Tertiary Minerals plc said that the reservation notice for an exploration permit (licence reservation) over the Kalkkinen platinum group metal prospect in Finland has been cancelled on environmental grounds.
AGREEMENT
This will end Tertiary’s agreement to sell data rights and intellectual property over Kalkkinen to unlisted explorer Element-46 Ltd (E46) in exchange for a 2% net smelter return (NSR) royalty and 200,000 shares in E46.
BACKGROUND
In 2004-05, Tertiary discovered a zone of outcropping massive sulphide mineralisation where chip sampling returned results which include 2.3% copper with 3.4 g/t palladium-platinum-gold over 0.75m and 0.3% copper with 3.2 g/t palladium-platinum-gold over 1m.
In January 2021, an agreement between the two companies saw E46 apply for a licence reservation over the Kalkkinen prospect.
Tertiary also held a 2% NSR royalty over the licence reservation area.
E46 had the right to purchase the NSR royalty interest and all other rights granted to Tertiary for $1,000,000 and 200,000 ordinary shares in E46 upon the grant of the licence reservation.
Tertiary will now not be entitled to receive the E46 shares and the future royalty interest will fall away.