Firefox Gold (FFOX.V) has agreed to an amendment to the property option agreements with Magnus Minerals giving Firefox more time to extend the deadline for exploration commitments and cash payments that were agreed upon.
The amendment means Firefox has bought itself an additional year to complete the earn-in requirements on the RJY properties in Finland. The three remaining property payments will now be due on the final days of August 2020 (C$60,000), February 2021 (C$50,000) and August 2021 (C$50,000) which also is the final date by which the C$485,000 in exploration expenditures must have been completed. The amendment now also kicks the can further down the road on the Seuru group of properties where C$305,000 in exploration activities will have to be completed by October 5th this year followed by an additional C$1M by October 5th 2021 and two C$50,000 cash payments will also be due on the same dates.
As Magnus Minerals is a related party to Firefox Gold, we had very little doubt there would be some flexibility on the earn-in agreements, but it’s always good to see a final and official confirmation.
Firefox saw its share price gain some momentum in the last week after Rupert Resources (RUP.V) released excellent drill results from its Pahtavaara gold project in Finland. The 137 meters of 1.8 g/t gold encountered on its land package in the Central Lapland Greenstone Belt was less than 4 kilometers (3.7 kilometers according to CEO Carl Löfberg) away from one of the Firefox licenses.
Disclosure: The author has a long position in Firefox Gold. Firefox is a sponsor of the website.
