S2 Resources divests Fosterville tenement to Agnico Eagle subsidiary

Australian miner S2 Resources has announced the divestment of the Fosterville tenement, transferring exploration licence EL007795 to a 100% owned subsidiary of Agnico Eagle Mines.

S2 Resources received A$17m ($11.23m) from Agnico Eagle done its subsidiary Southern Star Exploration, arsenic portion of the deal.

All conditions tied to the transaction person been met, the institution said.

Combined with its existing A$4.54m successful cash, S2 Resources present holds full currency of much than A$21.5m.

This improved currency presumption enables the institution to beforehand its exploration programmes without needing to rise equity successful the near-term.

S2 Resources’ near-term precedence is the Warraweena task successful bluish New South Wales (NSW), wherever it has commenced archetypal reconnaissance drilling to measure geophysical targets.

The institution is earning up to an 80% involvement successful tenure owned by Oxley Resources and is besides progressing enactment connected adjacent ground.

In Western Australia’s Jillewarra region, discussions are advancing with the accepted owners to let the assistance of tenements and commencement exploration connected its golden targets wrong the Jillewarra associated task (JV), wherever S2 is earning an archetypal 51% stake.

Discussions besides see an adjacent exploration licence exertion that is 100% owned by S2 Resources.

These pending applications encompass an untested 60km agelong of the operation believed to big Westgold’s Big Bell golden excavation and Ramelius Resources’ Never Never golden excavation to the south.

S2 Resources is additionally assessing caller exploration opportunities successful Australia and overseas to grow its task pipeline.

In February this year, S2 Resources signed an earn-in statement with Valkea Resources (formerly Outback Goldfields) to get a 51% involvement successful the Glenfine associated task (JV) successful cardinal Victoria.

"S2 Resources divests Fosterville tenement to Agnico Eagle subsidiary" was primitively created and published by Mining Technology, a GlobalData owned brand.

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