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Be the first with the news that moves the market- Sienna Resources (TSXV:SIE) has picked up the Kuusamo battery metals project in Finland off long-time partner EMX Royal
- Sienna can earn up to a 100 per cent interest in the site through its agreement with EMX
- Intially, Sienna will issue 500,000 shares to EMX, as well as spend C$250,000 on exploration over the next two years, alongside another payment to EMX for acquisition costs and related expenses
- However, to gain the 100 per cent interest Sienna will also need to issue a further 1.5 million shares to EMX after a two-year option period
- Sienna Resources (SIE) remains unmoved since Friday and is trading at six cents per share
Sienna Resources (TSXV:SIE) has picked up the Kuusamo project in Finland off long-time partner EMX Royal.
The prospective Kuusamo projects is comprised of two exploration properties adjacent to each other.
EMX Royal Corporation also own the adjacent Kaukau platinum group elements property.
Through the agreement, Sienna will issue 500,000 shares to EMX, as well as spend C$250,000 on exploration over the next two years, alongside another payment to EMX for acquisition costs and related expenses.
Sienna will also need to issue a further 1.5 million shares if the company does take the 100 per cent interest option of the site.
EMX Royal Corporation’s Kaukau property is currently being advanced by Palladium One, another TSX Venture Exchange junior exploration company.
EMX and Sienna already have an ongoing partnership regarding the Slättberg project in Sweden.
The last substantive drill program at the site was conducted in the 1970’s with some spot drilling in the 90’s and early 2000’s. These later drills were all very shallow drill holes, only extending from around 50 metres to 75 metres deep.
With little information to go on at Kuusamo project, Sienna is instead relying on the results it has seen from the adjacent Palladium One project.
The results there are impressive, showing a mineralised horizon that stretches at least 30 kilometres long.
President of Sienna Resoures, Jason Gigliotti said he was very pleased that the company had acquired the exciting property in Finland.
“This project is directly bordering Palladium One’s project that has produced impressive results to date.
“We are proud to say our partner is EMX, a NYSE listed mining company, who we believe is one of the most respected companies in the market with some of the best geologists.
“We have a great working relationship and look forward to developing this new project as well as the Slättberg project. Sienna will be very active this summer at a time when the mining market is generating robust upward momentum,” he said.
Sienna Resources (SIE) remains unmoved since Friday and is trading at six cents per share.
