Panoramic Resources Ltd (ASX:PAN)
and Drake Resources Ltd (ASX:DRK)
will partner for two joint ventures in Finland.
Both mineral explorers will work to identify, explore and develop base and precious metal opportunities in the highly mineralised copper-zinc belt of central Finland, with past mining and reserves in excess of 100 million tonnes of ore.
On behalf of the joint venture Drake has acquired reservations and claims for 400 square kilometres.
An airborne survey has been completed for the area with results expected within the next fortnight, Panoramic advising that there is potential to define new copper-dominant deposits within the joint venture areas.
Before 1995 foreign companies were prohibited from holding mineral rights in Finland and Panoramic says this represents an opportunity for its venture with Drake, as the country has not been subjected to the same exploration that has occurred in the main Australian metal regions.
Panoramic Resources posted a profit of $56.19 million in the year to 30 June 2010.