SSR Mining (NASDAQ:SSRM+0.2%) agrees to acquire an additional 20% ownership in the Copper Hill mining project in Turkey from joint venture partner Lidya Mining, and reports "positive" results from an additional 27 diamond drill holes at the project for the June-September period.
SSR Mining says the deal raises its stake to 70% and makes it the operator in the exploration stage project.
To pay for the larger stake, SSR will transfer 20% of its Tunçpinar prospect in Turkey to Lidya Mining, meaning SSR will own 30% of Tunçpinar while retaining a new 0.5% net smelter return royalty.