European Cobalt Ltd. secured an exclusive option to acquire the Jouhineva cobalt-copper-gold-silver project in Finland from Aurora Exploration Ltd.
The company has secured a 60-day exclusive option period by paying A$7,335 to conduct due diligence.
Upon successful due diligence, European Cobalt will pay A$29,343 and issue 1,697,260 shares to exercise the option.
The vendor will retain a 1% net smelter royalty on all minerals sold from the project, according to the Aug. 2 release.
Results from scout drilling at the project include 1.7 meters at 1.95% cobalt from 24.65 meters.
In late July, European Cobalt acquired, via direct application, the Kolba project in central Slovakia, which has historically been mined for cobalt, copper, nickel and silver.