Welcome!

News Feed Item

Argonaut Completes Common Share Issuance Under New Option Agreement to Acquire Hidden Valley Claims

CALGARY, ALBERTA -- (Marketwired) -- 01/03/14 -- Argonaut Exploration Inc. (the "Company" or "Argonaut") (TSX VENTURE: AGA) announces that the Company has obtained TSXV approval to issue 500,000 common shares in the capital of Argonaut ("Common Shares") as part of the option agreement (the "Agreement") requirements that has an effective date of October 22, 2013 (the "Effective Date") with an arm's length party, to earn a 100% interest in certain mineral claims located in the Hidden Valley area of British Columbia (the "Hidden Valley Property"). The Agreement is summarized in the Company's news release dated November 1, 2013. The Hidden Valley Property, when combined with additional claims currently held by Argonaut, forms the Company's "High Gold" property. The Agreement supersedes all prior agreements between the parties.

Pursuant to the terms of the Agreement, Argonaut can earn a 100% interest in the Hidden Valley Property by paying the optionor the aggregate amount of $50,000 and issuing the optionor an aggregate of 500,000 Common Shares on the dates and in the amounts as follows:


(a)  $10,000 on the Effective Date;
(b)  500,000 Common Shares on receipt of TSXV approval;
(c)  a cash payment equal to $40,000 on or before the date of the first
     anniversary of the Effective Date.

At a deemed value of $0.05 per Common Share, the value of the aggregate Common Share consideration to be paid to the optionor is $25,000 over the one year option period. Pursuant to the Agreement, the optionor will retain a 2% net smelter return royalty (the "Royalty") on proceeds derived from the sale of minerals produced from the 5 claims composing the Hidden Valley claims. Argonaut may purchase and terminate the Royalty at any time upon paying to the optionor an aggregate cash payment of $1,500,000.

The $10,000 first payment was made to the optionor prior to the Effective Date of the Agreement and with the received TSXV approval the Common Share issuance will be completed.

High Gold Property

The High Gold property consists of 7,832 hectares located 60 kilometres northeast of Terrace and 45 kilometres west-northwest of Smithers, British Columbia. Argonaut holds a 100% interest in the High Gold property, with the exception of 5 included mineral claims described in the above summarized option agreement with an expiry date of October 22, 2014. The mineral rights to the High Gold property have been maintained in good standing until the year 2020.

In 2010, Argonaut explored a porphyry system within the High Gold property with nine exploration drill holes totaling 2,542 metres from five locations with the deepest drill hole reaching 316 metres. Surface geophysical programs included 13 kilometres of deep penetrating induced polarization and magnetometer surveys. Geological mapping and detailed rock sampling targeted the northern gold zone and the central porphyry system with 171 metres of trenching including 51 trenched metres of copper-gold-molybdenum mineralized stockwork bedrock. Historic drill core stored on the property was also sampled adding 1,220 metres of core analyses from seven additional sites.

Results from Argonaut's High Gold exploration program are summarized in the Company's news releases from 2010 to 2011 and indicate a molybdenum-copper-gold-silver mineralized Bulkley-type porphyry system. The High Gold porphyry system contains zones of elevated metals associated with a distinct well-fractured stockwork zone. Geological mapping, geochemistry, drilling and the "deep penetrating" I.P. survey indicate a large and deep metal-bearing system located just 18 km from a major highway with power and rail infrastructure.

The High Gold property borders two other properties with significant copper, molybdenum, gold and silver porphyry systems known as the Louise Lake and Zymo properties. The Louise Lake Property owned by Victory Mountain Ventures Ltd. (formerly North American Gem Inc.) borders to the east and has a reported mineral resource of 147 million tonnes containing 6 million indicated tonnes grading 0.369% copper equivalent and 141 million inferred tonnes grading 0.425% copper equivalent. Eastfield Group's Zymo Project borders to the southwest with numerous copper-gold drill intersections, including hole ZY-08-09 that intersected 253 metres grading 0.32% copper and 0.23 g/tonne gold including 72 metres grading 0.72% copper and 0.54 g/tonne gold.

Late Cretaceous calc-alkalic porphyries in British Columbia like the High Gold porphyry have the potential for very large mineralized systems with an enriched stockwork core.

About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition, exploration and development of gold, silver and copper bearing mineral properties. For more information on the Corporation visit its website at www.argonautexploration.com.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...