Welcome!

News Feed Item

Anconia Enters Into Earn-In Option Agreement

TORONTO, ONTARIO -- (Marketwired) -- 09/02/14 -- Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia") is pleased to announce that it has entered into an option agreement (the "Agreement") with Cadillac Ventures Inc. ("Cadillac") whereby the Company will have the option to acquire up to a 100% interest in Cadillac's Grenfell Property (the "Property") in the Kirkland Lake area.

Under the terms of the Agreement Anconia can acquire a 60% interest (the "Option") upon (i) incurring expenditures on the Property of at least $275,000 by September 1, 2016, and (ii) issuing 2,000,000 common shares of Anconia to Cadillac.

Upon acquisition of the 60% interest, Anconia will have the option to acquire the remaining 40% interest in the Property for (i) $300,000 ($200,000 of which shall be paid in cash and $100,000 of which shall be paid by the issuance of common shares of Anconia at a deemed price of the average of the 20 days closing price prior to the day upon which Cadillac is notified the interest is to be earned), and (ii) Cadillac retaining a 2% net smelter return royalty in the Property, 1% of the NSR can be purchased by Anconia for a period of up to 2 years after achieving commercial production for the sum of $1,000,000.

The Agreement further provides that the Agreement can be accelerated by Anconia at its election. The Agreement is subject to approval of the TSX Venture Exchange.

About the Property

The Grenfell property consists of 16 patented claims and 2 staked claims for a total land position of approximately 4.3 square kilometers. The two staked claims are 67% owned by Cadillac, the remaining 33% being registered to a company that no longer exists. Cadillac will use its best efforts to obtain the remaining 33%, which upon completion will become part of the earn-in option agreement at no additional cost to Anconia. The Property is located west of the town of Kirkland Lake, Ontario, and approximately four kilometres west of the currently producing Macassa Mine.

A preliminary review of Ontario Assessment records and a technical report filed on SEDAR under the profile of Richview Resources which was acquired by Cadillac, has led to the following initial conclusions:


--  The Kirkland Lake Main Break (04) has been mapped to approximately 500m
    from the eastern boundary of the property.  
--  The Larder Lake Break is within 100 metres of the southern boundary of
    the property.  
--  The southern portion of the property is underlain by Temiskaming-Type
    Clastic Metasedimentary rocks, the same rock type which underlies many
    of the mines and deposits of the Kirkland Main Break.  
--  Previous work done on the southern portion of the property included
    detailed mapping which uncovered the contact between the Temiskaming and
    Huronian sediments, which is interpreted to be a fault, located about
    150m south of and parallel to Highway 568. This feature may relate to
    reactivation the Kirkland Main Break (04) to the east, with a similar
    strike.  
--  The property encompasses the historic Four Nations Shaft. The Four
    Nations area has undergone several exploration campaigns, which included
    the deepening of the shaft to 536 feet (163 m), with lateral development
    on several levels between 1926 and 1928, along with surface trenching.
    This work, and subsequent drilling, were all focused on several gold
    bearing zones identified in the early 1900's. Records of exploration
    results are not all presently available, however reference has been
    found to early trenches defining a 200 foot (61m) strike length of 0.25
    oz/T (8.57 g/t) Au over an average width of 7.8 feet (2.38 m) (source:
    "Technical Report on the Kirkland Lake Gold Property, Grenfell Township
    Larder Lake Mining Division, Ontario" by Howard J. Coates M. Sc.,
    P.Geo.). 
--  Since 1934 when the Four Nations Shaft closed, the property has had
    sporadic exploration with a total of only 34 drillholes totaling 6842m
    having been completed in 4 campaigns between 1934 and 2004. 

Mr. Jason Brewster, President and C.E.O. of Anconia commented, "Anconia remains committed to the exploration of its properties in Nunavut and the development of its zinc assets in Spain. However obtaining a property of such merit that can be explored inexpensively presents a significant opportunity to build Anconia's portfolio. The Grenfell property is in a gold camp which has been recently re-invigorated by a new interpretation, (Macassa Mine was re-opened based on north-south gold-bearing vein systems in contrast to the historic east-west trending structural controls) and the apparent lack of a thorough and modern exploration program on the property makes it an excellent exploration target. Anconia looks forward to exploring this property, initially with a field study, including a vigorous sampling program of all trenches and outcrops, and a reconstruction of the historic mining records in order to properly understand the structural setting of the gold mineralization. This will enable Anconia to establish a well-targeted drill program in the near future."

Information regarding the Kirkland Lake Gold Property (Grenfell) contained in this press release has been derived from the above referenced Technical Report or the following publicly filed report: "Assessment Report on the Kirkland Lake Gold Property (South Area) Grenfell Township Larder Lake Mining District Ontario" by Aung Myint Thein M. Sc., P.Eng.

Mr. Brian H Newton P.Geo of Minroc Management Services Inc. and a "qualified person" pursuant to National Instrument 43-101, has reviewed and approved the technical disclosure in this press release on behalf of the Company.

About Anconia

Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in its portfolio. Anconia is undertaking comprehensive exploration programs to determine the potential of its current projects.

Forward-Looking Information

This news release contains forward looking statements and information under applicable securities laws, including with respect to the anticipated use of the proceeds of the Offering and the completion of a second tranche and the timing related thereto. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management of Anconia in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: the speculative nature of mineral exploration and development, including the uncertainty of mineral reserve and resource estimates; uncertainties relating to the availability and costs of financing needed to complete exploration activities; exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which Anconia has an interest; unexpected geological or hydrological conditions; operational and technical difficulties; fluctuations in commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of Anconia; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; as well as other risks and uncertainties which are more fully described in Anconia's annual and quarterly Management's Discussion and Analysis and in other filings made by Anconia with Canadian securities regulatory authorities and available at www.sedar.com.

Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, Anconia disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Anconia believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Neither 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.

Contacts:
Anconia Resources Corp.
Jason Brewster
President and CEO
(416) 815-9777

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 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
As enterprises around the world struggle with their digital transformation efforts, many are finding that innovative digital teams are moving much faster than their hidebound IT organizations. Rather than struggling to convince traditional IT to get with the digital program, executives are taking advice from IT research firm Gartner, and encouraging existing IT to continue in their desultory ways. However, many CIOs are realizing the dangers of following Gartner’s advice. The central challenge ...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
Cloud Object Storage is effectively infinitely scalable and boasts the lowest total costs. But cloud SLAs and T&Cs are traditionally optimized for huge customers like Netflix, so applications demanding better confidentiality or higher availability typically can’t reap the benefits of public cloud storage. In his session at 18th Cloud Expo, Don Martin, CTO of Security First Corp, will provide an overview of innovative technologies available today – secret sharing and information dispersal algori...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...