Anglo Swiss Resources has signed a principle agreement to acquire Gungnir Resources, an Ontario-based private company.
The company will pay around $300,000 consideration to Gungnir to cover land acquisition costs and exploration expenditures to date. As part of the deal, Anglo Swiss will acquire all exploration properties of Gungnir, situated in northern Sweden.
The Gungnir properties cover around 22,500ha or 225km² in the Gold Line area of the Skellefte mining district of Sweden. The properties consist of the Nordanas and Knaften projects along the south-eastern extension of the Gold Line.
Anglo Swiss has said that the region includes about 12 million ounces of gold delineated in existing and mined resources, as well as producing and past-producing volcanogenic massive sulphide base metal mines.
The main target of the Gungnir properties include intrusion-related gold mineralisation, which is an under-explored deposit type. This type of gold deposit can be found in the Pogo, Fort Knox mine, Donlin in Yukon or Alaska, and Bjorkdal in Sweden.
Anglo Swiss Resources vice-president Chris Robbins said the acquisition combines a huge exploration land package, targeting expertise and turnkey entry into a new country.
"This is an exceptional opportunity for the company moving forward," Robbins said.
Anglo Swiss is a Canadian-based exploration company that has Kenville Gold and Blu Starr Flake Graphite properties in south-eastern British Columbia.