First Class Metals plc has sold its McKellar gold-VMS and Enable gold-silver properties to the Seventy Ninth Group Ltd for a total £270,000 and agreed a £230,000 loan with the purchaser.
OPPORTUNITIES
The company said that Seventy Ninth Resources Ltd, which is preparing to list on the Toronto Stock Exchange Venture, continued to progress due diligence over other FCM assets.
The 12-month loan will fund general working capital and advance exploration activities on FCM’s remaining properties in Ontario.
Seventy Ninth chief executive Natalie Bellis said that the acquisitions were significant milestones towards building a pipeline of quality, data-verified exploration projects in Canada
“Another exciting aspect is that one of the concessions includes base metals such as zinc and copper, which comes at a time when we are starting to explore opportunities around other metals alongside gold, including manganese and lithium.
“This latest acquisition aligns with our long-term strategy to expand our mining exploration footprint across a number of territories across the globe.
“We look forward to building on our successful partnership with First Class Metals plc. “