Valkea Resources Retains 100% Ownership of Palvanen Project in the Highly Prospective Central Lapland Greenstone Belt, Finland

Vancouver, British Columbia--(Newsfile Corp. - November 8, 2024) - Valkea Resources Corp. (TSXV: OZ) (formerly Outback Goldfields Corp.) (the "Company" or "Valkea")  reports that it will retain 100% ownership of the Palvanen Project (the "Project'') in the Central Lapland Greenstone Belt, Finland. Kinross Gold Corp. ("Kinross") has elected not to proceed with Stage Two commitments of the Earn-In agreement ("Agreement") signed between S2 Resources Ltd. and Kinross in June, 2021.

"Since 2021, Kinross invested over CAD $5 million on exploration across the Palvanen Project, which is strategically located just south of and contiguous to Agnico Eagle's Kittilä Mine and B2Gold's projects," commented Chris Donaldson, CEO of Valkea. "Importantly, the conclusion of the agreement also ends Kinross' Right of First Refusal (ROFR) on Valkea's flagship Paana Project and the Aarnivalkea discovery. As a result, Valkea retains full control and ownership of both the Palvanen and Paana projects, providing greater flexibility for the Company's exploration and development strategies going forward."

Palvanen Project

Since signing the agreement with S2 Resources Ltd. in 2021, Kinross funded approximately CAD $5.4 million on exploration across the Project. Exploration activities included the acquisition of project-wide, high-resolution geophysical data which focused the collection of over 4,900 base of till samples. These data generated 15 target areas considered prospective for gold mineralization, resulting in over 8,000 metres of diamond drilling (Figure 2). The top-ranked Piekka target is centered approximately 5 km southwest of Agnico Eagle's Kittila Mine (Figure 2).

Valkea is now compiling and assessing all of Kinross' exploration data to determine whether to explore the Palvanen project independently or to seek a new partner to fund additional and warranted targeted drill programs. Valkea's goal is to maximize the project's potential while aligning with its broader exploration and development objectives in the Central Lapland Greenstone Belt (Figure 1).

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/7621/229249_80045c3554f61be8_001 ...

Figure 2. Map of the Palvanen Project showing underlying geology, target areas and the location of work completed by Kinross. Abbreviations: BOT = Base of Till samples, DD = Diamond Drill holes.