Pyhäsalmi Mine Oy (“PMO”) and Akkerman Finland Oy (“AFOy”) have agreed to collaborate in the ongoing exploration around the renowned Pyhäsalmi massive sulfide deposit, mined since 1969. The search is aimed at potential ore extensions and satellite deposits.
Work will initially rely on the enormous database generated during decades of earlier studies, challenged by the structural complexity and large depth extent of the mineralization system (>1,5km). Despite the large amount of drilling to date, there are still a number of untested, prospective targets. These targets remain relevant as the mining operation has not yet reached the end of its operating lifetime.
As part of the collaboration, PMO has transferred its Komunneva and Lehto exploration permits to Akkerman Finland Oy. These two permits are located directly east of the Mining Concession and cover the lateral extension of the mine horizon over several kilometers (see Fig.1).
PMO studied these permit areas as part of its Near-Mine exploration program involving multiple geophysical surveys and drilling. Results to date confirm presence of intense alteration and mineralization along the interpreted lateral extension of the ore horizon. Anomalous zinc, copper and precious metals were found in 16 of the 46 holes drilled. AFOy has initiated re-analyses of all historic data and information made available as part of the tenement transfers.
Meanwhile, PMO will focus its ongoing exploration efforts on its Pyhäsalmi Mining Concession area and within a new exploration permit area located immediately to the south of the Mining Concession.
In relation to the above-mentioned exploration permits transfer, both parties signed a sales and purchase agreement on November 21st, 2024. The agreement allows AFOy to undertake generative exploration work within the permit boundaries, and if successful, potentially turn to PMO for partnering at later stages of exploration and development of a new mineral body. The initial cost to AFOy was nominal.
Figure 1, location map Komunneva-Lehto permit area (outline in purple colour)