British exploration company 80 Mile has announced that it has received all necessary permits to begin drilling at the Disko project in western Greenland. Operations are scheduled to start in the first week of July 2026. The project’s partner, US financial company USFM, has already transferred funds for the first stage of the program.
The drilling campaign is planned for 5,000 meters. The program budget totals $7.5 million and is fully financed by USFM. Under the agreement, the American partner will invest a total of $30 million into the project and will be able to earn up to a 51% stake in Disko. In turn, 80 Mile will retain 49% without contributing its own funds during the exploration stage.
To carry out the drilling work, 80 Mile hired consulting company SRK Exploration as geological manager. The drilling itself will be conducted by contractor Forage Fusion Drilling, which will provide two diamond drilling rigs.
The Disko project is located in western Greenland and is believed to have geological similarities to Russia’s famous Norilsk-Talnakh deposit, one of the world’s крупнейших sources of nickel, copper and platinum group metals. Disko is thought to contain nickel, copper, cobalt and platinum group elements.
80 Mile CEO Olga Solovyova called the agreement with USFM an important step in advancing the company’s Greenland asset strategy. She emphasized that the financing arrangement gives the company a “free carried interest” during the exploration stage. According to her, 80 Mile holds a unique first-mover advantage in Greenland after securing two of the region’s most promising mineral projects.
The upcoming drilling campaign will be the first systematic study of the Disko subsurface. The results could confirm or disprove similarities to Norilsk-style mineralization, which will determine the project’s future and attract additional investors.
Source: MINING.COM
Image: 80 Mile PLC
