The Finland-focused gold miner Rupert Resources Ltd. (TSX: RUP.TO) (OTCQX: RUPRF) is aiming to expand its asset portfolio in the country by taking a majority stake in a vast exploration-stage project there.
B2Gold Corp. (TSX: BTO), operator of the project, gave its joint venture partner Aurion Resources Ltd. (TSX-V: AU) notice of Rupert’s C$102.8 million offer on Monday. The company wants to acquire B2Gold’s 70 per cent stake in the unnamed northern Finland operation.
It is situated in the country’s Central Lapland Greenstone Belt, within reasonable proximity to Rupert’s flagship project, and spans 293 square kilometres.
“No definitive agreement has been entered into at this time, and there can be no assurance that any such agreement will be reached, that any such agreement will ultimately result in a completed transaction or that any of the expected objectives or outcomes will be realized,” Rupert said in a news release.
The joint venture had an initial budget of C$10.5 million last year, which will fund an aggregate 12,500 metres of drilling. In the winter of 2022 and spring of 2023, 8,000 metres were drilled at the JV site.
In late 2021, B2Gold made a significant discovery named Helmi just 1.5 kilometres away from Rupert’s Ikkari discovery at its Rupert Lapland (flagship) project. The following year, the joint venture drilled a core just shy of 1 kilometre from Helmi containing 39.4 g/t Au over 1.4 metres.
Rupert’s Ikkari deposit is estimated to contain over 4.3 million ounces of gold.
⛏️🇨🇦🇫🇮Rupert Resources makes a move on B2Gold's Finland JV with Aurion Resources $AU.V $BTG $RUP.T
Report: Rupert Resources is offering to acquire B2Gold's interest in the Finland joint venture between B2Gold and Aurion Resources: https://t.co/tYIwEZWIgR
🔸Terms reported to… pic.twitter.com/FWhlKJuaZv
— Ted Dixon (@TedDixon) March 11, 2024
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Aurion also has a Finland joint venture with Kinross Gold Corporation (TSX: K). Kinross holds a 9.8 per cent stake in the company. Newmont Corporation (TSX: NGT) holds a 2.4 per cent interest in Aurion as well.
B2Gold has a vast international portfolio, including gold mining assets in Newfoundland, Nevada and Nicaragua. The company holds interests in these countries through its 25 per cent stake in Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF).
Rupert’s flagship Finland project has produced some high-grade drill results in recent days. The company just intercepted 16.5 g/t Au over 25 metres.
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