Seventy Ninth Resources has announced the purchase of two gold concessions from the UK listed metals exploration company, First Class Metals PLC (“FCM”).
The concessions, known as McKellar and Enable, are located in Marathon and Terrace Bay, in Ontario and represent Seventy Ninth Resources’ first gold concession acquisition in Canada since entering into a partnership with First Class Metals PLC. One of the concessions also includes base metals such as zinc and copper.
The purchase of these two concessions comes as Seventy Ninth Resources intends to apply to list on the Toronto Stock Exchange Venture (TSXV).
In 2021, Seventy Ninth Resources became the largest owner of natural resource concessions in West Africa, measured by the number of concessions under development, exploration, and management.
Natalie Bellis CEO, Seventy Ninth Resources commented:
“The concession acquisitions of McKellar and Enable are significant milestones and an exciting step towards building a pipeline of quality, data-verified exploration projects in Canada, particularly as we prepare to list on the TSXV.
“Another exciting aspect is that one of the concessions includes base metals such as zinc and copper, which comes at a time when we are starting to explore opportunities around other metals alongside gold, including manganese and lithium.
“This latest acquisition aligns with our long-term strategy to expand our mining exploration footprint across a number of territories across the globe. We look forward to building on our successful partnership with First Class Metals PLC. “
First Class Metals CEO, Marc. J Sale said:
“I am pleased to announce the successful consolidation of our partnership with Seventy Ninth Resources through the sale of the Enable and McKellar properties. This achievement serves as validation for our model of identifying potential, adding value, and ultimately monetising the asset. In line with this strategy, FCM has recently expanded our portfolio by acquiring additional properties with significant potential, including the Kerrs Gold Project.
“As we move forward, we are excited about the opportunity to collaborate further with Seventy Ninth Resources to develop their Canadian portfolio; alongside advancing and maximising the potential of theirs and FCM’s newly acquired assets.”
