|By Marketwired .||
|May 26, 2014 11:35 AM EDT||
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 05/26/14 -- Aurion Resources Ltd. ("Aurion") (TSX VENTURE: AU) is pleased to report that it has executed the Definitive Purchase Agreement with Dragon Mining Limited ("Dragon Mining") (ASX: DRA), to acquire a 100% interest in the Kutuvuoma and Silasselka exploration projects in Northern Finland.
In consideration, Dragon Mining will receive 6,000,000 Common Shares in Aurion and Aurion will expend EUR 1,000,000 on the Projects within 3 years. The Payment Schedule from the original Letter of Intent, as announced March 5, 2014, has been re-negotiated such that there is no firm work commitment in the first two years, other than maintaining the tenements in good standing, and the subsequent share issuances will be timed with the granting of final title to the various tenements comprising the projects, as further detailed below. Additionally, Aurion has the option to expend the entire work commitment on only one project if it so decides.
Kutuvuoma Gold Project
The Kutuvuoma project area is located 35 km SE of the 4.8 million ounces Kittila Gold Mine owned by Agnico Eagle Mines Ltd. ("Agnico Eagle"). Kutuvuoma is a high-grade, shear zone hosted gold deposit that was discovered in the early 1990's by Outokumpu Oy. They conducted geochemical till sampling, ground magnetic and EM geophysical surveys and completed a total of 29 reverse circulation (1,112 metres) and 18 diamond (2,313 metres) drillholes over approximately 150 metre horizontal strike length and maximum of 150 metre vertical depth. Dragon acquired the property from Outokumpu in 2003 as part of a large property and data package and aside from compilation and reconnaissance mapping conducted no other exploration activities.
Drilling results reported in historic exploration reports include high grade gold intercepts such as:
-- 9.7 g/t Au over 5.1 m incl 20.2 g/t Au over 2.0 m -- 7.2 g/t Au over 19.4 m incl 26.7 g/t Au over 1.0 m -- 8.5 g/t Au over 8.6 m incl 31.3 g/t Au over 1.0 m -- 6.9 g/t Au over 5.6 m incl 20.0 g/t Au over 1.5 m -- 6.6 g/t Au over 6.1 m incl 16.5 g/t Au over 2.1 m -- 96.5 g/t Au over 1.2 m and 53.1 g/t Au over 1.2 m
The core has not been systematically sampled and the mineralised zones remain open along strike and at depth. A small portion of the deposit was test-mined during 1998-1999 by open cut method and has not been subject to exploration activities since. Numerous geochemical exploration targets remain untested throughout the property as well.
The Kutuvuoma property covers circa 6 km strike length over a prospective geological sequence with mineralized structures and has been only partially explored with geochemical and geophysical surveys extending strike distance of circa 1.5 km. The previous work has identified a number of gold anomalies that remain untested. The Kutuvuoma property tenements cover 6026 ha (hectares) comprising a 41 ha mining lease, 1648 ha in claims applications and 4337 ha in claim reservations, within a 32,500 hectare area of interest.
The Silasselka project area is located 38 km NW of Agnico Eagle's 4.8 million ounce Kittila Gold Mine. The Silasselka project area was previously explored during the 1960's by Finnish entity Otanmaki Oy. They predominantly focussed on the vanadium potential outlining four vanadium-iron-titanium deposits, Pyhajarvi, Pesosjarvi, Koivusilasselka and Kuusilaanivaara. Historical reports indicate that a total of 55 diamond core drill holes were completed in the project area. Dragon Mining acquired the property in 2010.
Vanadium-iron-titanium mineralisation is associated with massive magnetite-ilmenite veins or ilmenite-magnetite disseminated zones in mafic igneous rocks, along a 15 kilometre long anomalous magnetic zone that strikes north-south and dips towards the east at moderate to steep angles. The dimensions of the main mineralised zones identified to date range from 100 to 400 metres in length, 5 to 10 metres in width and at least 100 to 200 metres with depth. Parallel mineralised zones exist locally. The extensions of the identified vanadium-iron-titanium mineralised zones have not been drill tested.
Some of the better drill intercepts from historical reports include:
Width (m) Fe % TiO2 % V % 4.4 48.3 11.6 0.74 4.1 44.5 10.8 0.65 4.6 51.8 13.4 0.65
While the deposits of Fe-Ti-V mineralisation are significant and still under-explored, Aurion's primary interest in Silasselka is in the gold and PGE potential. The geological setting has the potential to host magmatic nickel-copper-PGE and shear zone hosted gold mineralisation. The volcanic-sedimentary sequence, which includes intermediate and mafic volcanics and banded iron formations, located east of the Fe-Ti-V mineralisation is highly prospective for shear zone hosted gold mineralization. The Silasselka Project area covers the potential northern strike extension of the Hanhimaa shear zone. The Hanhimaa Shear Zone hosts several gold occurrences which have reported drill intersections of 4.5 g/t Au over 11.7 m and 5.9 g/t Au over 7.5 m (Dragon Mining website). The Hanhimaa shear zone lies west of and parallel to the Kiistala shear zone which hosts the Agnico Eagle Kittila Gold Mine.
Aside from compilation and reconnaissance mapping by Dragon Mining no exploration activities have been performed on the property since the 1960's.
The property tenements cover 26,435 ha comprising 1501 ha in claims applications and 24,934 in claim reservations within a 57,350 hectare area of interest.
Pursuant to the agreement, Dragon Mining will receive 6,000,000 Aurion Common Shares and Aurion will expend EUR1,000,000 on the Projects over three years to earn a 100 per cent interest in the two projects, as per the payment schedule outlined in Table 1 and subject to regulatory approvals.
Table 1 - Payment Schedule
----------------------------------------------------- 1 2 3 4, 5 ---------------------------------------------------------------------------- Expenditures (EUR) 1,000,000 ---------------------------------------------------------------------------- Common Shares 2,000,000 1,000,000 1,000,000 2,000,000 ---------------------------------------------------------------------------- (1) Signing, subject to fulfilment of the conditions precedent of: - Aurion receiving all approvals required by the TSX Venture; and - Turvallisuus ja kemikaalivirasto ("Tukes") accepting the bond proposal of Dragon Mining for the Kutuvuoma Mining Licence without material change. (2) Upon the Kutuvuoma Claim Applications 4-21 becoming valid; (3) Upon the Silasselka Claim Applications1-19 becoming valid; and (4) The third anniversary of the Kutuvuoma Claims 4-21 and the Silasselka Claims 1-19 becoming valid. (5) It is anticipated that most claims applications will be processed by Tukes over the next 2-6 months.
The initial tranche of 2,000,000 Consideration Shares to be received by Dragon Mining will be escrowed for 18 months from the date of issuance of the shares. Any other Consideration Shares received by Dragon Mining within 18 months from signing shall also be escrowed for the remaining portion of the 18 month time period.
In addition Dragon Mining will retain a 3% Net Smelter Royalty ("NSR") on any deposit mined by Aurion or any associated third party within the Projects and the defined Areas of Interest. Aurion or its nominee may purchase the full 3% NSR at any time on or before the sixth anniversary of the signing of the Agreement with a one off payment of EUR 4,000,000 in cash or 1% of the NSR any time after the tenth anniversary of the signing of the agreement with a one off payment of EUR 4,000,000 in cash on the basis that Dragon Mining has not sold the NSR to a third party. Dragon Mining is at liberty to sell the NSR to a third party at any time after the sixth anniversary of the signing of the Agreement.
Aurion will also make bonus payments to Dragon Mining of EUR 2,000,000 in cash or equivalent in Aurion Common Shares (share price based on a five day volume weighted average price ("VWAP") immediately before the agreed settlement date) at Aurion's discretion for the defining of one million ounces of gold equivalent material within the Projects and the defined Area of Interests that is categorised as Measured and Indicated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code") or National Instrument 43-101 Standards for Disclosure for Mineral Projects ("NI43-101"). Further bonus payments of EUR 1,000,000 in cash or equivalent in Aurion Common Shares at Aurion's discretion for the defining of every additional one million ounces of gold equivalent material within the Projects and the defined Area of Interests that is categorised as Measured and Indicated in accordance with the JORC Code or NI43-101.
Aurion will be able to utilize the services of Dragon Mining's staff in Finland on an as-needed basis, in accordance with a separate Service Agreement. This will provide Aurion with access to a skilled resource base during start-up, while defraying some of Dragon Mining's Finnish costs.
With a treasury of approximately $1.5 million and a low burn rate Aurion can comfortably fund the acquisition. The initial strategy will be to compile all available data and begin developing targets for follow-up in the next few months. Aurion will also seek to finance these projects through JV partnerships.
The Kutuvuoma and Silasselka projects are situated in the Central Lappland Greenstone Belt (CLGB) of Northern Finland and are accessible by road. The CLGB is a highly prospective, underexplored Proterozoic greenstone belt that hosts many gold, base metal, magmatic Ni-Cu-PGE prospects and deposits including Agnico Eagle Mines Ltd's Kitttila Gold Mine (Reserves as of Dec 31 2012, 4.8 Million ounces grading 4.5 g/t Au), First Quantum Minerals Ltd's Kevitsa Ni-Cu_PGM mine (reserves as of Dec 31 2012 of greater than 400 Mt 0.3% Ni, 0.4% Cu and 0.54 g/t combined Au-Pt-Pd) and the recently discovered Sakatti Ni-Cu-PGE deposit owned by Anglo American Plc (1-2 % Ni, 1-2% Cu, 0.5-1.0 g/t PGE, greater than 100 million tonne (Anglo 2011)).
Finland was ranked number two in the Fraser Institute's top mining destination survey in 2013 and is one of the most underexplored stable jurisdictions in the world. It is important to note that Finland only opened its border to foreign mining investment in the mid-1990s.
Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of this release.
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Companies' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and Aurion is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
On behalf of the Board,
Mike Basha, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 25, 2016 04:45 AM EDT Reads: 2,416
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 25, 2016 04:45 AM EDT Reads: 777
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 25, 2016 04:15 AM EDT Reads: 3,032
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
May. 25, 2016 04:00 AM EDT Reads: 1,687
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 25, 2016 04:00 AM EDT Reads: 1,036
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 25, 2016 02:00 AM EDT Reads: 1,111
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 24, 2016 11:45 PM EDT Reads: 785
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 24, 2016 11:30 PM EDT Reads: 1,086
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 24, 2016 06:00 PM EDT Reads: 4,655
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 24, 2016 05:00 PM EDT Reads: 1,852
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 24, 2016 04:00 PM EDT Reads: 2,359
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 24, 2016 04:00 PM EDT Reads: 1,685
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 24, 2016 02:15 PM EDT Reads: 2,084
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 24, 2016 02:00 PM EDT Reads: 3,857
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 24, 2016 01:45 PM EDT Reads: 1,377
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 24, 2016 01:45 PM EDT Reads: 2,067
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 24, 2016 01:30 PM EDT Reads: 1,760
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 24, 2016 10:30 AM EDT Reads: 771
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
May. 24, 2016 09:30 AM EDT Reads: 1,688
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
May. 24, 2016 09:00 AM EDT Reads: 1,971