Valkea Resources Reports That JV Partner Rupert Resources Will Advance to Stage 2 of Valkea’S Sikavaara Project Earn-IN Agreement
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TSX.V: OZ | FSE: 4A7
FOR IMMEDIATE RELEASE October 22, 2024
VALKEA RESOURCES REPORTS THAT JV PARTNER RUPERT RESOURCES WILL
ADVANCE TO STAGE 2 OF VALKEA’S SIKAVAARA PROJECT EARN-IN AGREEMENT
Vancouver, British Columbia – October 22, 2024 – Valkea Resources Corp. (formerly Outback Goldfields
Corp.) (the “ Company” or “ Valkea”) ( TSX.V: OZ ) is pleased to announce that Rupert Resources Corp.
(“Rupert”) has notified the Company that it has satisfied the Stage 1 requirements of its earn-in
agreement (the “Agreement”) on the Company’s Sikavaara Project (the “ Project”) and has elected to
enter Stage 2, whereby Rupert can earn in up to 70% of the Project.
“We are very pleased that Rupert is advancing to Stage 2 of the Agreement,” commented Chris Donaldson,
CEO of Valkea. “Rupert has demonstrated its exploration expertise with multiple significant discoveries in
this prolific greenstone belt in Finland. The Sikavaara licences sit along the same structural corridor that
host Rupert’s Ikkari deposit, making them the ideal partner for exploring the Project. Additionally, our
partnership with Rupert is an exciting key component to Valkea’s portfolio of projects as it enables Valkea
to focus its resources on advancing the 100% owned discovery on the Paana Project near Agnico Eagle’s
Kittilä mine, while still maintaining exposure to the prospective Sikavaara Project.”
The Sikavaara Earn-in Agreement
The Agreement was initially signed between Sakumpu Exploration Oy (a subsidiary of Valkea acquired from
S2 Resources Ltd “S2”) on August 16 th, 2021 and announced by S2 on Aug 17 th, 2021 (see news release
here). The Project is comprised of two exploration licences known as Sikavaara East (ML2016:0056) and
Sikavaara West (ML2019:0107, Figure 1) totalling 37 km2.
The Sikavaara licences are positioned along the highly-prospective, east-west trending Sirkka shear zone,
in the Central Lapland Greenstone Belt of Northern Finland (Figure 1). The shear zone also hosts Rupert’s
4.09 Moz Ikkari gold deposit3 and B2 Gold and Aurion Gold’s joint Helmi and Sore gold discoveries (Figure
1). Valkea maintains a strong land-position along this structural trend with interests in the Sikavaara Project
as well as its 100% owned Putaanperä Project.
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Figure 1. Map of the Central Lapland Greenstone Belt highlighting Valkea’s landholdings as well as neighboring
companies and associated exploration, development and mining projects. See References below for sources of data.
Rupert has now satisfied Stage 1 requirements and has met the minimum spend of €1.2 million
(approximately $1.65 million CAD) on exploration over the first three years of the Agreement. Rupert has
now elected to proceed to Stage 2 to earn a 70% interest in the Project by spending an additional €2.2
million (approximately $3.3 million CAD) on exploration over the next three years. Rupert will continue to
be the operator during the earn-in period and is responsible for meeting all requirements to maintain the
Sikavaara licences in good standing. If Rupert does not meet the Stage 2 expenditure requirement, the
Sikavaara licences will revert to 100% Valkea ownership. If Rupert completes Stage 2 of the earn-in, a total
of €3.4 million (approximately $5.1 million CAD) across both licences would have been spent.
Following completion of Stage 2 expenditures a Joint Venture (70% Rupert, 30% Valkea) will be established.
Rupert will be the operator whilst its participating interest in the joint venture is greater than 50%. Valkea
can elect to contribute its pro rata share of joint venture expenditure or dilute. Should either party dilute
to 10% or less (or if a party’s participating interest is less than 30% and it fails to contribute its pro rata
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share of funding on three occasions whilst its participating interest remains at less than 30%), that party’s
interest will automatically convert to a 2% net smelter returns (NSR) royalty, with the other party having
the right to buy down half of this royalty (1%) for €1 million (approximately $1.5 million CAD).
About Valkea Resources
Valkea Resources (formerly Outback Goldfields) is at the forefront of gold exploration in Finland's highly
prospective Central Lapland Greenstone Belt (CLGB). With an extensive portfolio of high -potential
projects, including the flagship Paana Project, Valkea Resources is committed to discovering and advancing
significant gold deposits in one of the world’s emerging gold districts.
Contact Information
For more information please contact:
Chris Donaldson, Chief Executive Officer and Director
Tel: (604) 813-3931 | Email: [email protected]
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.
References
1. Agnico Eagle website (agnicoeagle.com), Dec. 31, 2023 Reserve & Resource statement
2. Agnico Eagle website (agnicoeagle.com), 2009-2023 annual results reports.
*total endowment, sum of proven and probable mineral reserves, measured, indicated and inferred
mineral resources, and historical production
3. Thomas, B., Larouche, I. and Digges La Touche, G. (2023), NI 43-101 Technical Report Rupert Resources
Lt. Updated Mineral Resource Estimate for the Ikkari Project – Finland, Effective Date December 12, 2023,
Rupert Resources website (rupertresources.com) +indicated mineral resource
4. Aurion Gold website (aurion.com), May 4th, 2022 NR and June 13th, 2022 NR
5. Aurion Gold website (aurion.com), March 19th, 2024 NR
Qualified Person
The disclosure of technical or scientific information in this press release has been reviewed and approved
by Dr. Christopher Leslie, P .Geo., a Qualified Person as defined under the terms of National Instrument 43-
101.
Mineralization hosted on adjacent and/or nearby pro jects is not necessarily indicative of mineralization
hosted on Valkea’s projects.
Forward Looking Statements
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This news release contains forward -looking statements or forward -looking information relating to the future
operations of the Company and other statements that are not historical facts. Forward -looking statements in this
news release include but are not limited to commencement of trading on the TSXV.
Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of
management made in light of its experience and its perception of trends, current conditions and expected
developments, as well as other factors that management believes to be relevant and reasonable in the circumstances
at the date that such statements are made, but which may prove to be incorrect. Management believes that the
assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been
made regarding, among other things: the benefits of the Acquisition and the Offering; the Company’s ability to carry
on exploration and development activities; the timely receipt of required approvals; the price of metals; the
integration of assets acquired by the Company; and the Company’s ability to obtain financing as and when required
and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and
assumptions which may have been used.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause
actual results to be materially different from those expressed or implied by such forward -looking statements. Such
risks, uncertainties and other factors include but are not limited to: the Company’s early stage of development; the
fluctuation of the price of metals; the availability of additional funding as and when required; the speculative nature
of mineral exploration and development; the timing and ability to maintain and, where necessary, obtain necessary
permits and licenses; the uncertainty in geologic, hydrological, metallurgical and geotechnical studies and opinions;
infrastructure risks, including access to water and power; environment al risks and hazards; risks associated with
negative operating cash flow; and risks associated with dilution. For a further discussion of risks relevant to the
Company, see the Company’s other public disclosure documents.
Although management has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward -looking statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There is no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such forward-looking statements.
Accordingly, readers should not place undue reli ance on forward -looking statements. The Company does not
undertake to update any forward-looking statements, except as, and to the extent required by, applicable securities
laws.