S2 Resources (ASX:S2R) signed an earn-in agreement with Valkea Resources to assume its 51% interest in the Glenfine gold joint venture in Victoria by sole funding a total expenditure of AU$200,000 within four years, according to an Australian bourse filing on Monday.
The deal represents the final component of a multi-faceted deal centered on the sale of S2's Finnish assets.
S2 plans to conduct detailed relogging of a historical core at the project as well as 3D modeling to generate future targets for drilling.
The deal is subject to Valkea obtaining the TSX Venture Exchange's approval and receiving ministerial approval and registration under the Mineral Resources (Sustainable Development) Act in Victoria.
In the event of earn-in, S2 will grant Valkea a 2% net smelter return royalty, which S2 can buy back for CA$2 million at any time.
S2 Resources' shares fell almost 3% in recent trading on Monday.
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