Goldsky Resources (TSXV: GSKR) said Thursday it had completed the previous year’s deal to consolidate ownership of the Barsele project in Sweden, which it plans to follow up with a major drilling program.
In January, the Scandinavian-focused gold miner announced its intention to purchase a 55% stake in the property from Agnico Eagle Mines (TSX, NYSE: AEM) to become its sole owner.
As agreed, Agnico received US$20 million in cash, approximately 75.51 million Goldsky shares of C$2.64 each, and 2% of the smelter’s net proceeds. Its equity obligations to Orex Minerals (TSXV: REX) on the project will also be transferred to Goldsky as part of the deal.
With the completion of the transaction, Agnico becomes an approximately 32% owner of Goldsky, owning approximately 83 million shares in the company, with an investor rights agreement for a capital increase.
Goldsky Resources’ stock price was up 2.5% by midday Thursday at $3.25 per share, with a market value of C$598 million.
Planned drilling
In a press release, Goldsky CEO Russell Bradford said the Barsele deal represents an “exciting new chapter” for the company. The project, located on Västerbottens Län about 600 kilometers north of Stockholm, has been explored by Agnico for a decade, with a current resource of 2.15 million ounces, most of which is in the inferred category.
According to Bradford, Goldsky’s team is planning what is expected to be one of the largest drilling campaigns ever conducted across the Barsele license. The company said on its website that it has allocated a budget of $25 million for the 2026 program.
As part of the Barsele deal, Nuvolari Capital, an independent party, received 2.57 million shares at the same price as the finder’s fee, while Bradford received 468,550 shares at a higher price of C$3.20 per share.
In addition to Barsele, Toronto-based Gold Junior has two other projects in Sweden – Paubäcken and Storjuktan – both of which are located in the historically defined Gold Line belt located in the northwestern part of the country. It also owns three projects in Finland, including the Rajabalot property in Lapland.
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