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Kirkland Lake Discoveries Announces Closing of $7.8 Million Private Placement Offering of Subscription Receipts and Acquisition of the Lucky Strike Property
Kirkland Lake Discoveries Corp. (TSXV: KLDC) (formerly Warrior Gold Inc., "Kirkland Lake Discoveries" or the "Company"), is pleased to announce that the Company has completed its acquisition of the Lucky Strike property (the "Lucky Strike Property") and related private placement offering of Subscription Receipts (as defined below).
Acquisition of Lucky Strike Property
As previously announced in its news release dated February 22, 2023, the Company entered into an asset purchase agreement with New Found Gold Corp. ("NFG") dated February 16, 2023, as amended May 8, 2023 (the "Purchase Agreement"), pursuant to which the Company has now acquired from NFG all of the properties comprising the Lucky Strike Property located in the Kirkland Lake gold camp in Ontario, Canada (the "Transaction"). Pursuant to the Purchase Agreement, the Company acquired the Lucky Strike Property by issuing to NFG 28,612,500 common shares in the capital of the Company, and granting to NFG a 1.0% net smelter return royalty on the Lucky Strike Property pursuant to a royalty agreement. The common shares issued pursuant to Purchase Agreement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. In addition, under the terms of the Purchase Agreement, NFG agreed to use commercially reasonable efforts to distribute all the common shares of the Company that it holds to its shareholders, pro rata, within one year following the completion of the Transaction.
The Company's board of directors was reconstituted in conjunction with the completion of the Transaction and now consists of four directors: Denis Laviolette, Danièle Spethmann, Gary Nassif, and Stephen Burleton. Two additional directors may be nominated by NFG later.
Consolidated Land Package
The Lucky Strike Property, located immediately east of the Company's neighboring land package in Kirkland Lake, Ontario, consists of 653 unpatented mining claims covering approximately 11,367 hectares (114 km2). The consolidated properties of the Company now form the largest land package in the Kirkland Lake Gold Camp with an area of approximately 38,000 hectares (380 km2). The consolidated land package is 53 kilometres in length and up to 20 kilometres wide and hosts past-producing gold and copper operations, several with underground workings, numerous pits and many mineral showings of gold, copper, silver, critical and other precious metals.
The property lies within the Blake River mafic volcanic formation, the same host rocks as Agnico Eagle's Upper Beaver deposit and roughly eight kilometres north of the "Mile of Seven Mines", which includes the Macassa Mine. The consolidation of the properties represents property acquisitions over nine years from more than 18 prospectors and owners of patented claims.
Danièle Spethmann, President and CEO of Kirkland Lake Discoveries, stated: "The completion of this transaction and the consolidation of this highly prospective land package in a renowned mining district is a rare and very exciting opportunity. The addition of Denis Laviolette as a director of the Company strengthens the Company's board and helps position the Company to realize its goal of achieving exploration success within the combined properties."
Private Placement Financing
In connection with the Transaction, the Company has closed its best-efforts brokered private placement offering (the "Offering") through the issuance of 18,690,000 subscription receipts of the Company (each, a "Non-FT Subscription Receipt") at a price of $0.25 per Non-FT Subscription Receipt (the "Non-FT Offering Price"), and 11,547,299 "flow-through" subscription receipts of the Company (each, an "FT Subscription Receipt", and together with the Non-FT Subscription Receipts, the "Subscription Receipts") at a price of $0.275 per FT Subscription Receipt (the "FT Offering Price", and together with the Non-FT Offering Price, the "Offering Price") for aggregate gross proceeds of $7,848,007. Canaccord Genuity Corp. (the "Agent") acted as agent in connection with the Offering.
The Company entered into a subscription receipt agreement dated May 25, 2023 (the "Subscription Receipt Agreement") with the Agent and Olympia Trust Company, as subscription receipt agent (the "Escrow Agent"). Following satisfaction of the Escrow Release Conditions in accordance with the Subscription Receipt Agreement, each Non-FT Subscription Receipt entitles the holder thereof to receive one unit of the Company (each, a "Non-FT Unit"), subject to adjustments. Each Non-FT Unit will consist of one Common Share and one Common Share purchase warrant of the Company (each, a "Non-FT Warrant"). Upon satisfaction of the Escrow Release Conditions, each FT Subscription Receipt entitles the holder thereof to receive one unit of the Company (each, a "FT Unit", and together with the Non-FT Units, the "Units"), subject to adjustments. Each FT Unit will consist of one Common Share (a "FT Unit Share") and one Common Share purchase warrant of the Company (a "FT Warrant", and together with the Non-FT Warrants, the "Warrants"). Each FT Unit Share and FT Warrant will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act, R.S.C. 1985 c. 1 (5th Supp.), as amended (the "Tax Act"). Each Warrant will be exercisable by the holder thereof into one Common Share (each, a "Warrant Share") for a period of two (2) years following the date of the Escrow Release (as defined below) at an exercise price of $0.40 per Warrant Share, subject to adjustments.
The Company satisfied the Escrow Release Conditions on May 25, 2023. The conversion of the Subscription Receipts and the release of the escrowed proceeds of the Offering is expected to occur on or about May 30, 2023 (the "Escrow Release").
Following Escrow Release, the net proceeds from the Offering are intended to primarily be used to fund the Company's initial planned exploration program at the combined Kirkland Lake/Lucky Strike Property and for general working capital purposes.
In consideration of the services rendered in connection with the Offering the Company paid cash commissions in the aggregate amount of $467,880 and issued an aggregate of 1,802,238 broker warrants of the Company (the "Broker Warrants"), exercisable into the same number of common shares of the Company (the "Broker Warrant Shares") at a price per Broker Warrant Share equal to the Non-FT Offering Price for a period from the date of the Escrow Release until 24 months following the date of the Escrow Release. The Company anticipates the common shares will resume trading on or about May 31, 2023.
The Offering was conducted in all provinces of Canada pursuant to private placement exemptions and in such other jurisdictions as were agreed to by the Company and the Agent. The Offering remains subject to the final approval of the TSXV. All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Kirkland Lake Discoveries Corp.
Kirkland Lake Discoveries Corp (KLDC) is a TSX Venture Exchange-listed company that has consolidated a district-scale and prospective land package in the Kirkland Lake gold camp in Ontario, Canada. The properties are hosted in the Abitibi Greenstone Belt, one of the world's best-endowed greenstone belts, with +200 million ounces of gold produced to date. The properties are host to regional and property-scale mineralized structures that are considered second-order structures off the Larder Lake Cadillac Deformation Zone – LLCDZ – the regional structure in the belt known to be spatially associated with the gold mines hosted in the camp.
The properties assembled include the 100%-owned Lucky Strike Property, Goodfish-Kirana, the Arnold property, the optioned KL West (KLW) and KL Central (KLC). The Company's land position comprises approximately 38,000 ha, over 1,338 claims and 29 patented claims in the Kirkland Lake region.
For additional information, please contact:
Danièle Spethmann, P.Geo.
President & CEO
kirklandlakediscoveries.com
+1 416 414 7011
daniele@kirklandlakediscoveries.com
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the expected conversion of the Subscription Receipts, the use of proceeds from the Offering, and the final approval of the TSXV. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information.
Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of all necessary regulatory approvals, availability of necessary financing, potential mineralization on the Company's mineral projects, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks.
The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Not for distribution to United States news wire services or for dissemination in the United States
Top Stories This Week: Gold Ends May in the Red, Namibia News Spooks Uranium Stocks
The month of May is now over, and for gold it was a time of downward momentum. After rising to the US$2,050 per ounce level early on, the yellow metal finished the period at around US$1,960, up from its lowest point of about US$1,940.
This week brought a resolution on the debt ceiling, with US President Joe Biden and Republican House Speaker Kevin McCarthy taking a proposed deal to Congress. By Thursday (June 1), it had made it through both the House and the Senate, allowing the country to avoid a default. The news came only a few days ahead of the deadline, which was set for this coming Monday (June 5).
With the deal now approved, the debt ceiling has been suspended until January 1, 2025.
"America can breathe a sigh of relief," said Senate Majority Leader Chuck Schumer after the approval.
Aside from that, Wednesday (May 31) brought the latest Job Openings and Labor Turnover Survey (JOLTS) data out of the US. It shows that job vacancies came in at 10.1 million in April — that's above the amount forecast and higher than the previous month.
The information is stoking expectations that the US Federal Reserve will hike rates at its next meeting, which is scheduled for June 13 to 14. Another point to watch will be the May employment situation report, which is due for release on Friday (June 2).
Namibia news spooks uranium stocks
Moving over to uranium, news out of Namibia caused some turmoil this week. News hit on Monday (May 29) that the country was reportedly thinking about taking minority stakes in mining and petroleum companies operating in the nation.
"We are making a case that local ownership must start with the state, which holds ownership of our natural resources" — Tom Alweendo, Namibia's minister of mines and energy
The source was the nation's mines and energy minister, who was speaking to lawmakers, and it sent share prices for a number of Namibia-focused uranium companies sliding — Paladin Energy (ASX:PDN,OTCQX:PALAF), Deep Yellow (ASX:DYL,OTCQX:DYLLF) and Bannerman Energy (ASX:BMN,OTCQX:BNNLF) are among the companies that took hits.
Both Paladin and Deep Yellow were quick to say they keep in contact with the government and were unaware of any legislative changes, and it wasn't long before the Namibian government stepped forward with a correction.
"The government has no intention of seizing any stake from existing mineral or petroleum licence holders and remains committed to uphold the sanctity of contracts," the Ministry of Mines and Energy said. New licenses are a different story — Namibia is not ruling out taking minority stakes in mining and petroleum companies that come to the country in the future.
The situation is worth keeping an eye on, but for now it's worth noting that the week looks to be ending on a positive note for uranium — the commodity made it through the US$55 per pound mark to a new 52 week high.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Chris Blasi: Gold Bull Market Now in Third Leg, Here's What Comes Next
Gold has spent a fair amount of time above US$2,000 per ounce this year, although more recently it's pulled back.
What has demand for the yellow metal looked like in 2023? Speaking to the Investing News Network, Chris Blasi, president of Neptune Global, said he's seen high-net-worth and ultra-high-net-worth buyers entering the market.
"January, February started off a little on the slow side. Then comes March, and here in the US we had this banking crisis — the failure of Silicon Valley Bank, Signature Bank up in New York and then most recently First Republic Bank. What we've seen is a large influx of what we call high-net-worth and ultra-high-net-worth investors," he said during the interview.
"And what they were telling us, what we got, is they can move money around and spread it between banks, because everyone is worried about insurance coverage. But a lot of them came to the conclusion that they wanted to reduce these large cash positions they had and now they were resigned that it's time to get in the metals market," Blasi explained.
Large players are buying silver too, although the white metal is seeing more attention from smaller-scale investors.
In Blasi's view, gold is in a long-term secular bull market, which means that, despite its fall back below the US$2,000 mark, it still has plenty of room to run. He said the first leg of the bull market ran from 2001 to 2011; then the second leg brought a pullback of 50 percent, with a bottom for gold in December 2015. The third leg is now taking place and could end in a parabolic blow off.
"As long as this keeps playing out … gold should be substantially higher in the next few years," Blasi said.
He pointed out that the world is changing quickly, moving from a unipolar system to a multipolar setup.
"When you're passing the baton from one order to the next, that is always a time of tremendous disruption and change. And that's when gold thrives — gold thrives in chaos because it is a historic store of wealth that is outside the system, is real money," he said.
Watch the interview above for more of Blasi's thoughts on gold, as well as the next steps from the US Federal Reserve, the trend toward de-dollarization and fallout from the debt ceiling. He also discusses the platinum and palladium markets.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Snowline Gold Purchases Mineral Property Portfolio with Historical Drill Results Of 2.1 Grams Per Tonne Gold Over 96.0 Metres on Intrusive Target Near Rogue Project’s Valley Discovery
SNOWLINE GOLD CORP. (TSX-V:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce purchase from two arm's-length entities of a mineral property portfolio comprising 92 claims in the vicinity of its Rogue Project in the Yukon Territory, Canada. Historical work on these claims suggests the presence of multiple reduced-intrusion related gold systems (RIRGS) within the Rogue Plutonic Complex, the geological system which hosts Snowline's Valley discovery. A historical diamond drill intersection at the "Reid" target roughly 8 km east of Valley and 4 km east of Gracie reported 2.1 g/t Au over 96.0 m within 234.7 m of 0.94 g/t Au, including high-grade intersections of 76.9 g/t Au and 26.7 g/t Au over 1.5 m each, within a granodiorite stock with similarities to the Valley intrusion. These results have not been verified by the Company, but descriptions of geology and mineralization intersected by this drilling, including visible gold in sheeted quartz veins and the poly-phase nature of the intrusion, are consistent with observations made in drilling at Valley, demonstrating the potential for regional gold fertility.
- Snowline purchases 92 long-held mineral claims (roughly 1,920 ha) constituting 10 targeted claim blocks within and adjacent to its Rogue Project
- Claims include historical drill intersection of 2.1 g/t Au over 96.0 m from within poly-phase granodiorite "Reid" intrusion 8 km east of Snowline's Valley discovery, and on trend with the Gracie target
- Additional targets with promising historical drill and surface sampling results throughout acquired portfolio solidify Snowline's position in the district and highlight broader potential of the Rogue Plutonic Complex.
Table 1 - Historical diamond drill highlights reported in 1996 from the Reid target. These results have not been directly verified by the Company but are believed to be generally indicative of the potential for gold endowment at the target, particularly given anomalous gold in nearby talus fines sampled by the Company and given the demonstrated fertility of the Valley intrusion 8 km to the west of Reid. *Drilled widths reported, true widths not determined.
"This acquisition is a significant step in the transition of Snowline's Rogue Project from a discovery to a district," said Scott Berdahl, CEO & Director of Snowline. "We are excited to explore the Reid target as a part of our 2023 drill campaign at Rogue. The historical results from the 1996 drilling provide strong additional evidence of the gold potential of the Reid intrusion and of the many other intrusion-related gold targets on our Rogue Project outside of our Valley discovery. This claim package covers a first-mover land position based on early exploration efforts in the area. Alongside the strongly anomalous gold values from regional stream sediment geochemistry samples draining many parts of the Rogue Plutonic Complex, these historical results were a key draw in attracting our initial attention to Rogue. The Valley discovery has since shown that the necessary components are present at Rogue to produce substantial bulk-tonnage gold systems with unusually high grades for the RIRGS deposit type. We are thrilled to bring this collection of targets into the fold, and to give our shareholders much more exposure to the unique exploration potential of the Yukon's newest gold district."
Figure 1 - The Rogue Plutonic Complex (red), showing Snowline Gold's newly acquired claims (yellow squares) against the Company's pre-existing Rogue Project (medium blue). Highlight historical samples noted herein have not been verified by the Company, but they provide evidence for the general gold endowment of the broader Rogue Project area. Grab samples are selective in nature and don't necessarily represent bulk tonnage grades. Not shown are 30 "WEAS" claims, covering an intrusion some 26 km to the south (Figure 3).
On behalf of the vendors of the claims, Anthony Beruschi added: "Congratulations to the Snowline team on their wonderful gold discovery at the Rogue project, where skill and hard work have led to exploration success. In my view the Yukon is the best place in the world for explorers. I consider it a privilege to add our mineral claims, with their excellent historical drill results, to Snowline's impressive land package. I look forward to the realization of this opportunity with so many benefits for the Yukon and its people."
REID
The newly acquired Reid claims cover an exposed reduced intrusion adjacent to an open, 1 x 1 km gold-in-soil-and-talus-fine anomaly delineated by Snowline through surface sampling (Figure 2). Consistent with the surface geochemical anomalies at the Rogue Project's adjacent Valley and Gracie targets, the Reid anomaly is complemented by anomalous bismuth and tellurium values that correlate well with anomalous gold values. Follow up mapping by Snowline personnel confirmed earlier observations of sheeted quartz veins near the margin of the intrusion, oriented parallel to mineralized veins present at Valley and Gracie. Sixteen grab samples of quartz vein material from across an open, 450 x 600 m area within the anomaly ranged in grade from 0.2 g/t Au to 8.0 g/t Au.
Figure 2 - Plan map of the Reid and Gracie targets, with historical drill collar sites from drilling at Reid (sky blue) and Snowline's 2022 Phase I drilling at Gracie (red). AS-96-03 is collared downslope from AS-96-02, and thus the holes do not significantly overlap one another. While the historical drill results have not been verified by the Company, the scale of the associated soil and talus fine anomaly sampled by Snowline and the extent of mineralization observed during subsequent mapping provide additional evidence for a significant reduced intrusion-relation gold system at Reid.
Immediately south of the 1x1 km anomaly, the Reid intrusion is a 1-kilometer scale granodiorite body responsible for local hornfels alteration on the eastern end of a roughly 9 km trend of similar alteration that extends from the Rogue Project's Valley discovery in the west and includes the Gracie target in between (Figure 1), suggesting potential for a corridor of related intrusions with demonstrated gold fertility.
Historical surface sampling and drilling demonstrate the presence of gold mineralization associated with the Reid intrusion, particularly along its northern margin. Three diamond drill holes totalling 1,253 m were drilled in 1996. Samples from holes AS-96-01 and AS-96-02 returned anomalous but likely subeconomic gold grades, whereas hole AS-96-03 reported a 234.7 m interval of sheeted veins within the intrusion averaging 0.94 g/t Au, including 96.0 m at 2.09 g/t Au. These intervals are influenced by two 1.5 m intersections averaging 76.9 g/t Au and 26.7 g/t Au respectively (Table 1). They nonetheless demonstrate potential for the presence of fertile reduced intrusion-related gold system at Reid, particularly in the context of the nearby Valley discovery.
Historical descriptions of the Reid drill core parallel observations made in drilling the Rogue Project's Valley discovery. Notably, multiple phases of intrusion are described - at Valley, multiple phases of the intrusion characterize the strongest zone of mineralization found to date. Also, at Reid, reported observations of visible gold in AS-96-03 are associated with bismuthinite in quartz veins. At Valley and Gracie, bismuth and tellurium minerals (including bismuthinite) in quartz are key indicators for the presence of gold, and this is a fingerprint of the RIRGS deposit model.
The Company is currently planning for a 3-hole, Phase I drill program at Reid, totalling roughly 1,000 m.
CUJO
The Cujo target covers an elongate, 1 x 2 km intrusion at the west end of the Rogue Plutonic Complex (Figure 1). A historical drill program of 6 holes (total metres unknown) is reported to have been conducted in 1996 near the eastern edge of the intrusion, with an interval of 1.0 g/t Au over 13.6 m (true width unknown) referenced in subsequent reports. The Company has not been able to locate the original report describing this drilling, but the interval is reported in the Yukon Geological Survey's 1996 Yukon Exploration and Geology (YEG) annual report. Fieldwork by Snowline personnel in the vicinity of the claims yielded a grab sample of 63.8 g/t Au from hornfels metasedimentary rocks associated with the intrusion.
WEAS
The 30-claim (627 ha) WEAS property is located south of the Rogue Plutonic Complex, midway between Snowline's Cynthia and Olympus projects (Figure 3). Historical work on the property reported gold-bearing sheeted quartz veins within an exposed, 3 km by 2 km intrusion. Drilling in 1996 (5 holes, 1,280 m) is reported in the same 1996 YEG report to have intersected 1.0 g/t Au across 21 m (true width unknown) associated with the sheeted veins, along with surface grab samples of up to 20.1 g/t Au. The property is central to a larger claim block owned indirectly by HighGold Mining Inc., which currently in the process of spinning out those claims into a new company, Onyx Gold Corp.
The Company cautions that none of the historical results, including drill results, on the newly acquired claims have been verified. Assay methods and sampling techniques are not disclosed in the historical reports, and in the case of drilling on the Cujo and WEAS targets, the Company has only been able to locate indirect references to the results, but no primary source. Historical results discussed herein are presented more generally as an indication of the regional potential of the Rogue Plutonic Complex to host additional reduced intrusion-related gold systems.
Figure 3 - The WEAS claims shown in the context of surrounding mineral properties. Highlight historical samples noted herein have not been verified by the Company, but they provide evidence for the general gold endowment of the claims. Grab samples are selective in nature and don't necessarily represent bulk tonnage grades.
ACQUISITION TERMS
The Company has entered into an agreement with arm's length parties RST Klondike Discoveries Ltd. and Whistler Minerals Corp. (together, the "Vendors"), whereby the Company has acquired 92 mineral claims in exchange for (i) the payment of $1,000,000 in cash (the "Cash Consideration") and (ii) the issuance of 200,000 warrants (the "Warrant Consideration"), each for purchase of a single common share of the Company at a price of $3.50 for a period of two years (the "Acquisition"). The Warrants are subject to a hold period of four months and one day from the closing of the Acquisition, in accordance with applicable Canadian securities laws, expiring on October 1, 2023. The Vendors will retain a 1.0% NSR on the claims and will be entitled to up to two bonus payments of $1M each if a measured or indicated mineral resource of >1 million ounces of gold is disclosed in compliance with NI 43-101 standards on certain claims.
ABOUT ROGUE
The Valley Zone on Snowline's flagship Rogue Project is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production such as Kinross's Fort Knox Mine in Alaska and Victoria Gold's Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system, present near surface across drill intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays within and along the margins of a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until additional work is completed.
The Rogue Project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue Project is thus considered by the Company to have district-scale potential for additional reduced intrusion-related gold systems.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with an eight-project portfolio covering >280,000 ha. The Company is exploring its flagship >111,000 ha Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline's project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross' Fort Knox mine, Newmont's Coffee deposit, and Victoria Gold's Eagle Mine. The Company's first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by J. Scott Berdahl, M.Sc., P. Geo., CEO and Director for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
ON BEHALF OF THE BOARD
Scott Berdahl
CEO & Director
For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements regarding the potential to participate in multiple future discoveries, newly acquired areas having elevated potential to host gold deposits, the Rogue project having district-scale prospectivity, the creation of a new gold district and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Barksdale Provides Sunnyside Permitting Update
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce positive permitting progress related to the proposed Sunnyside copper-lead-zinc-silver exploration program in Arizona.
Following issuance of a draft Decision Memorandum ("DM") and Finding of No Significant Impact ("FONSI") for Barksdale's proposed seven-year exploration drilling program at Sunnyside in late January 2023, the United States Forest Service ("USFS") has continued to move through the final permitting steps. On March 13, 2023, the 45-day Objection Period concluded, and resulted in two objections from parties that made previous comments during the USFS public comment period in 2021. The USFS confirmed with the Company that it completed the mail-out of objection responses on May 26, thereby ending the Objection Response Period.
The final steps of the permitting process will take place over the next few weeks and include finalizing the administrative record and making any necessary updates to the Plan of Operations ("PoO"). Once the Final DM and FONSI are issued and the Reclamation Performance Surety Bond is in place, the USFS will approve the Company's PoO, thereby allowing the start of the drilling program. Having selected its drill contractor, the Company plans to initiate a drilling program as soon as practical, based on drill rig and crew availability. Further updates will be made in due course.
Additionally, the Company is pleased to report that it has acquired 1.75 wetland mitigation credits from the Arizona Game and Fish Department ("AZGFD") under the In-Lieu Fee Program ("ILF"), which fulfills our permit requirements related to our U.S. Army Corps of Engineers Section 404 Individual Permit at Sunnyside. These credits are being used as proportionate compensatory mitigation for impacts that could occur on the Sunnyside project and will be used to establish and enhance riparian habitat at the Lower San Pedro River Wildlife Area ILF site, which is an AZGFD owned and managed property.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF BARKSDALE RESOURCES CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the expected publication and timing of the Final USFS DM and estimated timing and formal approval of the Company's PoO for the Sunnyside copper-lead-zinc-silver project; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project following approval of the PoO and the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. There are no assurances that the Company's PoO for the Sunnyside property will be approved by the USFS on the basis currently contemplated or at all. In addition, the Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Victory Battery Metals: Diverse Portfolio of Base and Battery Metals Projects in North America
Victory Battery Metals (CSE:VR,FWB:VR61,OTCPINK:VRCFF) pivots to battery metals with a focus on its flagship project, Smokey Lithium situated very close to the only lithium-producing silver mine in North America. The company also maintains five other projects: Stingray Lithium Array in James Bay, Quebec; Georgia Lake Lithium property, Ontario; Tahlo Lake, in the Babine Copper-Gold Porphyry District, British Columbia; Saguenay Nickel Project, Quebec; and Black Diablo Copper and Manganese in Nevada.
These projects’ strategic locations in mining-friendly and infrastructure-ready jurisdictions position Victory to not only explore new sources of critical battery metals required to meet the growing demand but also help disrupt the currently unbalanced supply chain, with China dominating roughly 70 percent of global lithium production despite the fact it only supplies 13 percent of the world's lithium.
Given China's questionable mining practices and propensity for leveraging the global supply chain as a political weapon, the status quo is far from ideal. Unsurprisingly, many countries — Canada and the United States among them — are investing heavily into establishing a domestic lithium supply chain. Victory Battery Metals is ideally positioned to take advantage of these investment efforts.
Company Highlights
- Recently completed a successful private placement for $2 million, and holds several million dollars in treasury.
- Smokey Lithium flagship project operates out of Nevada, one of the most mining-friendly jurisdictions in North America.
- Victory's primary focus is on bridging the considerable gap between supply and demand, and is benefitting considerably from federal mandates around lithium and critical battery metals production in both Canada and the United States.
- Work programs are planned for all major assets within the next twelve months.
- Maintains an incredibly diverse mining portfolio primarily geared towards the needs of the growing electric vehicle market. However, its assets also include precious metals such as gold and silver.
- Victory is actively working to identify opportunities in regions conducive to mining and geographic locations suited to year-round exploration and development.
This Victory Battery Metalsprofile is part of a paid investor education campaign.*
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