PRECIOUS METALS

S2 farms out ground to Rupert

S2 RESOURCES has farmed out more ground in Finland as it concentrates on its Aarnivalkea (Aarni’) gold prospect and the Ruopas Isovaara nickel-copper-PGE target.

S2 farms out ground to Rupert

The latest farm-out sees Canadian company Rupert Resources spending A$5.5 million to earn a 70% stake in 37sq.km of ground near Rupert's "outstanding Ikkari gold discovery".

This agreement follows S2's recently announced joint venture with Kinross Gold for an earn-in of up to US$9.5 million on 83sq.km.

S2 retains 100% ownership of 461sq.km.

Diamond drilling has started at Aarni', where early results from the first two of 13 holes included 5.8m at 2.7 grams per tonne gold and 5.6m at 3.1gpt gold.

S2 started the current quarter with A$7.3 million cash.

As well as Finland the highly regarded junior is exploring various ground holdings in Western Australia and has recently picked up tenure in New South Wales.

Shares in S2 have been trading at the 14.5c, capitalising the company at $46 million. 

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