Industria
Binding Heads of Term Reached With US Group to Joint Venture Disko-Nuussuaq Project, Greenland
The HoT explicitly state that all funds are to be directed towards drilling rather than reprocessing data with US$10 million to be spent on drilling related activities within 10 months of the signing of the HoT.
USFM Corporation is based in Golden, Colorado , home to the Colorado School of Mines from which the the Company intends to work with current professors & recent post graduates and will also select two interns for the upcoming drilling programme in spring / summer of 2026.
Roderick McIllree is expected to join the board of USFM Corporation following the Proposed Transaction, subject to agreements and approvals. 80 Mile currently owns 100 percent of Nikkeli Greenland A/S, the holder of the Disko licenses.
Located on the south-west coast of Greenland , Disko has shown its potential to host mineralisation similar to the nickel/copper sulphide mine Norilsk-Talnakh located in northern Russia. Seven significant Magmatic Massive Sulphide ("MMS") targets have been identified to-date at the licence area, with the largest being confirmed now at 5.9 kilometres ("km") long by 1.1km wide. A has also been discovered on the licence area. This boulder is on display at the Danish Geological Museum in Copenhagen . A 28t boulder of metal rich massive sulphides clearly demonstrates the significant potential of the project.
A surface sampling programme undertaken by the company confirmed the existence of a working sulphide system at Disko, initial results returned averaged between .
The Disko and Nuussuaq Project comprises six MELs covering a total area of 3,015 square kilometres located on Disko Island and the Nuussuaq Peninsula in Central West Greenland . The project area is located approximately 120 kilometres northwest of Ilulissat, Greenland's third-largest city, which serves as the educational, commercial, and administrative hub of Central West Greenland , with a population of 4,700. Ilulissat is well-equipped with essential infrastructure including an airport, deep-water port facilities, and various service providers. Notably, a new international airport is currently under construction and is anticipated to be operational by the end of 2025. Since 2016, 80M has maintained a logistical base in Ilulissat, facilities designed to support its operations at Disko-Nuussuaq projects. situated at the abandoned coal mining town of Qullissat on Disko Island. The Disko-Nuussuaq Project is hosted within the West Greenland Flood Basalt Province ('WGFBP'). The WGFBP is associated with the initial phase of continental breakup and the onset of seafloor spreading of the Labrador Sea during the early Paleogene. This province serves as a recognized geological analogue to the Siberian Flood Basalts of the Noril'sk Region of Siberia . This analogy was first recognised by Cominco (now Teck) and provided the exploration framework that has guided subsequent exploration efforts.
For further information please visit http://www.80mile.com
About 80 Mile Plc:
80 Mile Plc, listed on the London AIM market under the ticker 80M , Frankfurt Stock Exchange, and the U.S. OTC Market under the ticker BLLYF, is an exploration and development company focused on high-grade critical metals in Tier 1 jurisdictions. With multiple projects in Greenland , as well as a developing industrial gas and biofuels business in Italy , 80 Mile offers both portfolio and commodity diversification focused on base metals, precious metals, and industrial gas while expanding into sustainable fuels and clean energy solutions in Tier 1 jurisdictions. 80 Mile's strategy is centered on advancing key projects while creating value through partnerships and strategic acquisitions.
80 Mile's acquisition of White Flame Energy and the Jameson licenses in East Greenland has positioned the Company in one of the world's most compelling undrilled hydrocarbon basins. Under its agreement with March GL, drilling of two fully funded wells is set to commence, with Pelican Acquisition Corporation's merger with Greenland Exploration valuing 80 Mile's retained 30% interest in Jameson at approximately US$92 million . This acquisition and partnership significantly expand 80 Mile's exposure to the energy sector while advancing its strategy of developing both conventional and sustainable energy opportunities.
The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets exhibiting spatial characteristics indicative of potential deposits on a scale comparable to renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan, will be advanced by the Company.
The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest Greenland , is fully permitted with a JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt . Dundas is poised to become a major supplier of high-quality ilmenite. Recent discoveries of hard rock titanium mineralisation, with bedrock samples showing nearly double the ilmenite content of previous estimates, further enhance the project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in Greenland .
80 Mile PLC has executed an asset purchase agreement with Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ) to divest its 100% interest in the Kangerluarsuk zinc-lead-silver project in Greenland . Under the terms of the agreement, 80 Mile will receive US$500,000 in Amaroq shares upon completion, with a further US$1,500,000 payable in cash or shares upon the discovery of an economic deposit, defined by a JORC or NI 43-101 compliant resource that supports development.
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurance can be given that the initial public offering will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as described in the offering prospectus. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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