80 Mile gets permits to begin drilling at Disko project in Greenland

European-focused explorer 80 Mile PLC (LON: 80M) announced it has received all exploration permits to begin drilling at its nickel-copper-cobalt-PGE (platinum group elements) project in Greenland after firming up a joint venture agreement with USFM.

An initial 5,000‑metre program is scheduled for the first week of July at the Disko-Nuussuaq project in West Greenland, the company said following the agreement.

As part of the JV, the Colorado-based USFM will provide an initial funding of $30 million to earn up to a 51% legal and beneficial interest in the Disko project. 80 Mile will be the operational manager for all activities during the earn-in period.

The drilling program has an approved and fully funded budget of $7.5 million, to be provided by USFM, the company said. SRK Exploration will serve as geological manager for the program, while Forage Fusion Drilling will supply two diamond drill rigs for the campaign.

According to 80 Mile, the Disko project has shown its potential to host mineralization similar to the nickel-copper sulphide mine Norilsk-Talnakh in northern Russia.

“The signing of this agreement with USFM marks a major step forward in our plans for our Greenlandic mineral assets,” 80 Mile chief operating officer Olga Solovieva said in a news release. “We now have a free-carried position for 49% of Disko after our partners spent $30 million on the first systematic drilling ever to be undertaken on the project.”

“80 Mile has a unique in-country first mover advantage that is only now being recognized, having secured two of the highest potential commodity projects known,” she added.

In addition to Greenland, the company also has exploration projects in Finland and Italy.