BHP Group has redirected funding from Kingsrose Mining’s Central Finland exploration to the Finnmark Alliance in Norway, granting US$3.5 million for the second year of exploration. This brings the total funding from BHP to Kingsrose for the Finnmark area to US$5.84 million, exceeding the initial agreement of US$5 million. The Finnmark Alliance aims to assess the prospectivity of the region, focusing on copper, nickel, and platinum group element (PGE) sulphides, with the belief that the area holds potential for significant discoveries.
To expand its exploration tenure in Finnmark, Kingsrose Mining has also entered an option agreement to acquire the Gallujavri project from EMX Royalty. The agreement includes an initial payment of $38,000 and subsequent payments totaling $665,000 over four years to cover work commitments. A final payment of $150,000 will grant Kingsrose 100% interest in the project, along with a 1% net smelter return royalty. Kingsrose Managing Director Fabian Baker stated this exploration program is one of the largest globally and expressed gratitude to BHP for their financial and expert support. The work program will generate datasets over 200 kilometers of the Karasjok and Kautokeino Greenstone Belts to identify prospective areas for copper-nickel-PGE sulphide deposits.
