Agnico Eagle will sell its Oijärvi gold project in central Finland and the Solvik gold project in southern Sweden for $10-million to Gold Line Resources.
Gold Line will acquire a 100% interest in both projects for an aggregate purchase price of $10 million comprised of cash and shares of each of Gold Line and EMX Royalty Corp.
Agnico will retain a 2% net smelter return royalty on the projects, 1% of which may be purchased at any time by EMX for $1 million.
The Oijärvi Gold Project contains the drill defined Kylmäkangas deposit, with a historical inferred mineral resource of 1.89 million tonnes grading 4.11 grams per tonne gold for 250,000 oz Au and 31.11 g/t silver for 1,896,000 oz Ag.
The mineralized system remains open for expansion at depth and along strike of the 1.5 kilometer (km) mineralized trend of known mineralization.
The Solvik Gold Project is a 9,240 hectare advanced exploration project located approximately 16 km south from past producing Harnäs gold mine in south western Sweden.
A total of 43 holes have been drilled to date across the project for a total of 8,364 m. Several holes have intersected gold mineralization with the best intercepts being 2.50 g/t Au over 19.4 m and 2.71 g/t Au over 8.5 m (estimated true widths). Over 100 channel samples from outcrops and boulders have returned a number of surface high grade Au-grades between 1.0 – 90.1 g/t Au.