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.”
Seventy Ninth Resources LimitedSeventy Ninth Resources holds a unique and advantageous position in the natural resources sector, specialising in the acquisition, management and development of desirable assets on a global scale. Since 2011, we’ve been operating in the Republic of Guinea. Our hands-on approach in-country has enabled us to pair local knowledge with industry expertise, working on the ground to identify desirable assets based on data-driven insight.
With 15 employees in the operational in-country team, and through our initiatives to give back to the community, we’ve cultivated trusted relationships with local communities. Through these relationships, we’ve gained unique access to acquire land in areas with significant potential for gold, diamond and other precious resources. Environmental, social and governance (ESG) is at the heart of everything we do, and we have implemented several initiatives, including a collaboration with a local orphanage and a partnership with a non-governmental organisation to address issues related to mining in impacted communities.
The developed Board and in-country team for Seventy Ninth Resources include world-class experienced geologists, field consultants, and ESG specialists, working alongside our industry-leading strategic partners, SRK Exploration Services and The MSA Group. Seventy Ninth Resources is also actively exploring mutually beneficial partnerships to further expand our existing portfolio of natural resource assets.
Our recent partnership with First Class Metals (FCM) PLC, who have extensive Canadian, North Ontario land holdings, has enabled us to further expand our portfolio of natural resource assets globally. With our intention to list on the Toronto Stock Exchange Venture in the last quarter of 2024, Seventy Ninth Resources is committed to exploring opportunities to expand our natural resource offerings on a global scale.www.79thresources.com
Contact Details
Liam Britnell
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