Antilles Gold’s gold and copper projects in Cuba are underpinned by a strong partnership with a Cuban Government-owned mining company that effectively fast-tracks and de-risks its promising projects, offering a strategic value proposition for investors.
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through a joint venture with the Cuban Government’s mining company, GeoMinera. This partnership has resulted in rapid project permitting and access to several new development opportunities for the Australian company.
Antilles Gold offers strong growth potential through two near‐term development projects, Nueva Sabana and La Demajagua, and two exploration projects, the El Pilar porphyry system and Sierra Maestra copper concessions.
Joint venture projects in Cuba
Nueva Sabana is a near‐term, gold‐copper mine development within the joint venture with GeoMinera, and is expected to initially produce around 70 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~27 percent copper concentrate with gold credits. The project development strategy includes the completion of a feasibility study in September 2024, and the commencement of construction soon after.
The second proposed development is the La Demajagua open-pit mine, which is likely to produce ~50,000 tonnes per annum (tpa) of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for nine years. According to the plans, construction will commence in late 2025, with commissioning in mid‐2027. La Demajagua will also include the construction of a concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate, with the capacity to produce 50,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The joint venture’s two exploration projects comprise the 720‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjacent 17,000 hectare San Nicholas concession with porphyry style mineralisation, and two concessions totaling 52,600 hectares within the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with both indicating of porphyry deposits highly prospective for copper, gold and molybdenum.
Surface mineralisation at El Pilar
Antilles Gold has completed a technical evaluation of the El Pilar porphyry system which was advised to ASX on 15 February 2024.
The joint venture intends to invest part of the surplus cash flow from the Nueva Sabana mine to fund the exploration of major copper targets, including the El Pilar copper‐gold porphyry system, and those in the Sierra Maestra copper belt.
Prominer Mining Technology will supply Nueva Sabana concentrator
Nueva Sabana is the company’s near‐term, gold‐copper mine development project. The project is held in the 50:50 joint venture with GeoMinera. It will be an open-pit mine developed on the oxide zone overlaying the El Pilar porphyry copper deposit in central Cuba.
Results from 24,000 metres of historical drilling, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 have established a mineral resource estimate (MRE). Results of a scoping study were advised to ASX on 7 May 2024, and a feasibility study is in progress for the proposed development which will be followed by a 12‐month construction phase.
Drilling has shown outstanding grades for gold and copper, and increasing lateral and vertical boundaries of the copper domain.
The proposed mining rate for the project will be 500,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated initial production of 70 g/t gold concentrate will be followed by a ~27 percent copper concentrate with gold credits.
The estimated project cost is approximately US$33 million, of which approximately US$6 million is shareholders equity with the balance of $27 million expected to be funded through an advance on purchases of the concentrates by an international commodities trader.
Chinese engineering group, Prominer Mining Technology, which has extensive experience in designing and constructing gold and copper concentrators, is expected to supply the crushing and flotation circuits for the Nueva Sabana mine.
La Demajagua involves the development of a gold‐antimony‐silver deposit as an open-pit mine by the joint venture company, Minera La Victoria.The project is located within a 900 hectare mining concession on the Isle of Youth, 60 nautical miles from mainland Cuba. The project site is 35 kilometres from the port city of Nueva Gerona and enjoys excellent infrastructure in terms of accessibility by highway, and availability of water, electricity and fiber optic cable.The project has an MRE of 905,000 oz gold equivalent for the open-pit operation. The MRE was calculated from 29,000 metres of drilling undertaken by the JV, and selective results from about 50,000 metres of historic drilling and revised after the receipt of additional antimony assays. The project expects mining of about 815,000 tpa of ore to produce two concentrates: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for nine years.
The project will also include a concentrate processing facility to produce gold doré from the gold-arsenopyrite concentrate. The facility will comprise a 50,000‐tpa two‐stage fluidized‐bed roaster, a carbon-in-leach (CIL) circuit, and an antimony recovery circuit. The overall production target is 75,000 oz gold equivalent per year. Chinese engineering firm BGRIMM Technology Group, which has extensive experience in designing and constructing roasters, is expected to supply the process plant on a turnkey basis.
The total development cost is estimated at US$165 million, expected to be funded by US$75 million of equity, which includes contributions by a third shareholder in the project, and the balance of US$90 million in debt. The life‐of‐mine cash surplus is estimated at ~US$600 million, with an NPV of ~US$330 million based on US$1,800/oz gold, and US$13,000/t antimony.
A revised scoping study including the concentrate processing facility is expected in December 2024, and construction is anticipated to commence in late 2025, with commissioning targeted for mid‐2027.
El Pilar is an exploration project of a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The project comprises a 752 hectare exploration license and an adjacent 17,000 hectare reconnaissance permit covering the San Nicholas copper targets.
The project site benefits from established infrastructure with close access to a major highway, high‐tension power, and a 60 kilometre rail link to Palo Alto port.
Previous mapping, soil sampling, ground magnetics, an aeromagnetic survey and 24,000 metres of shallow drilling confirmed the existence of copper‐gold mineralization and identified the exposures as a potentially large, leached porphyry system. The surface exposures at El Pilar are leached phyllic caps to a cluster of copper‐gold porphyry cores. The extent of surficial hydrothermal alteration indicates the porphyry intrusions have large dimensions, and potential depths greater than 1,000 metres.
Ground magnetics and induced polarization surveys in early 2023 have confirmed a cluster of three potentially large porphyry intrusives – El Pilar, Gaspar and Camilo. A 10‐hole initial program has demonstrated positive results with good copper intercepts in porphyry‐style veining and has indicated the proximity of drilling to the core of El Pilar porphyry intrusive. In particular, drill hole PDH‐004A assayed 1.23 percent copper over its length of 134 metres from 49 metres.
The project is an exploration project covering two highly prospective concessions for copper, gold and molybdenum in the Sierra Maestra copper belt in southeast Cuba. It includes a 3,600-hectare geological investigation license in La Cristina, and the adjoining 49,000‐hectare Vega Grande reconnaissance license.
The copper belt spans more than 200 kilometres of Cretaceous‐age geology intruded by Eocene stocks, which are the source of widespread gold and base‐metals mineralization. The project is near the El Cobre mine which is the oldest operating copper mine in the Americas. The concessions incorporate a series of copper‐gold‐molybdenum zones that display significant footprints of hydrothermal alteration normally associated with potentially large porphyry systems.
An extensive, two‐year prospecting program will be carried out on the two concessions, commencing in Q4 2024, to identify drill targets.
Brian Johnson is a graduate of civil engineering from the University of Western Australia and a member of the Institute of Engineers, Australia. He has rich experience in the construction and mining industries in Australia, Southeast Asia and North America. He was instrumental in establishing successful companies in the iron ore and coal sectors. Previously, he has served as a director of two listed gold producers, and of companies with stock exchange listings in London, New York, Vancouver and Australia.
James Tyers is a member of the AusIMM and has more than 30 years of experience in the mining industry, holding senior management roles in gold and iron ore operations. He has been associated with the Palm Springs Gold Mine in the Kimberley region of Western Australia, and the Cornishman Project, a JV between Troy Resources and Sons of Gwalia. He has experience developing and operating iron ore projects in the mid‐west of Western Australia. He was responsible for developing the Las Lagunas Project and is the project director for the La Demajagua gold mine in Cuba.
Ugo Carlo has more than 30 years of experience in the Australian mining industry. Throughout his career, he has served in several senior leadership roles at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He is also a former director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.
Angela Pankhurst has more than 20 years of experience as an executive and non‐executive director, primarily in the mining industry. She has been a senior executive for companies with projects in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has held senior leadership positions at Antilles Gold and Central Asia Resources. She is currently a director of Consolidated Zinc and a director of Imritec.
Tracey Aitkin is a professional member of CPA Australia and has more than 30 years of rich experience in finance, administration and staff management across a range of industries, including mining, manufacturing, retail, transport and agriculture. She joined the company in 2009 and was named CFO in 2010.
Dr. Jinxing Ji is a seasoned metallurgist with six years of research experience in universities and 26 years of practical experience in the mining industry related to gold, silver, copper, zinc and lead. His broad experience includes due diligence, metallurgical test work, pre‐feasibility study, feasibility study, detailed design, plant commissioning support, and operational support for projects in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.
Steve Mertens is a mining engineer with more than 20 years of industry experience across a range of commodities, including nine years based in Latin America. He has been associated with the Goro Nickel Project in New Caledonia and the Mina de Cobre Project in Panama. Prior to his current role as general manager for the Minera La Victoria JV company, he was the mining manager for Antilles Gold’s Las Lagunas operation in the Dominican Republic.
Chris Grainger holds a PhD in economic geology from the University of Western Australia. He is an Australian geologist with more than 25 years of international experience with involvement in grassroots and brownfield exploration, as well as resource definition and development, with a focus on precious and base metals in South and Central America and the Caribbean. He has been associated with Continental Gold’s Buritica gold‐silver project, and Cordoba Minerals’ Alacran copper‐gold project.
Developing Gold and Copper Projects in mineral‐rich Cuba
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise the results of the Updated Scoping Study for the first stage of the proposed Nueva Sabana gold-copper mine in Cuba. The Study has been prepared by the 50% owned Cuban joint venture company, Minera La Victoria SA (“MLV”), which is undertaking the project.
Antilles Gold Chairman, Mr Brian Johnson, commented: “The first stage of Nueva Sabana, while relatively small, has an excellent IRR and will deliver significant free cash within a short timeframe.
MLV’s priority at this time is to finalise current negotiations on a concentrate off-take agreement for the project, and to arrange financing for the mine construction.
Antilles Gold’s share of the estimated NPV8 for the first stage of Nueva Sabana is ~A$70M at current metal prices of US$2,600 per oz Au, and US$9,300/t Cu, and an exchange rate of A$1.00 = US$0.66, which is significantly higher than the Company’s current market capitalisation of A$7.5M.
The opportunity to unlock further value for Antilles Gold will occur with the proposed development of the joint venture’s flagship project, the La Demajagua gold-silver-antimony mine, where the Company’s share of NPV8 reported to ASX on 30 March 2023 was ~A$150M, prior to the joint venture’s decision to expand the project to produce gold doré from the mine’s gold arsenopyrite concentrate, and to increase antimony production.
Before the end of 2024, Antilles Gold will contribute the final US$0.4M of the US$15.0M earn-in for its 50% shareholding in the joint venture company, Minera La Victoria (“MLV”), after which the Company’s cash burn will be substantially reduced.”
Click here for the full ASX Release
This article includes content from Antilles Gold (ASX:AAU), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) ("Sun Summit" or the "Company") is pleased to announce that, further to its news release of January 13, 2025, the Company has entered into an option agreement with Eagle Plains Resources Ltd. (TSXV: EPL) ("Eagle Plains") (the "Theory Option Agreement") to earn up to a 100% interest in 10,000 hectares of mineral claims in the highly prospective Toodoggone Mining District, British Columbia (the "Theory Project").
Highlights
Niel Marotta, CEO of Sun Summit, commented: "We are pleased to finalize the Theory Option Agreement. This enlarged district scale Copper-gold project represents an exciting opportunity to revive exploration in the northern part of the Toodoggone mining district. We wish to thank Eagle Plains for having the business acumen to acquire an extensive land package with regional exploration targets. This deal, combined with the JD property, adds to the potential for a significant discovery and significantly enhances our strategic position in the Toodoggone Mining District. By combining the Theory and JD Projects, we create a district-scale opportunity with exceptional exploration potential and significant logistical synergies. The option terms are both manageable and structured, allowing us to maintain financial flexibility while advancing exploration efforts. This acquisition aligns with our goal of building a robust, diversified portfolio in this highly active mining district, and we look forward to unlocking the full potential of these assets."
Theory Project
The Theory Project comprises 23 mineral claims covering 9,676 hectares. The project is 100% owned by Eagle Plains, with 122 hectares of the property subject to an underlying 0.5% net smelter returns royalty ("NSR") held by a third party. The project is located in north-central B.C. within the Toodoggone Mining District, and is in close proximity with Sun Summit's JD Project. The project area shares similar geology to the JD Project and Thesis Gold's Ranch-Lawyers Projects.
The project is helicopter-accessible and recent road upgrades completed in 2023 by Thesis Gold has brought road access to within 8 kilometres of the southern boundary of the Theory Project.
Geology in the Theory region is primarily comprised of lower Jurassic Hazelton Group volcanics (Toodoggone Formation, same host rock as the JD Project) which unconformably overlie late Triassic Takla Group volcanics. The entire package of volcanic and volcaniclastic rocks is intruded by late Triassic and early Jurassic stocks. The Jurassic-Triassic unconformity (~200 Ma), termed by the B.C. Geological Survey as the 'red-line', is observed throughout the Golden Triangle and Toodoggone regions to have a high spatial correlation to many known mineral deposits. The majority of the property encompasses this highly prospective contact.
Exploration by previous operators has been intermittent since the mid-1960's and regional government surveys are sparse, however encouraging mineralization and alteration commonly associated to both epithermal and porphyry systems has been documented. The most significant documented work was completed in 1988 in the north and west areas of the Theory project area. Work consisted primarily of alpine ridge and subalpine prospecting traverses as well as reconnaissance soil sample lines in areas where no outcrop was present. This work documented occurrences of low-sulphidation epithermal-related mineralization including quartz-barite veins with up to 8.2 g/t Au, 195 g/t Ag, and 6.2% Cu at the DM occurrence (BC Minfile 094E 231)*; and a quartz carbonate vein system with up to 6.8 g/t Au and 1,480 g/t Ag at the Fred-1 occurrence (BC Minfile 094E 402)*. The BEV occurrences (BC Minfile 094E 259)*, interpreted as a Cu-Au porphyry target, returned select historical rock results up to 0.47% Cu, 10.5 g/t Ag, and 0.13 g/t Au. Detailed soils revealed a 1.6 by 2 kilometre copper-in-soil anomaly with peak soil results to 920 ppm Cu. Very little work is documented in the south and eastern parts of the property.
Note: Grab samples by nature are selective and therefore may not be representative of the mineralization being evaluated.
Eagle Plains completed a 2024 property-wide airborne magnetic and radiometric survey at a nominal 100 metre line spacing to advance the property. The airborne geophysical survey highlighted a 13 by 13 kilometre area underlain by highly prospective Takla Group volcanics to the east and north, and Hazelton Group volcanics and sediments to the south and west. This data provides a solid foundation upon which to integrate historical local mapping and sampling results.
Figure 1: Toodoggone Property Map. Eagle Plain's Theory Project, north of Sun Summit's JD Project and Thesis Gold's Ranch Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/244756_f299bb5d14248ba0_001full.jpg
Next Steps
The terms and conditions of the Theory Option Agreement are subject to the approval of the Exchange.
An extensive compilation of historical exploration data is underway with emphasis on the extensive prospecting, mapping and geochemical surveys completed in 1988. Detailed georeferencing of historical geochemical anomalies and geological structures of interest against the new 2024 geophysical dataset will assist with identification of follow-up field targets for the 2025 season.
Following the target identification exercise, an exploration plan and budget will be defined for the 2025 season. Minimum expenditures in 2025 are $200,000 with work expected to be conducted from the JD camp. The Company intends to secure a new mineral exploration permit for any future diamond drilling. The application process will be initiated by Sun Summit.
Theory Option Agreement Terms
Under the terms of the Theory Option Agreement, Sun Summit has the option to acquire a 75% interest in the Theory Project ("Option 1") over a 4-year period in exchange for the issuance of 750,000 common shares, the payment of $250,000 cash and incurring total exploration expenditures on the Theory Project of $3,000,000.
Sun Summit may exercise Option 1 by:
(a) incurring exploration expenditures of $3,000,000 on the Theory Project according to the following schedule:
(b) paying to Eagle Plains a total cash consideration of $250,000 according to the following schedule:
(c) issuing to Eagle Plains 750,000 common shares of the Company according to the following schedule:
Upon completion and notice of exercise of Option 1, Sun Summit will obtain a 75% interest in the Theory Project and Eagle Plains will retain a total 2.0% NSR on all areas underlain by the project, which may be bought down to 1.0% through a cash payment of $1,000,000 to Eagle Plains. Two of the claims are subject to a separate preexisting agreement which includes a 0.5% net smelter returns royalty payable to an arm's length third party, which may be repurchased in its entirety for $1,000,000. For greater clarity, none of the Theory Project claims are encumbered in excess of an aggregate of 2.5% NSR.
Following the completion and notice of exercise of Option 1, Sun Summit shall have the right to earn an additional 25% interest in the Theory Project (for a total 100% interest) ("Option 2"). In order to exercise Option 2, Sun Summit shall notify Eagle Plains of its intent to increase its interest to 100%, no later than 180 days from the notice of exercise of Option 1, and make an additional one-time payment of $1,000,000 cash to Eagle Plains; of which half can be settled in Sun Summit shares, subject to the approval of the Exchange, with an issue price equal to the greater of (a) the 10-day volume-weighted average trading price of Sunn Summit's shares prior to the notice of exercise, and (b) the lowest price permitted by the Exchange.
Following the exercise of Option 1, and in the event of failure to exercise Option 2, Sun Summit and Eagle Plains shall then form a 75/25 joint venture ("JV") to further explore and develop the project, with Sun Summit holding a 75% interest and Eagle Plains holding a 25% interest in the JV on formation. The JV will hold and operate the Theory Project, and each party will proportionately fund their share of expenditures.
References
*BC Mineral Occurrence Database, Ministry of Energy, Mines and Petroleum Resources, https://minfile.gov.bc.ca/
Mineral Resources and Mineral Reserves data sourced from corporate websites.
Mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization hosted on Sun Summit's projects.
National Instrument 43-101 Disclosure
This news release has been reviewed and approved by Sun Summit's Vice President Exploration, Ken MacDonald, P. Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has not been able to verify the historical exploration data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data is historical and the original samples are not available. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. Mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization hosted on Sun Summit's projects
Community Engagement
Sun Summit is engaging with First Nations on whose territory our projects are located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations with ongoing exploration.
About the JD Project
The JD Project is located in the Toodoggone mining district in north-central British Columbia, a highly prospective deposit-rich mineral trend. The project covers an area of over 15,000 hectares and is in close proximity to active exploration and development projects, such as Thesis Gold's Lawyers and Ranch projects, TDG Gold's Baker-Shasta projects, Amarc Resource's AuRORA project, Centerra's Gold's Kemess East and Underground projects, as well as the past-producing Kemess open pit copper-gold mine.
The project is 450 kilometres northwest of the city of Prince George, and 25 kilometres north of the Sturdee airstrip. It is proximal to existing infrastructure in place to support the past-producing Kemess mine, including roads and a hydroelectric power line.
The JD Project is in a favourable geological environment characterized by both high-grade epithermal gold and silver mineralization, as well as porphyry-related copper and gold mineralization. Some historical exploration, including drilling, geochemistry and geophysics, has been carried out on the property, however the project area is largely underexplored.
About Sun Summit
Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on expansion and discovery of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.
Further details are available at www.sunsummitminerals.com.
On behalf of the board of directors
Brian Lock
Chairman of the Board
For further information, contact:
Niel Marotta
Chief Executive Officer & Director
info@sunsummitminerals.com
Matthew Benedetto
Simone Capital
mbenedetto@simonecapital.ca
Tel. 416-817-1226
Forward-Looking Information
Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, obtaining regulatory approval for the Theory Option Agreement, exercising Option 1 and Option 2 and acquiring an interest in the Theory Project, obtaining permits for exploration, potential mineralization on the Company's mineral properties, exploration plans, and engagement with First Nations communities. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: risks inherent in exploration activities; the impact of exploration competition; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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.
(TheNewswire)
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March 17, 2025 Vancouver, British Columbia TheNewswire - Blue Lagoon Resources Inc. (the "Company") (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that it has closed a second tranche of its previously announced non-brokered private placement (the "Offering"), bringing the total funds raised across both tranches to $1,297,500 .
In this second tranche, the Company issued 2,800,000 units (the "Units") at a price of $0.25 per Unit, raising gross proceeds of $700,000 .
The financing saw continued participation from key institutional investors and stakeholders, including Crescat Capital LLC, Phoenix Gold Fund, and the Company's toll milling partner, Nicola Mining , all of whom have previously invested in Blue Lagoon. This marks Crescat's fifth investment in the Company over the past three years, further validating its confidence in Dome Mountain's potential , while Phoenix Gold Fund and Nicola Mining's increased participation underscores their ongoing belief and support for the Company's management and growth strategy.
"We are excited to see strong backing from sophisticated investors llike Crescat Capital, Phoenix Gold Fund, and Nicola Mining , all of whom recognize the value of Dome Mountain's advancement towards production ," said Rana Vig, President & CEO of Blue Lagoon Resources . "These investments come at a transformative time, following the recent granting of a mining permit for Dome Mountain - one of only nine such permits issued in British Columbia since 2015. With this key milestone achieved, we are now laser focused on last preparatory activities and tasks related to the safe and secure opening of Dome Mountain, including finishing the installation of our water treatment facility which is on track to be completed before the end of May. With these final steps underway, we are targeting early Q3 2025 as the start of production .," he added.
Each Unit in the Offering consists of one common share in the capital of the Company and one-half of one transferrable common share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to purchase one additional common share of the Company at an exercise price of $0.35 per share until March 14, 2027. The proceeds raised from the Offering are expected to be used to finish the installation of the water treatment facility at the mine site, other preparatory work and for general corporate purposes. The securities issued under the Offering are subject to a four month hold period expiring on July 15, 2025, in accordance with applicable Canadian securities laws.
Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.
About Blue Lagoon Resources Inc.
Blue Lagoon Resources is a Canadian based publicly listed mining company (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) focused on building shareholder value through the aggressive development of its 100% owned Dome Mountain Gold project. The Company is run by professionals with significant finance and mining experience and operates within a prime mining jurisdiction in British Columbia, Canada. With the granting of a full mining permit, a key milestone achieved in February 2025 - one of only nine such permits issued in British Columbia since 2015 - Blue Lagoon is now focused on last preparatory activities and tasks related to the safe and secure opening of the Dome Mountain Gold Mine, targeting Q3 2025 as the start of gold production . The Company's primary objective has always been to become a cash-flowing mining company, to ultimately deliver tangible monetary value to shareholders, state, and local communities.
For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: ranavig@bluelagoonresources.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "targets", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "mine", "production" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, delays in mine development activities, future cash flow expectations and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management, contractors and consultants on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's, contractor's and consultants' beliefs, estimates or opinions, or other factors, should change.
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(TheNewswire)
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February 17, 2025 Vancouver, British Columbia TheNewswire - Blue Lagoon Resources Inc. (the "Company") (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that it has closed a second tranche of its previously announced non-brokered private placement (the "Offering"), bringing the total funds raised across both tranches to $1,297,500 .
In this second tranche, the Company issued 2,800,000 units (the "Units") at a price of $0.25 per Unit, raising gross proceeds of $700,000 .
The financing saw continued participation from key institutional investors and stakeholders, including Crescat Capital LLC, Phoenix Gold Fund, and the Company's toll milling partner, Nicola Mining , all of whom have previously invested in Blue Lagoon. This marks Crescat's fifth investment in the Company over the past three years, further validating its confidence in Dome Mountain's potential , while Phoenix Gold Fund and Nicola Mining's increased participation underscores their ongoing belief and support for the Company's management and growth strategy.
"We are excited to see strong backing from sophisticated investors llike Crescat Capital, Phoenix Gold Fund, and Nicola Mining , all of whom recognize the value of Dome Mountain's advancement towards production ," said Rana Vig, President & CEO of Blue Lagoon Resources . "These investments come at a transformative time, following the recent granting of a mining permit for Dome Mountain - one of only nine such permits issued in British Columbia since 2015. With this key milestone achieved, we are now laser focused on last preparatory activities and tasks related to the safe and secure opening of Dome Mountain, including finishing the installation of our water treatment facility which is on track to be completed before the end of May. With these final steps underway, we are targeting early Q3 2025 as the start of production .," he added.
Each Unit in the Offering consists of one common share in the capital of the Company and one-half of one transferrable common share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to purchase one additional common share of the Company at an exercise price of $0.35 per share until March 14, 2027. The proceeds raised from the Offering are expected to be used to finish the installation of the water treatment facility at the mine site, other preparatory work and for general corporate purposes. The securities issued under the Offering are subject to a four month hold period expiring on July 15, 2025, in accordance with applicable Canadian securities laws.
Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.
About Blue Lagoon Resources Inc.
Blue Lagoon Resources is a Canadian based publicly listed mining company (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) focused on building shareholder value through the aggressive development of its 100% owned Dome Mountain Gold project. The Company is run by professionals with significant finance and mining experience and operates within a prime mining jurisdiction in British Columbia, Canada. With the granting of a full mining permit, a key milestone achieved in February 2025 - one of only nine such permits issued in British Columbia since 2015 - Blue Lagoon is now focused on last preparatory activities and tasks related to the safe and secure opening of the Dome Mountain Gold Mine, targeting Q3 2025 as the start of gold production . The Company's primary objective has always been to become a cash-flowing mining company, to ultimately deliver tangible monetary value to shareholders, state, and local communities.
For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: ranavig@bluelagoonresources.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "targets", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "mine", "production" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, delays in mine development activities, future cash flow expectations and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management, contractors and consultants on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's, contractor's and consultants' beliefs, estimates or opinions, or other factors, should change.
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