NewPeak will farm out up to 75% of its assets across Finland in return for a $5 million cash injection and up to $15 million spend on exploration over three years, with the aim of generating an indicated one million ounce resource and undertaking a preliminary economic assessment.

 

ENEXD will pony up the cash and NewPeak will operate the exploration efforts.

 

NewPeak is in the midst of "rejuvenating" its portfolio, with the latest deal the second part of that strategy, reducing running costs of its assets in Europe, Argentina and New Zealand while scouting for additional assets.

 

Its assets in Finland include the advanced Satulinmaki and Hopeavouri prospects.

 

Drilling at Satulinmaki in early 2022, targeting areas of historical drilling, supported interpretation of a long structurally controlled corridor with areas of higher grade mineralisation, but the controls on these higher-grade zones are not yet well understood. 

 

Hopeavuori contains two main interpreted north-south trending structures where the hope is there are high-grade shoots. There is also an untested coincident magnetic and IP anomaly.

 

NewPeak shares have traded steady about 0.1c over the past year, with the company capitalised at $9 million.