EMX Royalty has finalised a purchase agreement with Aurora Exploration for a royalty interest in the Mustajärvi gold project in Finland, a move that underscores the project’s potential within the Central Lapland Greenstone Belt.
The agreement includes an $80,000 (C$107,451) payment and the issuance of 30,000 common shares from EMX, pending approval from the Toronto Stock Exchange Venture Exchange.
The Mustajärvi project, situated in a region known for significant gold discoveries and the presence of the Kittila Gold Mine, is currently under the stewardship of Firefox Gold.
The project, which was initially acquired by Aurora in 2017 and later sold to Firefox, has yielded notable gold mineralisation through subsequent exploration.
Aurora’s decision to retain a 1% net smelter return royalty after selling the project to Firefox has now culminated in EMX’s acquisition.
Notably, Firefox retains the option to repurchase half of this royalty for $500,000 following a positive feasibility study.
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By GlobalData
This transaction follows Firefox’s recent partnership announcement with Agnico Eagle Mines, which included a private placement to fund further exploration.
Gold mineralisation at Mustajärvi is characterised by quartz-carbonate-tourmaline veins, a typical geological setting for gold in the region.
The mineralisation extends over a 2.1km trend and remains open for further exploration along strike and at depth, offering promising prospects for future drilling and development.
The East Target, where Firefox reported finding a new zone of gold mineralisation in 2022–23, was the focus of recent exploration efforts.
Drill intercepts in the East Target include hole 22MJ006, which had an in-hole depth of 24.15m and 13.85m of 28.74 grams per tonne (g/t) of gold (Au); hole 22MJ021 had an in-hole depth of 11m and 15.5m of 13.09g/t Au; and hole 23MJ004 had an in-hole depth of 12m and 20.45m of 5.14g/t Au.
The drill hole 21MJ010 contains notable intercepts elsewhere on the site, including 16.45m at 7.69g/t Au at an in-hole depth of 154.15m. Thus far, Firefox and other explorers have drilled 14,158m on the property.
