-- Agnico Eagle Mines (AEM.TO) has completed about US$2.94 million of exploration expenditures on the Kolho property in northern Finland, FireFox Gold (FFOX.V) said on Thursday.
Agnico Eagle has the right to earn a 51% interest in the Kolho property by incurring exploration expenditures totalling US$5.0 million before the fifth anniversary of the earn-in agreement, which was signed in December 2023. Of this, US$2.0 million was required to be spent by the third anniversary of the granting of certain permits.
The 2026 diamond drilling program began in early March at the Rova exploration permit with two drill holes, totalling 464 metres. In mid-March the drill rig moved to continue drilling at the Hilla exploration permit to test geophysical and structural anomalies. The three additional holes at Hilla totalled 934 metres of drilling, a statement said.
"Agnico has established itself as the premier gold explorer and miner in the region, and we are pleased to continue our partnership at Kolho," said FireFox chief executive Carl Lofberg.
"It is significant that they have now completed two drill programs on the back of results from systematic BoT sampling and geophysical surveys. Much of the property remains substantially unexplored while occupying a very attractive geological setting. We look forward to the results from the ongoing program."
FireFox Gold shares closed down $0.03, to $0.63, on the TSX Venture Exchange on Wednesday.