Seventy Ninth Resources has announced the purchase of two gold concessions from the UK-listed metals exploration company, First Class Metals PLC (FCM). The concessions, known as McKellar and Enable, are located in Marathon and Terrace Bay, Ontario, and represent Seventy Ninth Resources’ first gold concession acquisition in Canada since entering into a partnership with First Class Metals PLC. One of the concessions also includes base metals such as zinc and copper.
The acquisition of these two concessions comes as Seventy Ninth Resources intends to apply to list on the Toronto Stock Exchange Venture (TSXV). In 2021, Seventy Ninth Resources became the largest owner of natural resource concessions in West Africa, measured by the number of concessions under development, exploration, and management.
Natalie Bellis, CEO of Seventy Ninth Resources, commented, “The concession acquisitions of McKellar and Enable are significant milestones and an exciting step towards building a pipeline of quality, data-verified exploration projects in Canada, particularly as we prepare to list on the TSXV.” She added, “Another exciting aspect is that one of the concessions includes base metals such as zinc and copper, which comes at a time when we are starting to explore opportunities around other metals alongside gold, including manganese and lithium.”
Bellis emphasized that the latest acquisition aligns with their long-term strategy to expand their mining exploration footprint across a number of territories globally. She looks forward to building on the successful partnership with First Class Metals PLC.
First Class Metals CEO, Marc J. Sale, said, “I am pleased to announce the successful consolidation of our partnership with Seventy Ninth Resources through the sale of the Enable and McKellar properties. This achievement serves as validation for our model of identifying potential, adding value, and ultimately monetizing the asset.” Sale noted that FCM has recently expanded its portfolio by acquiring additional properties with significant potential, including the Kerrs Gold Project. He expressed enthusiasm about the opportunity to collaborate further with Seventy Ninth Resources to develop their Canadian portfolio and maximize the potential of their newly acquired assets.
Seventy Ninth Resources holds a unique and advantageous position in the natural resources sector, specializing in the acquisition, management, and development of desirable assets on a global scale. Since 2011, the company has been operating in the Republic of Guinea, pairing local knowledge with industry expertise to identify desirable assets based on data-driven insight.
With 15 employees in the operational in-country team, Seventy Ninth Resources has cultivated trusted relationships with local communities, gaining unique access to land with significant potential for gold, diamond, and other precious resources. The company has implemented several environmental, social, and governance (ESG) initiatives, including collaborations with a local orphanage and a non-governmental organization to address issues related to mining in impacted communities.
The developed board and in-country team for Seventy Ninth Resources include experienced geologists, field consultants, and ESG specialists, working alongside strategic partners like SRK Exploration Services and The MSA Group. The company is actively exploring mutually beneficial partnerships to further expand its existing portfolio of natural resource assets.
With the recent partnership with First Class Metals PLC, which has extensive Canadian and North Ontario land holdings, Seventy Ninth Resources is poised to further expand its portfolio of natural resource assets globally. The company intends to list on the TSXV in the last quarter of 2024, demonstrating its commitment to exploring opportunities to expand its natural resource offerings on a global scale.
