Total
0
Shares
finland
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • NewPeak Metals (NPM) has finalised the purchase of four gold exploration permits in Finland
  • Last month, the company agreed to purchase the permits from fellow ASX-lister SunStone Metals (STM) to expand its footprint in the Southern Orogenic Gold province
  • For the prospects, NewPeak will pay SunStone $75,000 cash and $250,000 worth of NewPeak shares
  • The permits include the Satulinmäki and Riukka Gold prospects
  • On the market this morning, NewPeak is in the grey and trading at 0.3 cents per share, while SunStone is also in the grey at 1.3 cents per share

NewPeak Metals (NPM) has finalised the purchase of four gold exploration permits in Finland.

Last month, the company agreed to purchase the permits from fellow ASX-lister SunStone Metals (STM) to expand its footprint in the Southern Orogenic Gold province.

For the purchase, NewPeak will pay SunStone $75,000 cash and $250,000 worth of NewPeak shares.

Additionally, the company will also give SunStone a milestone payment of $1.5 million in cash or shares upon delivering a JORC Indicated category resource of a minimum of 500,000 ounces gold equivalent.

The deal is expected to be completed over the next few days.

The permits include the Satulinmäki and Riukka Gold prospects, which were drilled by SunStone in 2016 and 2017. These prospects are considered the most advanced.

“The acquisition is a valuable addition to the Company’s Finland permits and further develops the pipeline of Gold prospects in the area,” Managing Director David Mason said.

“The most advanced prospect in the SunStone permits, Satulinmäki, is drill ready
allowing NewPeak to commence drilling in Finland as soon as a rig is secured,” he added.

Notably, SunStone is selling the projects to focus on its exploration properties in Ecuador.

On the market this morning, NewPeak is in the grey and trading at 0.3 cents per share, while SunStone is also in the grey at 1.3 cents per share at 12:00 pm AEDT.

NPM by the numbers
More From The Market Herald
Adriatic Metals PLC (ASX:ADT) - CEO, Paul Cronin

" Adriatic Metals (ASX:ADT) releases silver assays for Rupice Mineral Resource

Adriatic Metals (ADT) has released silver assays for its wholly-owned Vares Silver Project in Bosnia and Herzegovina.
Turaco Gold (ASX:TCG) -Managing Director, Justin Tremain

" Turaco Gold (ASX:TCG) receives results from Bouake North

Turaco Gold (TCG) has received results from its recently completed auger drilling program at the Bouake North prospect in Côte d’Ivoire.
Australasian Gold (ASX:A8G) - Managing Director, Qingtao Zeng

" Australasian Metals (ASX:A8G) and CSIRO detect high priority lithium at Mt Peak

Australasian Metals (A8G) and CSIRO have announced the detection of high priority pegmatite and lithium at its wholly-owned Mt Peak project in the
Green Technology Metals (ASX:GT1) - CEO, Luke Cox

" Green Technology Metals (ASX:GT1) begins drilling at North Aubry

Green Technology Metals (GT1) has begun drilling at the North Aubry deposit within its Seymour Project in Ontario, Canada.