- 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.