Valkea Resources Retains 100% Ownership of Palvanen Project in the Highly Prospective Central Lapland Greenstone Belt, Finland
www.valkea.ca | 1
TSX.V: OZ | FSE: 4AF
FOR IMMEDIATE RELEASE November 8, 2024
Valkea Resources Retains 100% Ownership of Palvanen Project
in the Highly Prospective Central Lapland Greenstone Belt, Finland
Vancouver, British Columbia – November 8, 2024 – Valkea Resources Corp. (formerly Outback Goldfields
Corp.) (the “Company” or “Valkea”) (TSX.V: OZ) reports that it will retain 100% ownership of the Palvanen
Project (the “Project’’) in the Central Lapland Greenstone Belt, Finland. Kinross Gold Corp. (“Kinross”) has
elected not to proceed with Stage Two commitments of the E arn-In agreement (“Agreement”) signed
between S2 Resources Ltd. and Kinross in June, 2021.
“Since 2021, Kinross invested over CAD $5 million on exploration across the Palvanen Project, which is
strategically located just south of and contiguous to Agnico Eagle's Kittilä Mine and B2Gold's pro jects,”
commented Chris Donaldson, CEO of Valkea. “Importantly, the conclusion of the agreement ends Kinross'
Right of First Refusal (ROFR) on Valkea's flagship Paana Project and the Aarnivalkea discovery. As a result,
Valkea retains full control and ownership of both the Palvanen and Paana projects, providing greater
flexibility for the Company’s exploration and development strategies going forward.”
Palvanen Project
Since signing the agreement with S2 Resources Ltd. in 2021, Kinross funded approximately CAD $5.4
million on exploration across the Project. Exploration activities included the acquisition of project -wide,
high-resolution geophysical data which focused the collection of over 4,900 base of till samples. These
data generated 15 target areas considered prospective for gold mineralization, resulting in over 8,000
metres of diamond drilling (Figure 2) . The top-ranked Piekka target is cente red approximately 5 km
southwest of Agnico Eagle’s Kittila Mine (Figure 2).
Valkea is now compiling and assessing all of Kinross’ exploration data to determine whether to explore
the Palvanen project independently or to seek a new partner to fund additional and warranted targeted
drill programs . Valkea’s goal is to maximize the project's potential while aligning with its broader
exploration and development objectives in the Central Lapland Greenstone Belt (Figure 1).
www.valkea.ca | 2
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.
Figure 2. Map of the Palvanen Project showing underlying geology, target areas and the location of work completed
by Kinross. Abbreviations: BOT = Base of Till samples, DD = Diamond Drill holes.
www.valkea.ca | 3
For Kinross to have earned 70% interest in the project, it was required to spend a n additional ~CAD $4
million on exploration in Stage Two. Kinross notified the Company that it will not proceed to Stage T wo.
Valkea therefore retains 100% control and ownership of the Palvanen Project . Furthermore, title
ownership in two adjacent tenements to P alvanen ( Kehrävarsi and Kevuvuoma), currently owned by
Kinross gold, will be transferred to Valkea’s wholly owned subsidiary, Sakumpo Oy . Kinross’ ROFR over
the company’s flagship Paana Project with the Aarnivalkea discovery will be also terminated.
About Valkea Resources Corp.
Valkea is at the forefront of gold exploration in Finland's highly prospective Central Lapland Greenstone
Belt. 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
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 2nd, 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.
www.valkea.ca | 4
Forward Looking Statements
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.