shares to Aurion.
The firm will also have to fund an additional $2,022,610 (C$2,500,000) for exploration work on the property, on or before the fifth anniversary.
Aurion CEO Matti Talikka said: “We are pleased to join forces with B2Gold’s world-class exploration team on another project.
“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 mineralisation within the Central Lapland Greenstone Belt, including the recent significant discoveries by the Aurion-B2Gold JV and Rupert Resources.”
Recently, B2Gold agreed to sell a 100% stake in Volta Resources (Cayman) to West African Resources (WAF).
Volta Resources holds an 81% interest in the Kiaka gold project in Burkina Faso.