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Diversified mineral exploration junior New Peak Metals has signed a term sheet to offload its Sweden mineral permits as part of its rejuvenation plans.

The ASX-listed company will sell 100% of its Finnish subsidiary, which holds the portfolio of Sweden permits. This follows the recent sale of the Finland gold permits and marks the company’s exit from Scandinavia.

An unlisted Canadian private company, run by resources entrepreneur Emma Fairhurst, will acquire NewPeak Sweden.

Upon execution of transaction documents, NewPeak will receive C$250 000 in shares of the unlisted Canadian entity and a milestone payment of C$750 000 in cash or shares will be paid once a resource of at least three-million tonnes at 0.3% tungsten is reported.  

The transaction has been structured to close by August 31. NewPeak understands the rights from the private company will be assigned into a publicly listed Canadian entity by transaction close.

“The board is most pleased with this outcome, particularly because the Sweden mineral assets came as a no cost addition to the original acquisition of the Finland Gold projects. The company outlaid minimal funds on field exploration and resource evaluation, though was pleasantly surprised the results indicated such good potential,” said NewPeak chairperson BrianMoller.

The Sweden assets comprise a group of seven exploration permits covering a total area of 11 012 ha in the historical tungsten mining field of Bergslagen, near the city of Grängesberg. These include the Yxsjöberg, Gubbo, Hörken, Högfors, Sandudden and Gänsen prospects.

With its Scandinavian exit complete, NewPeak only has its Argentinian gold assets remaining for divestment.

“Discussions are underway, though we maintain our position that the Argentine Gold assets have good potential, and we may progress them ourselves,” the company stated