|By Marketwired .||
|September 2, 2014 11:36 AM EDT||
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.
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.
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.
Anconia Resources Corp.
President and CEO
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 24, 2017 04:30 PM EDT Reads: 407
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Mar. 24, 2017 04:30 PM EDT Reads: 2,205
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 24, 2017 04:30 PM EDT Reads: 964
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 24, 2017 03:56 PM EDT
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
Mar. 24, 2017 03:00 PM EDT Reads: 2,060
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 24, 2017 02:45 PM EDT Reads: 2,492
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 24, 2017 01:30 PM EDT Reads: 1,504
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Mar. 24, 2017 01:15 PM EDT Reads: 3,793
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Mar. 24, 2017 01:15 PM EDT Reads: 476
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 24, 2017 12:45 PM EDT Reads: 259
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Mar. 24, 2017 12:45 PM EDT Reads: 1,814
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Mar. 24, 2017 12:30 PM EDT Reads: 2,968
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 24, 2017 12:15 PM EDT Reads: 900
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 24, 2017 12:15 PM EDT Reads: 1,334
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 24, 2017 12:00 PM EDT Reads: 1,830