Tertiary Minerals plc is to sell its royalty interests in the Kaaresselkä and Kiekerömaa gold projects in Finland for CAD$200,000 to Aurion Resources Ltd.
USES
The binding agreement will also see Tertiary become once more a shareholder in Aurion with the issue of 83,333 common shares in the Canadian company.
Tertiary executive chairman Patrick Cheetham said that the proceeds would go towards the company’s exploration projects in Nevada and Zambia.
“The company is building an attractive portfolio of exploration projects in Zambia and we are pleased to be generating these additional exploration funds from internal resources.
“We are also pleased to become a shareholder in Aurion once again at a time when its interests in the Risti and Helmi gold discoveries in Finland are delivering exciting exploration results close to Rupert Resources’ 4Moz Ikkari gold discovery.”
HISTORY
Tertiary sold the Kaaresselkä and Kiekerömaa gold projects to Aurion in 2016 for £100,000,
£15,000 of which was paid in cash and £85,000 of which was settled in Aurion Shares which
were subsequently sold (2017) for £116,264.
At the time of the sale, Tertiary retained royalties on both the Kaaresselkä and Kiekerömaa Gold Projects.
Both projects are at the exploration stage and to date have no revenue.