The company 80 Mile has via the subsidiary Disko Exploration Ltd exploration license for nickel, copper and cobalt from Disko Island and the Nuussuaq Peninsula.
The company has just received permission from the authorities to initiate an extensive helicopter-assisted drilling program, which will begin on 1 July and run until mid-September, starting from the abandoned town of Qullissat on Qeqertarsuaq.
The company 80 Mile has via the subsidiary Disko Exploration Ltd exploration license for nickel, copper and cobalt from Disko Island and the Nuussuaq Peninsula.
The company has just received permission from the authorities to initiate an extensive helicopter-assisted drilling program, which will begin on 1 July and run until mid-September, starting from the abandoned town of Qullissat on Qeqertarsuaq.
This appears from a job advertisement for kitchen staff, which the company has published on the job portal Suliffissat.gl.
American resource investor
The drilling program is financed by the company USFM Corporation, which was established and controlled by the well-known raw materials investor Robert Price, who is also behind the company Greenland Energy Company, which already cooperates with 80 Mile on oil exploration in Jameson Land.
USFM Corporation and 80 Mile have entered into an agreement that USFM Corporation will finance the initial investigations with 30 million. US dollars (approx. DKK 195 million) in exchange for them obtaining 51% of the ownership share in Disko Explorations Ltd.
In addition, 80 Mile receives 500,000 US dollars (approx. DKK 3.25 million) from USFM Corporation.
The stock exchange announcement further states that USFM Corporation must bear 100 percent of the costs for the restoration and rehabilitation of the exploration area.
Jameson and Disco
Olga Solovieva, managing director of 80 Mile, who has just participated in a public meeting in Ittoqqortoormiit together with Robert Price, states in the stock exchange announcement that the signing of the agreement with USFM marks a major step forward for the company’s plans for Greenlandic mineral activities.
– With the authorities’ drilling approval and the appointment of experienced top drillers with experience from the Arctic, we look forward to starting exploration in July. 80 Mile is gaining recognition now that we have secured two of the most promising resource projects in the country. We are well positioned and are on the verge of testing both Jameson and Disko. I look forward to updating shareholders later, it says.
Air Greenland will be responsible for the logistics
80 Mile states that it has engaged the Canadian drilling company Forage Fusion Drilling, which will be responsible for the drilling, while the British SRK Exploration has been appointed as geological manager. In addition, Air Greenland is chartered for transport and logistics tasks.
80 Mile also writes that they will be very dependent on various local employees and prioritize their hiring where possible.
