Business
Proposed Disposal of Finland Copper Projects
Proposed Disposal of Finland Copper Projects.
About this update from 80 Mile Plc
[{"type":"text","content":"\n\n19 March 2025\n \n80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining\n \nProposed Disposal of Finland Copper Projects\n \n80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE listed and Pink-Market traded exploration and development company with projects in Greenland, Finland and Italy, is pleased to announce that it has entered into a binding agreement to sell FinnAust Mining Finland Oy (the \"SPV\"), the Company's wholly owned Finnish subsidiary, to Metals One Plc (\"Metals One\") (the \"Proposed Transaction\").\n \nThe SPV holds certain licences comprising the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland (the \"Licences\").\n \nSubject to completion of the Proposed Transaction, Metals One will acquire 100% ownership of both projects. 80 Mile will continue to have an interest in the projects by way of its interest in the ordinary share capital of Metals One, which will increase as part of the Proposed Transaction. 80 Mile additionally retains a free-carried interest in the industrial gas mineral rights associated with the Licences.\n \nDetails of the Proposed Transaction are outlined below.\n \nHammaslahti Copper-Zinc Project\n \nThe Hammaslahti Copper-Zinc Project (\"Hammaslahti\") is prospective for volcanogenic massive sulphide (\"VMS\") mineralisation. Hammaslahti was a historical Finnish state owned mine which produced >10Mt @ 1.16% Cu, 1.55% Zn, 0.59 g/t Au and 5.2 g/t silver between 1970-86.\n \nDrilling by 80 Mile has identified previously unknown extensions and repetitions to the Hammaslahti ore body with multiple intersections of high-grade massive sulphides along all open directions, i.e. 3.4m at 11.5% copper down dip from the last extracted ore.\n \nOutokumpu Copper Project\n \nThe Outokumpu Copper Project covers most of the north-south trending Outokumpu Copper Belt, which has produced several high-grade copper mines, including the world famous Outokumpu Copper mine which produced 57Mt at 3.1% copper between 1908-1988. Six drill-ready targets have been identified to date, which have good potential for hosting high grade copper along strike from and immediately adjacent to the former operating mine.\n \nEric Sondergaard, Managing Director of 80 Mile, commented:\n \n\"This transaction represents a sig...