Archangel Diamond (AAD-V) has signed an agreement with a subsidiary of Popular Resources (PPX-V) to explore for diamonds in southern Finland.
The agreement affects 39 claims, or 3,200 acres, near Oulo, Finland.
Subject to due diligence and board approval, Archangel can earn up to a 60% interest in the claims by spending US$816,000, with payments staged over four instalments.
North Star, the 65%-owned subsidiary, has been active on the property for several years. It recently collected more than 800 till samples, which Archangel intends to process.
The Karelian archaean craton underlies much of southern Finland, and while only a fraction of the structure has been explored, already 17 diamondiferous kimberlites have been found in the region.
Other companies active in the area include Australia’s Ashton Mining, Dia Met Minerals (DMM-T) and De Beers Consolidated Mines (DBRS-Q).
Says Archangel’s vice-president of exploration, Roy Spencer: “The strategic alliance with North Star allows us access to its Finnish database and extends our exploration activities in northwestern Russia.”
Archangel holds a 40% interest in Almazny Bereg, a joint stock company that is conducting exploration on the Verkhotina licence near Arkhangelesk Oblast, the region of northwestern Russia known for its diamond mining potential. However, Archangel’s partner in Almazny Bereg has held up the transfer of the mining licence to Verkhotina, forcing Archangel to seek international arbitration to resolve the dispute.
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