Tertiary Minerals plc (LON:TYM) has disposed of two gold leases in Finland to Canada-listed group Aurion Resoruces (CVE:AU).
The miner will keep a royalty interest in the two sites, Kaaresselkä and Kiekerömaa, and receive £100,000 in cash and shares.
Aurion is a Finland specialist including a number in a joint venture with major gold producer B2Gold.
Tertiary’s royalty starts with the definition of a NI 43-101 resource and rising to a 2% Net Smelter payment once a mine goes into production. Half of the NSR can be bought out for US$1mln.
Richard Clemmey, Tertiary’s managing director, said: "We are delighted to have sold our two legacy gold projects to an accomplished gold explorer.”