S2 Resources (ASX:S2R) has signed an earn-in agreement with Valkea Resources (TSX:OZ) to acquire a 51% interest in the Glenfine joint venture in central Victoria.
The Glenfine Project, covering 92km2 and two granted licences, is located to the south of the recently acquired Silverspoon, Yeungroon, and Ballarat West projects.
Under the agreement, S2 Resources will sole fund up to $200,000 in expenditure within four years to acquire the 51% interest. The company can withdraw from the deal at any time providing the tenements are in good standing.
Once completed, S2, which has a market capitalisation of $31.7 million, will become joint venture partners with Predictive Discovery (ASX:PDI) and privately held Cape Clear Minerals.
S2 says this acquisition represents the final components of the multi-faceted transaction centred on the sale of its Finnish assets announced in September 2024.
To date, exploration at Glenfine has focused on the hard rock mineralisation occurrences within Cambrian turbidite metasediments on the flanks of the Glenfine dome, located in the immediate hanging wall of the Avoca Fault.
S2 intends to conduct detailed relogging of core and 3D modelling to generate future targets for drilling at the project.
S2 Resources is a mineral explorer focused on identifying early-stage assets with high growth potential. The company is primarily focused on gold and base metals in Australia.
Write to Aaliyah Rogan at Mining.com.au
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