The Akanvaara Project (the “Project”) is located in northern Finland, approximately 130 km north-east of Rovaniemi and 780 km north of Helsinki. Access to the property is provided by paved highways and a network of gravel forestry roads. Approximately 17,400 metres of drilling over 112 holes has been completed on the property. Strategic is earning a 100% interest in the Project from Magnus Minerals (“Magnus”).
The Akanvaara intrusion is classified as a layered intrusion located in the eastern part of the Fennoscandian Shield. Vanadium mineralization of the Akanvaara intrusion is hosted in vanadium-bearing magnetite gabbro and in chromite layers within gabbro.
Please find more details here: Technical Report – Akanvaara, June 10, 2019
Magnus will grant Strategic the exclusive option to acquire up to a 100% interest in the Project through a two stage earn-in agreement.
First Earn-In Terms for 70% Project Stake:
- Issue 2.5 million shares and pay 25% of the value of the shares on the date of closing in cash to a maximum of C$200,000
- Have spent C$750,000 of exploration expenditures before 24 months following the Closing Date
- Grant a 0.7% net smelter royalty (“NSR”) on the project
Second Earn-In Terms for 30% Project Stake:
- Issue 0.7 million shares
- Have spent C$1,000,000 of exploration expenditures before 36 months following the Closing Date
- Grant a 0.3% NSR on the project, bringing the total NSR to 1.0%