Lode Gold Resources Inc. has closed a $506,490 financing, previously announced on May 31, 2024. A total of 13,181,143 units at 3.5 cents per unit and 1,128,750 flow-through units at four cents per unit have been issued for total proceeds of $506,490.
Each 3.5-cent unit shall consist of one common share and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at exercise price of five cents per common share for a period of two years following the date of closing.
Each flow-through unit at four cents consists of one flow-through common share and one-half of a whole flow-through common share purchase warrant. Each whole flow-through warrant shall entitle the holder to purchase one flow-through common share at exercise price of six cents per common share for a period of two years following the date of closing.
All securities issued will be subject to a statutory hold period until Nov. 13, 2024.
Insiders of the company subscribed for 664,286 units and 250,000 flow-through units. The company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
About Lode Gold Resources Inc.
Lode Gold is a Canadian exploration and development company with grassroots and advanced exploration properties in highly prospective and safe mining jurisdictions.
Its Golden Culvert and Win projects in Yukon, covering 99.5 square kilometres across a 27-kilometre strike length, are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone gold belt. Gold deposits and occurrences within the belt include Fort Knox, Pogo, Brewery Creek, Dublin Gulch and Snowline Gold’s Valley target on its Rogue property in the Selwyn basin.
Its McIntyre Brook project in New Brunswick, covering 111 square kilometres and a 17-kilometre strike length in the emerging Triple Fault gold belt, is surrounded by Puma Exploration’s Williams Brook project (5.55 grams per tonne gold over 50 metres) and is hosted by orogenic rocks of similar age and structure as New Found Gold’s Queensway project.
The company is also advancing its Fremont gold development project in the historic Mother Lode gold belt of California, where 50 million ounces of gold have been produced. Fremont, located 500 kilometres north of Equinox Gold’s Castle Mountain and Mesquite mines, has a PEA (preliminary economic assessment) with an after-tax net present value of $217-million (U.S.), a 21-per-cent internal rate of return and an 11-year life of mine, averaging 118,000 ounces per annum at $1,750 (U.S.) per ounce gold. A sensitivity to the March 31, 2023, PEA at $2,000 (U.S.) per ounce gold gives an after-tax NPV (discounted at 5 per cent) of $370-million (U.S.) and a 31-per-cent IRR over an 11-year LOM. The project hosts a National Instrument 43-101 resource of 1.16 million ounces at 1.90 grams per tonne gold within 19 million tonnes indicated and 2.02 million ounces at 2.22 grams per tonne gold within 28.3 million tonnes inferred. The MRE evaluates only 1.4 kilometres of the four-kilometre strike length of the Fremont property that features five gold-mineralized zones. Significantly, three stepout holes at depth hit mineralized structure, typical of orogenic deposits that often occur at depth. Fremont is located on private land in Mariposa, the original gold rush county and is 1.5 hours from Fresno, Calif. The property has year-round road access and is close to airports and rail. Please refer to the Fremont gold project PEA dated March 31, 2023, under NI 43-101 guidelines. The technical report has been reviewed and approved by independent qualified persons Eugene Puritch, PEng, FEC, CET, and Andrew Bradfield, PEng, both of P&E, and Travis Manning, PE, of KCA.
Qualified person statement
Buddy Doyle, FAusIMM, is the author of this news release. The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, director, BSc (honours) (economic geology — UCT), FAusIMM, who is a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.
Winfield Ding Kevin Shum
Chief Financial Officer Investor Relations
winfield@lode-gold.com info@lode-gold.com
416-320-4388 647-725-3888 xt 702
Forward-Looking Statements
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.
WARNING: The Company relies upon litigation protection for “forward-looking” statements. The information in this release may contain forward looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws
