Valkea Resources Completes its Inaugural Drill Program at the Paana Project, Central Lapland, Finland

Rhea-AI Summary

Valkea Resources (TSXV: OZ) (OTCQB: OZBKF) has completed its Phase 1 drill program at the Paana Project near the Kittila Mine in Finland's Central Lapland Greenstone Belt. The program comprised over 2,000 metres of core drilling across six holes at the Aarnivalkea West target, focusing on investigating gold mineralization controls.

The drilling campaign included four systematic step-out holes on 25 to 50 metre centres in the southern area and two step-out holes in the northern extent. The company expects to receive assay results in February, after which it will generate an updated structural and geological model to guide the next phase of exploration planned for later in 2025.

The Paana Project is strategically located 24 km northwest of Agnico Eagle's Kittilä mine (Europe's largest gold producer) and adjacent to Kinross Gold's exploration tenements. The project benefits from strong local infrastructure and a supportive regulatory environment.

Positive

• Completed 2,000 meters of core drilling across six holes
• Strategic location near Europe's largest gold producer
• 100% ownership of the Paana Project

Negative

• Assay results pending and not yet available
• Next phase of exploration delayed until later in 2025

Vancouver, British Columbia--(Newsfile Corp. - January 15, 2025) - Valkea Resources Inc. (TSXV: OZ) (OTCQB: OZBKF) ("Valkea" or the "Company") reports that it has completed over 2,000 metres of core drilling at its 100% owned Paana Project, located near the Kittila Mine, Europe's largest gold producer. The inaugural drill program at Paana was part of the company's Phase 1 exploration strategy designed to unlock the potential of the Aarnivalkea West target. The Paana project is strategically located within Finland's highly-prospective Central Lapland Greenstone Belt (Figure 1).

Highlights

• Valkea's inaugural Phase 1 drill program complete: Drilling at Paana was focused on investigating the extent and structural controls on higher-grade and disseminated gold mineralization at the Aarnivalkea West target. Assay results are expected in February.

"We are excited to have initiated and completed over 2,000 meters of drilling at the Aarnivalkea West target, which has demonstrated the potential for significant high-grade gold mineralization," said Chris Donaldson, CEO of Valkea Resources. "Our systematic approach, including drilling and the relogging of historical core, will provide the data we need to refine our structural model and identify additional opportunities across the Paana project. This marks an important step in our commitment to unlocking the untapped potential of our projects in Finland's Central Lapland Greenstone Belt."

Drill Program

Over 2,000 metres of core drilling in six holes were completed across the northern and southern extents of the Aarnivalkea West target on the Paana Project (Figure 2). The drill holes were designed to target the extent and structural and/or lithological controls on higher-grade and disseminated gold mineralization. A series of four systematic step-out holes on ~25 to 50 metre centres between and offset from historical holes FAV62 and FAVD71 targeted the southern area whereas two step-out holes targeted the northern extent near FAVD64 (Figure 2).

Next Steps

Once assays are received and interpreted and the core relogging program is completed, an updated structural and geological model will be generated. This refined model will inform the next phase of exploration the Company intends to initiate later in 2025.

Figure 1. Map of the Central Lapland Greenstone Belt highlighting Valkea's landholdings as well as neighboring companies and associated exploration, development and mining projects. See References below for sources of data.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7621/237273_3171489534980819_001full.jpg

Figure 2. Map showing the Aarnivalkea West target, Base of Till ("BoT") gold assay data, and the locations of historical diamond drill collars. Two areas were investigated during the recently completed drill program; the southern and northern target areas. See References below for sources of data. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7621/237273_3171489534980819_002full.jpg

Paana Project

The Aarnivalkea West target on the Paana Project is ideally situated 24 km northwest of Agnico Eagle's, Kittilä mine and adjacent to Kinross Gold's exploration tenements (Figure 1). The project is within the Central Lapland Greenstone Belt, an emerging gold district recognized for its significant untapped discovery potential. With a supportive regulatory environment and strong local infrastructure, Valkea Resources is well-positioned to capitalize on the region's growing importance in the global gold mining sector.

About Valkea Resources

Valkea Resources is at the forefront of gold exploration in Finland's highly prospective Central Lapland Greenstone Belt (CLGB). With an extensive portfolio of high-potential projects, including the flagship Paana project, Valkea Resources is committed to discovering and advancing significant gold deposits in one of the world's emerging gold districts.

Contact Information
For more information please contact:
Chris Donaldson, Chief Executive Officer and Director
Email: info@valkea.ca
Website: www.valkea.ca

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.

Qualified Person

The disclosure of technical or scientific information in this press release has been reviewed and approved by Dr. Christopher Leslie, P.Geo., a Qualified Person as defined under the terms of National Instrument 43-101. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate.

Mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization hosted on Valkea's projects.

References

1. Agnico Eagle website (agnicoeagle.com), Dec. 31, 2023 Reserve & Resource statement
2. Agnico Eagle website (agnicoeagle.com), 2009-2023 annual results reports.
*total endowment, sum of proven and probable mineral reserves, measured, indicated and inferred mineral resources and historical production
3. Thomas, B., Larouche, I. and Digges La Touche, G. (2023), NI 43-101 Technical Report Rupert Resources Lt. Updated Mineral Resource Estimate for the Ikkari Project - Finland, Effective Date December 12, 2023, Rupert Resources website (rupertresources.com) ⁺indicated mineral resource
4. Aurion Gold website (aurion.com), May 2^nd, 2022 NR and June 13^th, 2022 NR
5. Aurion Gold website (aurion.com), March 19^th, 2024 NR
6. S2 Resources website (s2resources.com.au), August 12^th, 2020 NR
7. S2 Resources website (s2resources.com.au), January 4^th, 2021 NR
8. S2 Resources website (s2resources.com.au), October 11^th, 2021 NR

Forward-Looking Statements

This news release contains forward-looking statements or forward-looking information relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements in this news release include but are not limited to commencement of trading on the TSXV.

Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the benefits of the Acquisition and the Offering; the Company's ability to carry on exploration and development activities; the timely receipt of required approvals; the price of metals; the integration of assets acquired by the Company; and the Company's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include but are not limited to: the Company's early stage of development; the fluctuation of the price of metals; the availability of additional funding as and when required; the speculative nature of mineral exploration and development; the timing and ability to maintain and, where necessary, obtain necessary permits and licenses; the uncertainty in geologic, hydrological, metallurgical and geotechnical studies and opinions; infrastructure risks, including access to water and power; environmental risks and hazards; risks associated with negative operating cash flow; and risks associated with dilution. For a further discussion of risks relevant to the Company, see the Company's other public disclosure documents.

Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There is no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except as, and to the extent required by, applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237273

FAQ

When will Valkea Resources (OZBKF) receive the Paana Project drill results?

Valkea Resources expects to receive the assay results from the Paana Project drill program in February 2025.

How many meters did Valkea Resources (OZBKF) drill at the Paana Project?

Valkea Resources completed over 2,000 metres of core drilling in six holes at the Paana Project.

Where is Valkea Resources' (OZBKF) Paana Project located?

The Paana Project is located in Finland's Central Lapland Greenstone Belt, 24 km northwest of the Kittila Mine, Europe's largest gold producer.

When will Valkea Resources (OZBKF) begin its next phase of exploration at Paana?

Valkea Resources plans to initiate its next phase of exploration at the Paana Project later in 2025.