Aurion shares jump on Kinross option

The Toronto-listed equity of Aurion Resources (TSXV: AU) jumped more than 9% Monday after the company revealed Canadian gold major Kinross Gold (TSX: K) has agreed to earn a 70% option on the Silaskaira project in Finland.

The property is next to the Silasselkä vanadium project, currently under option to Strategic Resources Inc (TSXV: SR), in which company Aurion holds about 16% equity interest, and about 28 km northwest of Agnico-Eagle's (TSX: AEM) Kittilä mine.

Kinross can earn a 70% undivided interest in the property by sustaining a minimum of $5 million in exploration expenditures, of which $1 million must be spent in the first 24 months, and paying Aurion C$100,000 by the fifth anniversary of the agreement.

Kinross will act as the operator.