80 Mile (AIM:80M) has executed the definitive earn‑in agreement with USFM under which USFM will fund an initial US$30m to earn up to a 51% legal and beneficial interest in the Disko‑Nuussuaq licences and a US$7.5m drill budget is approved and funded.
The Disko‑Nuussuaq project, a 3,015 sq km West Greenland licence area hosting seven magmatic massive sulphide targets and high‑grade boulder assays, has received all Greenland drilling permits for an initial 5,000 metre programme.
"We now have a free carried position for 49% of Disko after our partners spend $30 million on the first systematic drilling ever to be undertaken on the Project," said Olga Solovieva, Chief Operating Officer of 80 Mile.
Under the transaction 80 Mile will act as operational manager during the earn‑in, will receive US$500,000 cash on signing and a 10% management fee on all Disko expenditure, and USFM will bear 100% of site restoration costs.
Forage Fusion Drilling has been appointed to supply two diamond rigs, SRK Exploration will act as Geological Manager and Air Greenland will provide logistics and helicopter charter services for the campaign.
The earn‑in remains conditional on related party treatment disclosures, any required shareholder and exchange approvals, Greenland government consents for the transfer, customary third‑party and tax clearances and no material adverse change.
Drilling is scheduled to commence in the first week of July.
