EMX Royalty has entered into a purchase agreement with Aurora Exploration for a royalty interest in the Mustajärvi gold project in Finland. This is a move that highlights the potential of the project within the Central Lapland Greenstone Belt.
The agreement includes a payment of $80,000 (CAD $107,451) and the issuance of 30,000 common shares from EMX, pending approval from the Toronto Stock Exchange Venture Exchange.
The Mustajärvi project is located in an area known for significant gold discoveries and the presence of the Kittilä gold mine, and is currently under the management of Firefox Gold.
The project was originally acquired by Aurora in 2017 and subsequently sold to Firefox, and subsequent exploration has resulted in significant gold mineralization.
Aurora’s decision to retain a 1% net smelter revenue royalty after selling the project to Firefox culminated in its acquisition of EMX.
Notably, Firefox retains the option to buy back half of this royalty for $500,000 after a positive feasibility study.
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The transaction follows Firefox’s recent partnership announcement with Agnico Eagle Mines, which includes a private placement to fund further exploration.
Gold mineralization in Mustajärvi is characterized by quartz, carbonate and tourmaline veins, a typical geological setting for gold in the region.
Mineralization extends over 2.1 km of trend, leaving scope for further exploration along strike and at depth, providing promising prospects for future drilling and development.
The East Target, where Firefox reported discovering a new zone of gold mineralization in 2022-2023, has been the focus of recent exploration activity.
The drill intercept of the East target included hole 22MJ006, which had depths of 24.15 meters and 13.85 meters and contained 28.74 grams per tonne (g/t) gold (Au). Hole 22MJ021 had a hole depth of 11m and 15.5m with 13.09g/t Au. Hole 23MJ004 had a hole depth of 12m and 20.45m of 5.14g/t Au.
Drill hole 21MJ010 contains notable intercepts elsewhere on the site, including 16.45m at 7.69g/t Au at 154.15m downhole depth. So far, Firefox and other explorers have excavated his 14,158 meters on this property.
