Toronto- and New York-listed Kinross Gold has been granted the right to earn a 70% interest in the 42.74 km2 Launi East property, in Finland, TSX-V-listed Aurion Resources reports.
Under the terms of the agreement, Kinross can earn its interest by spending $10-million on exploration over seven years, of which at least $2-million must be spent in the first two years.
The Launi East property is located adjacent to Aurion’s 100%-owned Risti property.
“The company staked the Launi East property in 2018 and has since completed a significant amount of surface, geophysical, geochemical work on the property, as well as limited drilling. We welcome the Kinross team to build upon the work completed and unlock value from the property,” says Aurion CEO Matti Talikka.
Kinross has terminated its Silaskaira option agreement and Aurion will regain full ownership of the property.
The companies in November 2021 signed an agreement that granted Kinross the right to earn up to an 70% undivided interest in the Silaskaira project, which is adjacent to the Silasselkä vanadium project and about 28 km northwest of Agnico-Eagle’s Kittilä mine.
Aurion’s main focus is on its Risti and Launi West properties. The company also has a joint venture agreement in place with Canadian miner B2Gold and owns shares in Strategic Resources, a company that earned into the Silasselkä project.
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