FinnAust Mining, the exploration company with operations in Greenland, Finland and Austria, has announced that it will strengthen its position in Greenland with the acquisition of Avannaa Exploration Limited. The company is a mineral exploration company with several advanced projects in the south-west of Greenland.
The acquisition, which will also see FinnAust acquire share capital of Avannaa from Capricorn Oil Limited, a subsidiary of Cairn Energy Plc.
Here are 10 highlights of the deal:
Detailed sulphide inclusion analysis from the Disko flood basalts show strong sulphide segregation has taken place
The existence of a 28 tonne massive sulphide boulder assaying 7% Ni, 3% Cu & 2ppm PGE in a cross cutting dyke interpreted to have sampled an MMS conductor during emplacement, confirms the model
FinnAust CEO Roderick McIllree said, “This acquisition further consolidates FinnAust’s position in Greenland and sees us add quality acreage to our Greenlandic portfolio, which already includes the unusually pure Pituffik Titanium Project. Having worked in Greenland extensively over the past 10 years, my team and I have an excellent understanding of the resource opportunity in this emerging jurisdiction, the potential of which grows day by day as a result of environmental changes.”
“In terms of strategy, FinnAust will maintain its immediate focus on advancing Pituffik, which is shaping up to be a globally significant titanium asset. Before announcing details of our work programme plan for these new assets, our team will first absorb the large datasets available to ensure that all future work delivers the success we have seen at Pituffik and maximises shareholder value.”
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