NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Osisko Metals Incorporated (the " Company " or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: OB51 ) announces, further to its news release dated November 18, 2024 (entitled " Osisko Metals Expands Leadership Team and Announces C$100 Million Bought Deal Financing " ), the following changes to Osisko Metals' leadership team:
Management Changes
The Company is pleased to announce the implementation of the following key management additions:
Board of Directors Changes
The Company is pleased to announce the appointment of Patrick Anderson and Tara Christie to the Board of Directors of the Company (the " Board ").
Patrick F.N. Anderson | Independent Director – Mr. Anderson holds a BSc. Degree in geology from the University of Toronto and is an entrepreneur and executive with over 30 years of experience in the resource sector. He has held key roles across gold, base metals, and diamond projects for junior explorers, major producers, and consulting firms in South America, North America and Europe. His board experience includes companies listed on the TSX-V, TSX, and LSE-AIM exchanges. As the founder, CEO, and Director of Dalradian Resources Inc., he led the discovery of over 6 million ounces of high-grade gold at Curraghinalt and executed a $537 million go-private transaction. Previously, he co-founded Aurelian Resources Inc., overseeing the discovery of the 13.7 million-ounce Fruta del Norte deposit, acquired for $1.2 billion. This deposit is now Lundin Gold's flagship asset. Mr. Anderson has been named Mining Man of the Year by The Northern Miner and received the PDAC Thayer Lindsley Award. He recently served as Lead Independent Director for Osisko Mining in its $2.2 billion acquisition by Gold Fields Ltd. Currently, he is the CEO of private Dalradian Resources, a Director of O3 Mining Inc., and Chairman of Cornish Metals Inc.
Tara Christie | Independent Director – Ms. Christie is a professional engineer and has over 25 years of experience in the exploration and mining business. Currently, she is the President, Chief Executive Officer and a Director of Banyan Gold Corp. and led the company from discovery to establishing its current resource on the AurMac Gold Project. Ms. Christie currently serves on the board of Western Copper and Gold Corporation and has served on the boards of several other public companies. She was formerly the President of privately owned Gimlex Gold Mines Ltd., one of the Yukon's largest placer mining operations. Ms. Christie has been a board member of PDAC, Association for Mineral Exploration BC, and the Yukon Environmental and Socio-Economic Assessment Board (YESAB). She is also President of the registered charity "Every Student, Every Day" that works to improve attendance in Yukon schools working with communities and First Nations.
Resignation of Luc Lessard
Luc Lessard has stepped down as a director of Osisko Metals, having served as a director on the Board since 2016. Mr. Lessard will continue as a strategic advisor to the Company.
Concurrent with these appointments, Anthony Glavac has stepped down as Chief Financial Officer.
"On behalf of the members of the Board, the management team and the staff of Osisko Metals, I would like to thank Luc and Anthony for their valued contributions and commitment to the success of Osisko Metals," commented Robert Wares, CEO of the Company. "We wish Luc and Anthony all the best in their future endeavors."
Option Grants
The Company announces that, effective December 12, 2024, it has granted to certain directors, officers, employees and/or consultants of the Company an aggregate of 15,100,000 stock options (" Options ") pursuant to the Osisko Metals stock option plan.
The Options have an exercise price of $0.26 per share and a five-year term from the date of grant, and vest annually in equal thirds beginning on the first anniversary of the date of grant.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ' s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled " Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ' s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq" . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com or contact:
Robert Wares, Chief Executive Officer of Osisko Metals Incorporated
Email: info@osiskometals.com
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the anticipated resource expansion of the Gaspé Copper system; Gaspé Copper hosting the largest undeveloped copper resource in eastern North America; and the advancement of the Pine Point project.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce that it has received assays up to 56.9 gt gold (Au) from a newly identified zone at its Burchell Property ("the Property"), sampled during a prospecting and field reconnaissance program in November of this year. The high-grade sample was collected approximately 15 meters southwest of 2023 samples which returned between 0.04 and 0.51 gt Au. The zone has now been named the 111 (one-eleven) Zone. A geological sketch map of the outcrop exposure was made and three grab samples were collected along or near the zone during the 2024 program (see Table 1 below for coordinates, descriptions, and results). Assay results ranged from
| Table 1: 111 Zone 2024 Results | |||||||||
| Sample | Date | Area | X (UTM Z15) | Y (UTM Z15) | Description | Assay Certificate No. | Au ppb1 (Fire Assay) | Au ppb2 (Fire Assay) | Au ppb3 (Photon Assay) |
| C277089 | 2024-11-06 | 111 Zone area | 676832 | 5380323 | Strongly silicified mafic volcanic with 0.5% fine disseminated pyrite. Loose outcrop / frost heave. | A24-13987 | 2400 | 2670 | 2550 |
| C277090 | 2024-11-06 | 111 Zone | 676832 | 5380320 | Strongly silicified mafic volcanic with 0.5-1% fine disseminated pyrite. Loose outcrop or frost heave adjacent to zone in outcrop, about 3m south of previous sample. | A24-13987 | 56300 | 56900 | 56800 |
| C277091 | 2024-11-06 | 111 Zone | 676818 | 5380332 | Strongly silicified sericite schist. Angular boulder, likely talus from nearby slope. | A24-13987 | 48 | n/a | |
| C277043 | n/a | n/a | n/a | n/a | Quartz pebble blank. | A24-13987 | n/a | n/a | |
| C277044 | n/a | n/a | n/a | n/a | Standard OREAS 24d. | A24-13987 | n/a | n/a | |
The 111 Zone is hosted in strongly silicified, sericitized, sheared mafic volcanics with generally See Figure 3). The package of rocks occupies a prominent northeast-trending magnetic low which may be traceable for up to 10.4 kilometers across the Property, possibly representing a geological structure. (See Figure 2).
QAQC Protocols
Grab samples were collected, documented and photographed in the field, then placed in sealed bags and delivered to Activation Laboratories (ActLabs) in Thunder Bay, which is an ISO / IEC 17025 accredited laboratory. Grab sample collection is subject to Bold's internal quality assurance / quality control (QAQC) protocols, which include the insertion of blank material and certified reference material into each batch of samples submitted. Samples referenced in this news release were analyzed using ActLabs methods 1A2-50, a 50g fire assay with atomic absorption finish, with over-limit results analyzed using method 1A3-50, a 50g fire assay with gravimetric finish. Sample rejects were analyzed using Actlabs method PhotonAssayTM, as an additional check on the gold results. Finally, samples were analyzed using ActLabs method 1F2, a 4-acid near total digestion with ICP-OES finish, yielding geochemical results for 35 elements.
Burchell Property Information
The Burchell Project ("the Project" or "the Property") is located approximately 100 km west of Thunder Bay, accessible by road south of Trans-Canada Highway 11. The Project is located in the Western Shebandowan Greenstone Belt, contiguous with Goldshore Resources Inc.'s (GSHR) Moss Gold Project which hosts the Moss Gold Deposit (Indicated Resource of 1.23 Moz Au at 1.22 g/t Au, Inferred Resource of 4.92 g/t Au at 1.09 g/t Au. (See Figure 1). The deposit lies within a major 25 km northeast-trending structural corridor which also hosts the past-producing North Coldstream Mine and the Osmani Gold deposit (See Figure 1). 1.8 km of this mineralized trend lies in the northwest corner of the Burchell Property, where historical diamond drilling intersected up to 0.9 g/t Au over 6.4 m, including 4.8 g/t Au over 0.3 m. (See Figure 2).
The Burchell Property is comprised of 242 claims totalling more than 4,500 hectares. Major mineral occurrences on the Property include:
The Hermia Cu-Au Prospect - Located in the western part of the property. Hosted in a zone of deformed felsic to mafic volcanics containing Cu mineralization associated with minor Au, Ag, Mo, Zn and Ni. Historical diamond drilling carried out over a strike length of 2.8 km from 1964 to 2008. Intersections in core include 1% Cu over 5.6 m and 1.68 g/t Au over 1.45 m. (See Figures 1 and 2).
Historical Trenches - Located in the southwest corner of the Burchell Property. Hosted in sheared felsic tuff to lapilli tuff with narrow quartz veining, yielding results up to 42.2 g/t Au over 0.6 m in a chip sample (Osmani 2017, see reference below). (See Figure 2).
The 111 Zone - Located in the central part of the Property. 3m+ wide gold-bearing zone in strongly silicified and sericitized, sheared mafic volcanics containing generally See Figures 2 and 3).
"We are extremely pleased with the new high-grade discovery, which adds significant value to the Burchell Project and gives the exploration team new target areas to focus on in the coming year," said Bruce MacLachlan, President and COO of Bold Ventures Inc.
The technical information in this news release was reviewed and approved by Coleman Robertson, B.Sc., P. Geo.,Vice President, Exploration of Bold and a qualified person (QP) for the purposes of NI 43-101.
Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold Critical and Battery Minerals page.
References:
Osmani, A., 2017. NI 43-101 Technical Report on the Burchell Lake Property, Northwestern Ontario, Thunder Bay Mining District, NTS 52B/10SE, for Tanager Energy Inc.
About Bold Ventures Inc.
The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold and battery metals camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
For additional information about Bold Ventures and our projects please visit boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.
| "Bruce A MacLachlan" Bruce MacLachlan President and COO Direct line: (705) 266-0847 Email: bruce@boldventuresinc.com | "David B Graham" David Graham CEO |
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.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233458
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Osisko Metals Incorporated (the " Company " or " Osisko Metals ") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) is pleased to announce that it has closed its previously-announced "bought deal" brokered private placement offering (the " Offering ") for aggregate gross proceeds of C$107.4 million, including the partial exercise the option granted to the Underwriters (as defined herein). In connection with the Offering, the Company issued an aggregate of (i) 70,326,229 flow-through units of the Company (" FT Units ") consisting of 64,215,117 FT Units at an issue price of C$0.50 per FT Unit and 6,111,112 FT Units at an issue price of C$0.54 per FT Unit, for aggregate gross proceeds of C$35,407,558.98 and (ii) 277,051,466 units of the Company (" HD Units ") at a price of C$0.26 per HD Unit, for aggregate gross proceeds of C$72,033,381.16.
Each FT Unit is comprised of one common share of the Company (each, a " Common Share ") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a " Warrant "), each of which qualifies as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and 359.1 of the Taxation Act (Québec)). Each HD Unit consists of one Common Share and one-half of one Warrant. Each Warrant entitles the holder thereof to acquire one Common Share (each, a " Warrant Share ") at a price of C$0.35 per Warrant Share for a period of two years following the closing date of the Offering.
The Company intends to use the net proceeds from the HD Units towards the advancement of Company's assets in Québec and the Northwest Territories, including the advancement of the Gaspé Copper project to a construction decision, and for general corporate purposes. The gross proceeds from the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" (as both terms are defined in the Income Tax Act (Canada)) (the " Qualifying Expenditures ") related to the Company's projects in Québec. All Qualifying Expenditures will be renounced in favour of the subscribers with an effective date no later than December 31, 2024. In addition, with respect to subscribers who are eligible individuals under the Taxation Act (Québec), the Qualifying Expenditures will also qualify for inclusion in the "exploration base relating to certain Québec exploration expenses" within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the "exploration base relating to certain Québec surface mining exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Québec).
The Offering was led by Canaccord Genuity Corp. as sole bookrunner together with BMO Nesbitt Burns Inc. and National Bank Financial, as lead underwriters, for and on behalf of a syndicate of underwriters that included Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. (collectively, the " Underwriters "). In consideration for their services, the Underwriters were paid a cash commission equal to 5% of the gross proceeds of the Offering.
All securities issued under the Offering are subject to a hold period expiring four months and one day from the date hereof. The Offering remains subject to final acceptance of the TSX Venture Exchange.
Certain directors and officers of the Company subscribed for an aggregate 3,464,931 HD Units for aggregate gross proceeds of $900,882.06. Each director and officer of the Company is considered an "insider" of the Company and, as a result, their participation under the Offering is considered to be a "related party transaction" for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves insiders, is not more than 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves insiders, is not more than 25% of the Company's market capitalization. The Company did not file the material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation of insiders therein was not settled until shortly prior to the closing of the Offering, and the Company wished to close the Offering on an expedited basis for sound business reasons.
Certain incoming directors and officers of the Company have also subscribed for an aggregate of 11,208,144 HD Units under the Offering for an aggregate gross proceeds of $2,914,177.
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 news 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.
Investor Rights Agreement
Concurrently with the closing of the Offering, the Company and a strategic investor (the " Strategic Investor ") entered into an investor rights agreement, pursuant to which the Strategic Investor has been granted certain rights, including the right to board representation in certain circumstances, the right to participate in future offerings of securities of the Company, and top-up rights, in each case subject to certain minimum ownership thresholds and certain other conditions.
Qualified Person
The scientific and technical information included in this news release has been reviewed and approved by Mr. Jeff Hussey, a director of the Company, and a "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101 ").
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ' s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled " Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ' s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals ' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq" . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com or contact:
Robert Wares, Chief Executive Officer of Osisko Metals Incorporated
Email: info@osiskometals.com
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the ability for the Company to obtain the final approval of the TSX Venture Exchange; the anticipated use of proceeds of the Offering; the tax treatment of the FT Units; the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures; the ability to advance Gaspé Copper to a construction decision (if at all); the ability to increase the Company's trading liquidity and enhance its capital markets presence; the potential re-rating of the Company; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the advancement of the Pine Point project; the anticipated resource expansion of the Gaspé Copper system; and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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(TheNewswire)
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Highlights
Positive results continue at Mann West with 28 of 31 holes with intervals greater than 0.3% nickel including 0.52% nickel over 37.5 metres in MAN24-61 within 0.28% nickel over 356 metres
New discovery at Mann South with MAN24-81 delivering 0.24% nickel over 508 metres
Several holes with anomalous PGM horizons such as 0.82 g/t platinum+palladium over 18.6 metres and 0.77 g/t platinum+palladium over 24.5 metres in MAN24-100C at Mann South
Toronto, Ontario – TheNewswire - December 11, 2024 – Noble Mineral Exploration Inc. ( "Noble" or the "Company" ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to announce results of a drill program on joint venture properties (ExploreCo) north of Timmins Ontario (See Canada Nickel Press Release dated December 11, 2024).
ExploreCo, the name of which will be announced in due course, will control 1,989 mining claims totaling approximately 42,000 hectares and will include nickel properties in Mann, Newmarket, and Reaume Townships as well as Calder, Galna, McCool, Moody, Mortimer, Stimson, and other properties currently held by Canada Nickel (see Figure 1, ExploreCo properties shown in purple).
Click Image To View Full Size
Regional Map of ExploreCo Properties (purple)
Under the Binding Letter of Intent, the first $5 million of funding for ExploreCo will be provided from existing funds by Canada Nickel, after which costs will be funded by pro rata ownership basis, which will initially be 80% Canada Nickel and 20% Noble. Canada Nickel and Noble will continue to maintain their existing royalty rights on the ExploreCo claims, as will previous claim owners who had vended claims to Noble. (see NR July 8, 2024)
Commenting on the transaction under the Mann results to date, CEO of Noble said, " we are extremely pleased with the Mann results to date from the work carried out by Canada Nickel. We are in the final stages of completing agreements related to the creation of ExploreCo which hope to have finalized in the very near term."
Mann Property
The Mann property is located 22 kilometres east of Crawford between Timmins and Cochrane and is 80% owned by Canada Nickel and 20% by Noble Mineral Exploration. The Company has completed a drill program on four separate targets within the property in 2024, Mann North, Mann West (together formerly Mann Northwest), Mann Central and Mann South. (Figure 1). This release provides an assay update from 31 holes, 16 holes at Mann West, 11 holes at Mann South, and four holes at Mann Central. This property is part of the creation of an 'ExploreCo' subsidiary with Noble Mineral Exploration (see press release July 8, 2024) with Noble owning the other 20%.
Mann West
Mann West is approximately 3.5 kilometres long by up to 1.1 kilometres wide (covering 3.4 square kilometres). The drill program completed focused on the southern half of the target with drilling completed over a strike length of 1.7 kilometres and a width of at least 600 metres. All drillholes intersected long sections of well-serpentinized peridotite and minor dunite with disseminated and visible nickel sulphide mineralization consisting primarily of pentlandite and heazlewoodite. The Company has drilled a total of 39 holes to date at Mann West (Figure 2), with 31 holes drilled during the 2024 program. With this drilling the company has completed the first phase of exploration that is required for an initial resource estimate expected by Q1 2025. Assays from 16 additional holes are presented in this release.
Figure 1 – Mann Properties
Click Image To View Full Size
Table 1 – Drilling highlights Mann Properties
Hole ID | From (m) | To (m) | Length (m)* | Ni % | Co % | Pd g/t | Pt g/t | Cr % | Fe % | S % |
Mann West | ||||||||||
MAN24-42 | 9.0 | 345.2 | 336.2 | 0.24 | 0.012 | 0.004 | 0.007 | 0.20 | 6.40 | 0.068 |
and | 371.7 | 402.0 | 30.3 | 0.19 | 0.010 | 0.003 | 0.005 | 0.38 | 6.82 | 0.053 |
MAN24-61 | 17.8 | 374.3 | 356.5 | 0.28 | 0.012 | 0.033 | 0.017 | 0.26 | 5.98 | 0.133 |
including | 75.0 | 112.5 | 37.5 | 0.52 | 0.013 | 0.107 | 0.058 | 0.14 | 5.80 | 0.203 |
MAN24-70 | 18.0 | 501.0 | 483.0 | 0.24 | 0.011 | 0.007 | 0.008 | 0.27 | 6.12 | 0.067 |
including | 144.0 | 172.5 | 28.5 | 0.29 | 0.011 | 0.007 | 0.007 | 0.14 | 5.52 | 0.076 |
MAN24-73 | 74.2 | 500.4 | 426.2 | 0.25 | 0.012 | 0.009 | 0.009 | 0.25 | 6.30 | 0.061 |
MAN24-74 | 7.9 | 278.5 | 270.6 | 0.19 | 0.014 | 0.027 | 0.016 | 0.40 | 7.40 | 0.057 |
including | 25.5 | 31.5 | 6.0 | 0.31 | 0.013 | 0.028 | 0.013 | 0.82 | 6.67 | 0.125 |
and | 318.0 | 402.0 | 84.0 | 0.24 | 0.013 | 0.003 | 0.005 | 0.16 | 7.45 | 0.026 |
MAN24-76 | 12.6 | 495.0 | 482.4 | 0.26 | 0.011 | 0.011 | 0.010 | 0.16 | 5.95 | 0.042 |
including | 81.0 | 117.0 | 36.0 | 0.29 | 0.012 | 0.036 | 0.014 | 0.16 | 6.11 | 0.089 |
and | 162.0 | 196.5 | 34.5 | 0.31 | 0.011 | 0.010 | 0.012 | 0.13 | 5.24 | 0.024 |
MAN24-78 | 19.4 | 402.0 | 382.6 | 0.24 | 0.013 | 0.012 | 0.010 | 0.38 | 6.54 | 0.053 |
including | 261.0 | 294.0 | 33.0 | 0.30 | 0.013 | 0.031 | 0.021 | 0.52 | 6.67 | 0.100 |
including | 274.5 | 282.0 | 7.5 | 0.41 | 0.015 | 0.057 | 0.027 | 0.72 | 6.95 | 0.178 |
MAN24-82 | 22.0 | 481.5 | 459.5 | 0.21 | 0.012 | 0.017 | 0.016 | 0.37 | 6.76 | 0.047 |
including | 61.5 | 360.0 | 298.5 | 0.25 | 0.012 | 0.019 | 0.013 | 0.35 | 6.17 | 0.050 |
including | 255.0 | 277.5 | 22.5 | 0.30 | 0.013 | 0.025 | 0.014 | 0.58 | 5.91 | 0.069 |
MAN24-83 | 6.0 | 403.0 | 397.0 | 0.21 | 0.013 | 0.016 | 0.011 | 0.58 | 7.43 | 0.087 |
including | 144.0 | 195.9 | 51.9 | 0.27 | 0.014 | 0.030 | 0.024 | 0.68 | 7.87 | 0.064 |
and | 305.5 | 336.0 | 30.5 | 0.27 | 0.013 | 0.019 | 0.009 | 0.60 | 6.30 | 0.080 |
MAN24-85 | 69.0 | 493.0 | 424.0 | 0.25 | 0.012 | 0.012 | 0.008 | 0.26 | 6.25 | 0.042 |
MAN24-86 | 14.2 | 462.0 | 447.8 | 0.23 | 0.012 | 0.006 | 0.006 | 0.41 | 6.33 | 0.027 |
MAN24-89 | 99.0 | 191.2 | 92.2 | 0.22 | 0.012 | 0.013 | 0.009 | 0.47 | 6.71 | 0.042 |
and | 210.6 | 428.9 | 218.3 | 0.24 | 0.012 | 0.009 | 0.008 | 0.35 | 6.31 | 0.053 |
including | 386.0 | 395.0 | 9.0 | 0.35 | 0.013 | 0.054 | 0.020 | 0.75 | 6.45 | 0.120 |
MAN24-92 | 27.4 | 426.9 | 399.5 | 0.25 | 0.012 | 0.016 | 0.008 | 0.39 | 6.27 | 0.046 |
including | 267.0 | 286.5 | 19.5 | 0.34 | 0.015 | 0.083 | 0.034 | 0.66 | 6.57 | 0.114 |
and | 324.0 | 349.5 | 25.5 | 0.30 | 0.012 | 0.037 | 0.015 | 0.57 | 6.29 | 0.125 |
and | 433.6 | 501.0 | 67.4 | 0.20 | 0.013 | 0.013 | 0.021 | 0.50 | 7.35 | 0.047 |
MAN24-93 | 18.0 | 391.0 | 373.0 | 0.24 | 0.012 | 0.009 | 0.007 | 0.34 | 6.43 | 0.039 |
and | 406.8 | 470.0 | 63.2 | 0.16 | 0.011 | 0.005 | 0.004 | 0.36 | 7.34 | 0.031 |
MAN24-94 | 102.0 | 501.0 | 399.0 | 0.24 | 0.012 | 0.012 | 0.009 | 0.39 | 6.50 | 0.039 |
including | 400.5 | 415.5 | 15.0 | 0.30 | 0.011 | 0.044 | 0.021 | 0.57 | 6.57 | 0.083 |
MAN24-97 | 18.0 | 360.0 | 342.0 | 0.21 | 0.013 | 0.015 | 0.009 | 0.37 | 6.63 | 0.053 |
and | 406.5 | 501.0 | 94.5 | 0.23 | 0.012 | 0.003 | 0.003 | 0.39 | 7.10 | 0.021 |
*True width undetermined. All lengths are drillhole lengths.
Figure 2 – Mann West
Click Image To View Full Size
Mann South
This target is approximately 5.9 kilometres long by up to 1.2 kilometres wide, having an arcuate and irregular shape, with an overall area of 4.1 square kilometres. The CNC drill program at Mann South started in August 2024 consisting of 20 drillholes, all of which intersected serpentinized peridotite and dunite. Assay results for 11 drillholes are provided in this release with nine drillhole assay results still pending. Mineralogical analyses are underway to help identify and prioritize the best areas, although almost half of the strike length of the target remains untested (Figure 3).
Table 2 – Mann South drilling Highlights
Hole ID | From (m) | To (m) | Length (m)* | Ni % | Co % | Pd g/t | Pt g/t | Cr % | Fe % | S % |
Mann South | ||||||||||
MAN24-66 | 39.0 | 139.5 | 100.5 | 0.23 | 0.013 | 0.003 | 0.003 | 0.29 | 8.03 | 0.070 |
and | 187.5 | 402.0 | 214.5 | 0.18 | 0.013 | 0.003 | 0.004 | 0.43 | 6.61 | 0.019 |
MAN24-72 | 54.5 | 501.0 | 446.5 | 0.20 | 0.013 | 0.005 | 0.006 | 0.43 | 6.80 | 0.019 |
MAN24-75 | 16.9 | 420.0 | 403.1 | 0.24 | 0.010 | 0.018 | 0.006 | 0.30 | 7.92 | 0.051 |
MAN24-77 | 39.0 | 46.0 | 7.0 | 0.44 | 0.017 | 0.051 | 0.126 | 0.57 | 9.28 | 0.036 |
and | 60.0 | 448.5 | 388.5 | 0.14 | 0.014 | 0.019 | 0.013 | 0.41 | 6.96 | 0.016 |
MAN24-81 | 44.3 | 552.0 | 507.7 | 0.24 | 0.011 | 0.003 | 0.003 | 0.38 | 7.55 | 0.056 |
MAN24-84 | 28.4 | 501.0 | 472.6 | 0.24 | 0.011 | 0.003 | 0.003 | 0.42 | 7.70 | 0.057 |
MAN24-90 | 49.3 | 501.0 | 451.7 | 0.23 | 0.012 | 0.004 | 0.005 | 0.37 | 6.33 | 0.015 |
MAN24-91 | 49.0 | 323.3 | 274.3 | 0.17 | 0.013 | 0.004 | 0.004 | 0.44 | 6.93 | 0.043 |
and | 338.7 | 483.0 | 144.3 | 0.22 | 0.012 | 0.003 | 0.003 | 0.37 | 6.13 | 0.021 |
MAN24-99 | 51.3 | 402.0 | 350.7 | 0.17 | 0.013 | 0.004 | 0.012 | 0.46 | 6.60 | 0.011 |
MAN24-100C | 21.0 | 112.4 | 91.4 | 0.16 | 0.014 | 0.036 | 0.096 | 0.37 | 7.46 | 0.010 |
and | 131.0 | 172.0 | 41.0 | 0.22 | 0.012 | 0.010 | 0.010 | 0.61 | 5.69 | 0.031 |
and | 340.5 | 378.4 | 37.9 | 0.19 | 0.013 | 0.005 | 0.003 | 0.56 | 6.52 | 0.027 |
MAN24-103 | 34.0 | 402.0 | 368 | 0.24 | 0.012 | 0.027 | 0.003 | 0.36 | 7.67 | 0.016 |
*True width undetermined. All lengths are drillhole lengths.
Figure 3 - Mann South
Click Image To View Full Size
Mann Central
The outline of the ultramafic body at Mann Central is estimated by magnetics to be 4.5 kilometres long and between 0.5 to 1.0 kilometres wide (or 3.1 square kilometres). Drilling at this target was completed during the spring/summer of 2024 and now totals 32 drillholes, 27 of which were drilled during the 2024 program. Mineralization is more consistent near the center of the target over an area of 1.9 kilometres by 600 metres (1.1 square kilometres). This release provides an update for four drillholes (Table 3), all of which intersected peridotite.
Anomalous platinum group metals (PGM) consisting of platinum (Pt) and palladium (Pd) were identified in several holes, predominantly within pyroxenite units near the peridotite contacts on all properties (Table 4).
Table 3 – Mann Central drilling Highlights
Hole ID | From (m) | To (m) | Length (m)* | Ni % | Co % | Pd g/t | Pt g/t | Cr % | Fe % | S % |
Mann Central | ||||||||||
MAN24-41 | 111.9 | 153.0 | 41.1 | 0.18 | 0.012 | 0.004 | 0.005 | 0.52 | 7.42 | 0.096 |
MAN24-48 | 75.0 | 402.0 | 327.0 | 0.21 | 0.011 | 0.005 | 0.006 | 0.29 | 6.58 | 0.084 |
including | 148.5 | 157.5 | 9.0 | 0.35 | 0.015 | 0.019 | 0.008 | 0.14 | 8.73 | 0.199 |
MAN24-64 | 14.3 | 48.5 | 34.2 | 0.22 | 0.012 | 0.005 | 0.008 | 0.18 | 6.66 | 0.584 |
and | 55.8 | 334.9 | 279.1 | 0.19 | 0.012 | 0.014 | 0.017 | 0.40 | 7.00 | 0.053 |
MAN24-68 | 366.0 | 406.0 | 40.0 | 0.24 | 0.012 | 0.003 | 0.006 | 0.15 | 8.77 | 0.028 |
*True width undetermined. All lengths are drillhole lengths.
Table 4 – Mann Properties PGM Highlights
Hole ID | From (m) | To (m) | Length (m) | Pt+Pd (g/t) | Pd g/t) | Pt (g/t) | Ni (%) | Co (%) | Cr (%) | Fe (%) | S (%) |
Mann West | |||||||||||
MAN24-74 | 278.5 | 309.0 | 30.5 | 0.48 | 0.28 | 0.20 | 0.037 | 0.007 | 0.394 | 5.763 | 0.011 |
MAN24-82 | 481.5 | 501.0 | 19.5 | 0.52 | 0.28 | 0.24 | 0.024 | 0.007 | 0.324 | 5.919 | 0.014 |
MAN24-97 | 378.5 | 400.5 | 22 | 0.40 | 0.23 | 0.17 | 0.040 | 0.008 | 0.360 | 5.179 | 0.018 |
Mann South | |||||||||||
MAN24-66 | 160.0 | 180.7 | 20.7 | 0.49 | 0.33 | 0.16 | 0.026 | 0.005 | 0.362 | 3.957 | 0.017 |
MAN24-72 | 44.0 | 54.5 | 10.5 | 0.37 | 0.12 | 0.24 | 0.037 | 0.009 | 0.313 | 5.849 | 0.011 |
MAN24-77 | 37.0 | 60.0 | 23 | 0.55 | 0.16 | 0.39 | 0.216 | 0.012 | 0.409 | 6.386 | 0.016 |
and | 444.0 | 457.5 | 13.5 | 0.34 | 0.10 | 0.24 | 0.098 | 0.013 | 0.596 | 6.776 | 0.015 |
and | 492.0 | 529.5 | 37.5 | 0.35 | 0.14 | 0.21 | 0.055 | 0.008 | 0.499 | 5.450 | 0.008 |
MAN24-100C | 75.0 | 91.5 | 16.5 | 0.53 | 0.11 | 0.42 | 0.131 | 0.013 | 0.314 | 6.600 | 0.011 |
and | 112.4 | 131.0 | 18.6 | 0.82 | 0.31 | 0.51 | 0.064 | 0.009 | 0.474 | 5.288 | 0.006 |
and | 172.0 | 196.5 | 24.5 | 0.77 | 0.32 | 0.46 | 0.048 | 0.009 | 0.518 | 5.375 | 0.007 |
Mann Central | |||||||||||
MAN24-64 | 334.9 | 351.5 | 16.6 | 0.52 | 0.33 | 0.19 | 0.043 | 0.008 | 0.371 | 5.291 | 0.019 |
Figure 4 - Mann Central
Click Image To View Full Size
Table 5: Drillhole Orientation
Hole ID | Easting ( mE) | Northing ( mN) | Azimuth (⁰) | Dip ( ⁰) | Length (m) |
MANN WEST | |||||
MAN24-42 | 496024 | 5411983 | 35 | -50 | 402 |
MAN24-61 | 496859 | 5412156 | 215 | -50 | 402 |
MAN24-70 | 496492 | 5412296 | 215 | -50 | 501 |
MAN24-73 | 496604 | 5412445 | 215 | -50 | 500 |
MAN24-74 | 495656 | 5412189 | 215 | -85 | 402 |
MAN24-76 | 496560 | 5412057 | 215 | -50 | 495 |
MAN24-78 | 495969 | 5412226 | 215 | -85 | 402 |
MAN24-82 | 495980 | 5412379 | 215 | -50 | 501 |
MAN24-83 | 496980 | 5412318 | 215 | -50 | 450 |
MAN24-85 | 496493 | 5412451 | 215 | -50 | 493 |
MAN24-86 | 496442 | 5411894 | 215 | -50 | 489 |
MAN24-89 | 496297 | 5412494 | 215 | -50 | 495 |
MAN24-92 | 496177 | 5412332 | 215 | -50 | 501 |
MAN24-93 | 496373 | 5412289 | 215 | -50 | 471 |
MAN24-94 | 496098 | 5412537 | 215 | -50 | 501 |
MAN24-97 | 495765 | 5412456 | 220 | -50 | 501 |
MANN SOUTH | |||||
MAN24-66 | 503460 | 5408195 | 35 | -50 | 402 |
MAN24-72 | 503650 | 5408420 | 35 | -50 | 501 |
MAN24-75 | 502081 | 5405730 | 55 | -50 | 420 |
MAN24-77 | 502345 | 5405431 | 50 | -50 | 540 |
MAN24-81 | 503460 | 5408195 | 220 | -50 | 552 |
MAN24-84 | 502406 | 5408781 | 35 | -50 | 501 |
MAN24-90 | 503140 | 5409045 | 35 | -50 | 501 |
MAN24-91 | 503358 | 5408852 | 35 | -50 | 483 |
MAN24-99 | 502349 | 5405667 | 55 | -50 | 402 |
MAN24-100C | 502169 | 5405546 | 55 | -50 | 378 |
MAN24-103 | 501960 | 5405890 | 55 | -50 | 402 |
MANN CENTRAL | |||||
MAN24-41 | 498466 | 5410751 | 145 | -55 | 153 |
MAN24-48 | 498066 | 5410676 | 180 | -50 | 402 |
MAN24-64 | 498058 | 5410435 | 180 | -50 | 406 |
MAN24-68 | 497871 | 5410435 | 180 | -50 | 402 |
Quality Assurance and Control, Drilling and Assaying
Edwin Escarraga, MSc, P.Geo., a "qualified person" as defined by National Instrument 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby or SGS Callao (Peru). All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.
Qualified Person and Data Verification
Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "qualified person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc .
Wayne Holmstead P.Geo (ON), a "qualified person" as defined by National Instrument 43-101, has reviewed the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Homeland Nickel Inc., Go Metals Corp. and Lode Gold Resources Inc . , and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~25,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional 20% interest in ~11,000 hectares in the Timmins area and ~175 hectares of mining claims in Central Newfoundland. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. It will also hold its ~14,600 hectares in the Nagagami Carbonatite Complex and its ~4,600 hectares in the Boulder Project both near Hearst, Ontario, as well as ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property, and ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec. More detailed information is available on the website at:
www.noblemineralexploration.com .
Noble's common shares trade on the TSX Venture Exchange under the symbol "NOB."
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.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations: ir@noblemineralexploration.com
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") announces that the five (5) nominees listed in the management information circular dated November 4, 2024, were elected as directors of Falco.
Detailed results of the vote for the election of directors held at the annual and special meeting of shareholders on December 10, 2024, are set out below:
| ITEM N o 1 Nominee | Votes Cast FOR | Percentage (%) of Votes Cast FOR | Votes AGAINST | Percentage (%) of Votes AGAINST |
| Mario Caron | 117,113,938 | 99.637 | 426,433 | 0.363 |
| Alexander Dann | 109,446,599 | 93.114 | 8,093,772 | 6.886 |
| Paola Farnesi | 117,103,520 | 99.628 | 436,851 | 0.372 |
| Luc Lessard | 117,473,626 | 99.943 | 66,745 | 0.057 |
| Chantal Sorel | 113,119,685 | 96.239 | 4,420,686 | 3.761 |
Appointment and Remuneration of Auditor
PricewaterhouseCoopers, LLP, Chartered Professional Accountants, was appointed as independent auditor of the Corporation for the ensuing year, with the following results:
| ITEM N o 2 | Votes cast FOR | Percentage (%) of Votes Cast FOR | Votes WITHHELD | Percentage (%) of Votes WITHHELD |
| Appointment and Remuneration of Auditor | 122,925,232 | 99.311 | 852,564 | 0.689 |
Long-Term Incentive Plan Resolution
Shareholders approved the ordinary resolution with respect to the approval of the Corporation's existing rolling 10% long-term incentive plan (" LTIP "). The results are as follows:
| ITEM N o 3 | Votes Cast FOR | Percentage (%) of Votes Cast FOR | Votes AGAINST | Percentage (%) of Votes AGAINST |
| Ordinary resolution to approve the LTIP | 101,288,332 | 86.173 | 16,252,039 | 13.827 |
Osisko Amendments Resolution
The majority of the disinterested shareholders approved the ordinary resolution with respect to the amendment of the Corporation's existing convertible secured senior loan (the " Osisko Loan ") with Osisko Gold Royalties Ltd (" Osisko ") and the issuance of 17,690,237 warrants of the Corporation to Osisko, each exercisable at any time from and after January 1, 2025 for one common share of Falco (each a " Common Share ") at an exercise price of $0.58 per Common Share and expiring on December 31, 2025 (the " Osisko Warrants "). The results are as follows:
| ITEM N o 4 | Votes Cast FOR | Percentage (%) of Votes Cast FOR | Votes AGAINST | Percentage (%) of Votes AGAINST |
| Ordinary resolution of disinterested shareholders to approve the amendment of the Osisko Loan and the issuance of the Osisko Warrants | 70,256,713 | 99.844 | 109,858 | 0.156 |
Closing of Senior Debt Transactions
The Corporation also confirms that the transactions previously announced on October 7, 2024, with each of Osisko and Glencore Canada Corporation (" Glencore ") have successfully closed on the date hereof and will be effective as of December 31, 2024 (the " Effective Date ")
Extension of the Maturity Date of the Osisko Loan
In consideration for the extension of the maturity date of the Osisko Loan, the Osisko Loan was amended with effect as of the Effective Date in order for (i) the accrued interest on the existing Osisko Loan up to the Effective Date to be capitalized such that the principal amount of the amended Osisko Loan is $23,881,821, (ii) the conversion price to be lowered from $0.50 to $0.45 per Common Share, and (iii) the interest rate to be increased from 8% to 9%. The 10,664,324 common share purchase warrants of the Corporation currently held by Osisko, each exercisable for one Common Share at an exercise price of $0.65 per Common Share, will remain outstanding in accordance with their terms until their expiry on December 31, 2024. In consideration for the extension of the maturity date of the Osisko Loan, the Corporation will issue to Osisko, on the Effective Date, 17,690,237 Osisko Warrants each exercisable at any time from and after January 1, 2025, for one Common Share at an exercise price of $0.58 per Common Share and expiring on December 31, 2025.
Extension of the Maturity Date of the Glencore Debenture
In consideration for the extension of the maturity date of the Corporation's existing senior secured convertible debenture entered into with Glencore (the " Glencore Debenture "), the Glencore Debenture was amended with effect as of the Effective Date (the " Amended Glencore Debenture ") in order for (i) the accrued interest on the existing Glencore Debenture up to the Effective Date to be capitalized such that the principal amount of the Amended Glencore Debenture is $13,985,960, (ii) the conversion price to be increased from $0.36 to $0.37 per Common Share, and (iii) the interest rate to be increased from 9% to 10%. The 15,061,158 common share purchase warrants currently held by Glencore will remain outstanding in accordance with their terms until their expiry on December 31, 2024. In consideration for the extension of the maturity date of the Glencore Debenture, the Corporation will issue to Glencore, on the Effective Date, 19,424,944 common share purchase warrants (the " New Glencore Warrants "), each exercisable at any time from and after January 1, 2025, at an exercise price of (i) $0.38 per Common Share for 15,061,158 of the New Glencore Warrants and (ii) $0.42 per Common Share for the remaining 4,363,786 New Glencore Warrants, with the New Glencore Warrants expiring on December 31, 2025.
The New Glencore Warrants and the Amended Glencore Debenture will provide that unless shareholder approval from disinterested shareholders of the Corporation has been obtained in accordance with applicable Canadian securities laws and TSX Venture Exchange policies, the holder of the New Glencore Warrants and Amended Glencore Debenture will not be permitted to exercise any portion of the New Glencore Warrants or convert any portion of the Amended Glencore Debenture if, following such exercise or conversion, as applicable, the holder thereof and its affiliates would own, directly or indirectly, more than 19.9% of the outstanding Common Shares.
The Common Shares issuable upon conversion of the Osisko Loan and the Glencore Debenture will be subject to a hold period of four months from the Effective Date, in accordance with applicable Canadian securities laws. The Osisko Warrants and the New Glencore Warrants (and the underlying Common Shares issuable pursuant thereto) will be subject to a hold period of four months from the Effective Date, in accordance with applicable Canadian securities laws.
About Falco
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 67,000 hectares of land in the Noranda Mining Camp, which represents 67% of the entire camp and includes 13 former gold and base metal mine sites. Falco's principal asset is the Falco Horne 5 Project located under the former Horne mine that was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp is Falco's largest shareholder owning a 16.7% interest in the Corporation.
For further information, please contact:
Luc Lessard
President, Chief Executive Officer and Director
514-261-3336
info@falcores.com
Anthony Glavac
Chief Financial Officer
514-604-9310
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 press release.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (together, "forward looking statements") within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by words such as "plans", "expects", "seeks", "may", "should", "could", "will", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. These statements are made as of the date of this news release. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors set out in Falco's annual and/or quarterly management discussion and analysis and in other of its public disclosure documents filed on SEDAR+ at www.sedarplus.ca, as well as all assumptions regarding the foregoing. Although the Corporation believes the forward-looking statements in this news release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Consequently, the Corporation cautions investors that any forward-looking statements by the Corporation are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements.
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