EMX Royalty (TSXV: EMX) and Sienna Resources (TSXV: SIE) announced that the latter will enter a two-year option period to acquire EMX’s Kuusamo Ni-Cu-Co-PGE project in Finland in exchange for a royalty, satisfying work commitments, and making payments of cash and equity to EMX.
Sienna can earn a 100% interest in Kuusamo by issuing 500,000 shares of SIE to EMX upon execution of the amendment agreement and spending a minimum of C$250,000 on exploration and project advancement over the next two years, among other conditions
The deal is part of an amendment to the option agreement signed between both companies back in December 2017, which referred to the Slättberg Ni-Cu-Co-PGE project in southern Sweden.
“Sienna and EMX have been working together to advance the Slättberg Ni-Cu-Co-PGE project in southern Sweden, a relationship that will now extend to Finland,” the firms said in a media statement.
The Kuusamo battery metals project is comprised of two exploration reservation properties located adjacent to and near EMX’s Kaukua PGE royalty property, which is being advanced by Palladium One Mining.
Kuusamo hosts similar styles of mineralization located within the same mafic intrusive complex and along trend of the mineralization at Kaukua. According to EMX, both properties show Ni-Cu-Co-PGE enriched sulfide horizons near the base of a mafic intrusive complex.