12th Jun 2025 15:03
(Alliance News) - 80 Mile PLC on Thursday said it has agreed to sell the Kangerluarsuk zinc-lead-silver project in Greenland to mine developer Amaroq Minerals Ltd.
The Greenland and Finland-focused company with a portfolio of critical metal and industrial gas projects said it will receive USD500,000 in Amaroq Minerals shares upon completion of the deal.
It will receive a further USD1.5 million in cash or shares upon the discovery of an economic deposit at the site.
Kangerluarsuk is a high-grade carbonate-hosted zinc-lead-silver project located on Greenland's west coast.
80 Mile said it identified "multiple untested geophysical anomalies" at the site that are consistent with the mineralisation that has supported historical production in the area.
Amaroq Minerals is a mine developer with gold and strategic mineral assets in southern Greenland.
"This transaction reflects 80 Mile's ongoing strategy to monetise non-core assets and focus on its priority projects, particularly the Disko-Nuussuaq nickel-copper-cobalt project, Hydrogen Valley, and the Jameson Land Basin Project. The proceeds will be directed toward advancing these core assets and further strategic initiatives," the company said.
Also on Thursday, Amaroq Minerals said it raised GBP45.0 million via the placing of nearly 53.0 million shares at 85.0 pence each.
It said the proceeds would be used to support the commissioning and production expansion at Nalunaq, create a new hub in west Greenland and accelerate exploration drilling.
Shares in 80 Mile were down 1.8% at 0.26p in London on Thursday afternoon. Amaroq Minerals shares were down 0.8% at 85.77p.
By Michael Hennessey, Alliance News reporter
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