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Lode Gold Resources Inc (TSXV: LOD,OTC:LODFF) (OTCQB: LODFF) ("LOD.V" and "Lode Gold") and its wholly owned subsidiary Fremont Gold LLC ("Freemont"), have successfully completed the transfer of the Mine Safety and Health Administration ("MSHA") property MSHA individual identification number ("MIIN") for its wholly owned Pine Tree Josephine Mine.
This is a critical step toward reviving one of California's most historically significant gold operations. Fremont is now in active discussions with prospective partners and investors to align the right technical, operational, and financial resources to bring the Pine Tree Josephine Mine ("Freemont Mine") back into production in a safe, sustainable, and profitable manner.
The transfer of the MIIN is a key regulatory milestone which ensures that the Company's ownership and operational control of the Freemont Mine, a historically productive gold property with significant past production, are fully recognized by MSHA, paving the way for the next stage of its development and reactivation plans.
Upcoming catalysts for Lode at Fremont after this milestone are:
- 2025: channel sampling and drilling to upgrade resources to M&I (Measures and Indicated) based on NI 43-101 standards
- 2026: completion of PFS (Pre-Feasibility Study) engineering and metallurgy studies
About Lode Gold
Lode Gold is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.
In the United States, the Company is focused on its advanced exploration and development asset, the Fremont Mine in Mariposa, California. It has a recent 2025 NI 43-101 report and compliant Mineral Resource Estimate ("MRE") that can be accessed here https://lode-gold.com/project/freemont-gold-usa/
The Fremont Mine was previously mined until operations ceased due to mining prohibitions during WWII when its mining license was suspended. Only 8% of the resource identified in the 2025 MRE has been extracted. The Freemont Mine has exploration upside and mineralization is open at depth (three step-out holes at 1,300 meters hit structure and were mineralized) and on strike. This is a brownfield project with over 43,000 meters drilled, 23 kilometers of underground workings and 14 adits. The project has excellent infrastructure and is close to electricity, water, roads, railhead and port.
Recently, the Company completed an internal scoping study, with a strategic pivot to 100% underground mining. Previously, in March 2023, the Company completed an NI 43-101 Preliminary Economic Assessment ("PEA") with an open pit and underground combination mine. The NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com)
In Canada, 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. A total of four RIRGS targets have been confirmed on the property. A National Instrument 43-101 technical report has been completed in May, 2024.
In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co., consisting of an area that spans 445 square kilometres and a 44-kilometre strike. McIntyre Brook covers 111 square kiloimetres and a 17-kilometre strike in the emerging Appalachian/Iapetus gold belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway project. Riley Brook is a 335-square-kilometre package covering a 26-kilometre strike of Wapske formation with its numerous felsic units. An NI 43-101 technical report has been completed in August, 2024.
ON BEHALF OF THE COMPANY
Wendy T. Chan
CEO & Director
Information Contact:
Kevin Shum
Investor Relations
info@lode-gold.com
+1 (604) -977-GOLD (4653)
Cautionary Statement Regarding Forward-Looking Information
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.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265664
