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
In his session at @DevOpsSummit at 20th Cloud Expo, Kelly Looney, director of DevOps consulting for Skytap, showed how an incremental approach to introducing containers into complex, distributed applications results in modernization with less risk and more reward. He also shared the story of how Skytap used Docker to get out of the business of managing infrastructure, and into the business of delivering innovation and business value. Attendees learned how up-front planning allows for a clean sep...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.