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ST. JOHN'S, NL, Nov. 8, 2021 /CNW/ - Aurion Resources Ltd. (TSX VENTURE: AU) (OTCQX: AIRRF) ("Aurion" or the "Company") reports that it has signed a formal definitive option agreement with Kinross Gold Corporation (TSX: K, NYSE: KGC); ("Kinross") granting Kinross the right to earn up to an undivided 70% interest in the 54.35 km2, Silaskaira Property, which is located adjacent to the Silasselkä Vanadium project, currently under option (see press release dated June 17, 2020) to Strategic Resources Inc. (Aurion holds a ~16% equity interest in Strategic), and approximately 28 km northwest of Agnico-Eagle's Kittilä Mine.
Figures associated with this release can be found on the Company's website through the following link: https://aurionresources.com/site/assets/files/1408/nr21-20figures.pdf.
Under the terms of the agreement Kinross can earn a 70% undivided interest in the Silaskaira Property by incurring a minimum of USD$5,000,000 in exploration expenditures on the property and paying Aurion CAD$100,000 on, or before, the fifth anniversary of the agreement. Kinross has agreed to incur a minimum of USD$1,000,000 in exploration expenditures on, or before, 24 months from the date of the agreement and will act as the operator.
Should Aurion's interest in the joint venture be diluted down to 10% or less, Aurion's interest will be converted to a 2% Net Smelter Return (NSR) Royalty on the property.
"We are excited to work with Kinross' first class exploration team on the Silaskaira property," commented Matti Talikka, Aurion's CEO. "The Silaskaira Property is located on the potential northern extension of the Hanhimaa Shear Zone, which hosts several gold occurrences currently being explored by Agnico-Eagle Mines and S2 Resources. We welcome this opportunity to strengthen our relationship with Kinross."
Aurion also amended its agreement with Dragon Mining Ltd., subject to TSX acceptance, whereby it has agreed to issue 130,000 common shares of Aurion to Dragon Mining to eliminate encumbrances on the Silaskaira property.
About Aurion Resources Ltd.
Aurion Resources Ltd. (Aurion) is a well-funded, Canadian exploration company listed on the TSX Venture Exchange (TSX-V: AU) and the OTCQX Best Market (OTCQX: AIRRF). Aurion's strategy is to generate or acquire early-stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements. Aurion's current focus is exploring on its Flagship Risti and Launi projects, as well as advancing its joint venture properties with B2Gold Corp. and Kinross Gold Corp. in Finland.
On behalf of the Board of Directors,
Matti Talikka, 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.
SOURCE Aurion Resources Ltd.
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