80 Mile PLC on Tuesday said the government of Greenland has approved the sale of the Kangerluarsuk zinc-lead-silver project to fellow AIM listing Amaroq Ltd.
80 Mile, a London-headquartered metals and gas explorer, said it will receive 392,939 Amaroq shares, worth $500,000. It also stands to receive another $1.5 million in cash or shares upon the discovery of a certified mineral resource at Kangerluarsuk, which is located on the west coast of Greenland in the historic Black Angel mining district.
80 Mile said the disposal will allow it to focus on its priority projects, which are the Disko-Nuussuaq nickel-copper-cobalt project, Hydrogen Valley, and the Jameson Land Basin project, all also in Greenland.
For its part, Greenland-focused miner Amaroq said the purchase from 80 Mile, combined with its acquisition of Black Angel Mining AS from FBC Mining (BA) Ltd, creates a ’West Greenland hub’ to exploit.
80 Mile shares were down 2.3% at 0.51 pence in London at around midday on Tuesday. It has a market capitalisation of £25.2 million.
Amaroq was down 1.5% to 96.00p and has a market cap of €24.3 million.
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