VANCOUVER, BC, Dec. 9, 2024
/CNW/ - 1911 Gold Corporation ("1911 Gold" or the
"Company") (TSXV: AUMB) is pleased to provide an update on
exploration strategy on the True North project, following the
recently released updated 43-101 Mineral Resource Estimate ("MRE").
The Company also plans to complete a financing to support this
strategy, by way of a non-brokered private placement of
flow-through shares for aggregate proceeds of up to $5,000,000 (the "Offering"), with a lead
investment from a corporate investor.
Highlights
- Strategic and lead investment from a high growth gold
producer, whose production base does not include any assets in
Canada.
- Non-brokered private placement of flow-through shares up to
$5,000,000.
- Approximately 2,550 metres ("m") in 10 holes have been
drilled to completion on testing our new near surface drill
targets, with drilling now underway at the San Antonio Southeast
Target.
- Two (2) of the three (3) initial new targets now drill
tested with follow up expected upon review of final assay
results.
- The MRE released on November 20,
2024 identified a number of drill targets within areas of
known mineralization for potential resource extension both down
plunge and along strike outside of the veins modeled supporting the
MRE.
- Assessment of the data and geological model supporting the
existing 43-101 Mineral Resource Estimate for Ogama Rockland
Project is underway, results of this will define the resource
potential of this project as well as identify opportunities as a
potential satellite gold deposit.
- Ongoing, comprehensive review of the geology and resource
potential of other past producers on the property, including the
Central Manitoba project is
underway to generate additional exploration drill targets.
Shaun Heinrichs, President, and
CEO commented: "With our work now complete on rebuilding the True
North MRE, we have the right foundation to support the next phase
of growth on our Rice Lake property. The progress to date has
significantly advanced our understanding of the geology at the True
North Project and also attracted additional investment from a
growing mid-tier gold producer. With this additional capital in
place, we will continue our current exploration program on surface
while completing our work on an economic mine plan based on the
updated MRE to provide the foundation for a re-start in the near
future."
The Offering
The Offering is expected to be comprised of a combination of (i)
shares of the Company issuable to residents in Manitoba ("Manitoba FT Shares") at
$0.239 per Manitoba FT Share, and
(ii) flowthrough shares of the Company ("FT Shares") at
$0.185 per FT Share. Each of the FT
Shares and the Manitoba FT Shares will qualify as a flow-through
share ("FT Share") for purposes of the Income Tax Act
(Canada) (the "ITA").
The gross proceeds raised from the Offering will be used by the
Company to fund exploration programs qualifying as "Canadian
Exploration Expenses" and "flow-through mining expenditures" (as
those terms are defined in the ITA) at the Company's flagship Rice
Lake property in Manitoba,
focusing on near-mine target areas.
The closing of the Offering is expected to occur on or about
December 23, 2024 (the "Closing
Date") and is subject to receipt of all applicable regulatory
approvals, including the approval of the TSX Venture Exchange (the
"TSXV"). All securities issued under the Offering will be subject
to a statutory hold period of four months and one day from the
Closing Date.
The securities referred to in this news release have not
been, nor will they be, registered under the United States
Securities Act of 1933, as amended, or any state securities law,
and may not be offered or sold in the
United States absent registration or an exemption from such
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.
Qualified Person Statement
The scientific and technical information in this news release
has been reviewed and approved by Mr. Michele Della Libera, Vice President Exploration
of 1911 Gold Corporation. Mr. Della
Libera is a
Professional Geoscientist (P.Geo.) and Practicing Member of the
Engineers and Geoscientists of British
Columbia, the Association of Professional Geoscientists of
Ontario and a "Qualified Person"
as defined under National Instrument 43-101.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totaling more than 63,000 hectares within
and adjacent to the Archean Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba. 1911 Gold believes its land package is a prime
exploration opportunity, with potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on
organic growth and accretive acquisition opportunities in
North America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements with respect to the terms of the
Offering, the use of proceeds of the Offering, the timing and
ability of the Company to close the Offering, the timing and
ability of the Company to receive necessary regulatory approvals,
the tax treatment of the securities issued under the Offering, the
timing for the Qualifying Expenditures to be renounced in favour of
the subscribers, and the plans, operations and prospects of the
Company, are forward-looking statements. Although 1911 Gold has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
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.
SOURCE 1911 Gold Corporation
