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(Sharecast News) - 80 Mile announced the signing of an asset purchase agreement to sell its Kangerluarsuk zinc-lead-silver project in Greenland to Amaroq Minerals on Monday.
On completion, the AIM-traded firm said it would receive $0.5m in Amaroq shares, with a further $1.5m payable in cash or shares if a JORC or NI 43-101 compliant economic deposit was later defined that supports development.
It said Kangerluarsuk is a high-grade carbonate-hosted project on Greenland's west coast in the historic Black Angel mining district.
80 Mile said it had identified multiple untested geophysical anomalies consistent with the mineralisation style that historically supported production in the area.
The company described Amaroq as a well-capitalised, technically proficient Greenland-focused explorer and developer, and said it was confident Amaroq's team was well placed to unlock the project's value through systematic exploration.
The sale formed part of 80 Mile's strategy to monetise non-core assets and focus on priority projects, including the Disko-Nuussuaq nickel-copper-cobalt project, Hydrogen Valley and the Jameson Land Basin Project.
Proceeds woud be directed toward advancing the core assets and other strategic initiatives.
At 1527 BST, shares in 80 Mile were down 2.62%% at 0.24p.
Reporting by Josh White for Sharecast.com.
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