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Capella Minerals Continues Scandinavian Focus and Strategy with the Acquisition of Gold-Copper Projects in Finland
VANCOUVER, BC, Aug. 24, 2021 /CNW/ - Capella Minerals Ltd. (TSXV: CMIL) (FRA: N7D2) (the "Company" or "Capella") is pleased to announce that it has signed a bin
About this update from Capella Minerals Limited
[{"type":"text","content":" VANCOUVER, BC, Aug. 24, 2021 /CNW/ - Capella Minerals Ltd. (TSXV: CMIL) (FRA: N7D2) (the \"Company\" or \"Capella\") is pleased to announce that it has signed a binding Letter of Intent (\"LOI\") with Cullen Resources Limited (ASX: CUL)(\"Cullen\") through which Capella may earn-in to Cullen's Katajavaara and Aakenus gold(-copper) projects in the highly-prospective Central Lapland Greenstone Belt (\"CLGB\") of northern Finland (Figure 1). The Katajavaara and Aakenus projects lie immediately adjacent to the productive Sirkka Thrust Zone, a regional structural corridor within the CLGB which is associated with numerous occurrences of both gold and base metals. Highlights Cullen's Katajavaara and Aakenus gold(-copper) projects lie along the highly-mineralized Sirkka Thrust Zone in the CLGB. The Cullen projects surround Outokumpu Oy's former gold-copper mining operation at Sattopora and the S2Resources/Kinross Gold Joint Venture (\"JV\") at Home, in addition to lying along strike from major recent exploration discoveries at Ikkari (Rupert Resources Ltd) and Aamurusko (Risti-Launi; Aurion Resources Ltd)1. Scandinavia's largest operating gold mine - Agnico Eagle Mines Ltd's Kittila Gold Mine (2020 production - 208,125 oz Au; Reserves 30.4 MT @ 4.1 grams per tonne Au for 4Moz Au; Agnico Eagle Mineral Reserves and Resources Statement December 31, 2020; https://agnicoeagle.com/)1 – lies directly to the NE of the Cullen projects. The binding LOI provides Capella with the opportunity to acquire an initial 70% in Cullen Finland Oy (Cullen's 100%-owned Finnish subsidiary; \"Cullen Oy\", and registered owner of the Katajavaara Exploration Permit Licence Application (\"EPLA\") and the Aakenus Reservation) through an initial cash payment to Cullen of AUD 50,000. Subsequently, a total USD 250,000 investment in exploration over a two-year period and staged cash payments to Cullen totalling USD 225,000 over a three-year period are required. Capella may increase its interest in Cullen Oy by an additional 10% (for a total 80% interest) by investing an additional USD 750,000 in exploration over a further two-and-a-half years. The Katajavaara EPLA and Aakenus Reservation cover approximately 200 square kilometres of highly-prospective terrain for the discovery of new gold and copper deposits. Compilations of historical data from both the p...