Agnico Eagle to sell two gold projects in Finland and Sweden
(Kitco News) - Gold Line Resources (TSX-V: GLDL) and EMX Royalty (NYSE American and TSX-V: EMX) announced today that they have entered into a definitive agreement with Agnico Eagle Mines (NYSE and TSX: AEM) pursuant to which Gold Line will acquire a 100% interest in Agnico’s Oijärvi gold project located in central Finland and the Solvik gold project located in southern Sweden for an aggregate purchase price of US$10 million.
According to the statement, Agnico will retain a 2% NSR royalty on the projects, 1% of which may be purchased at any time by EMX for US$1,000,000.
The Oijärvi gold project contains the drill defined Kylmäkangas deposit, with a historical inferred mineral resource of 1.89 million tonnes grading 4.11 g/t Au for 250,000 oz Au and 31.11 g/t Ag for 1,896,000 oz Ag. The mineralized system remains open for expansion at depth and along strike of the 1.5 kilometer mineralized trend of known mineralization.
The Solvik gold project is a 9,240 hectare advanced exploration project located approximately 16 km south from past producing Harnäs gold mine in south western Sweden. A total of 43 holes have been drilled to date across the project for a total of 8,364 m. Several holes have intersected gold mineralization with the best intercepts being 2.50 g/t Au over 19.4 m and 2.71 g/t Au over 8.5 m (estimated true widths).
Gold Line currently holds a prospective portfolio of five gold exploration projects in Sweden: one project is in the Skelleftea belt of north-central Sweden and four projects, including the Långtjärn property, are located within the Gold Line Mineral Belt of north-central Sweden. The projects are located on a 200-kilometre Proterozoic greenstone sedimentary belt that is host to multiple gold showings and deposits.
EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies.