1911 GOLD Provides Exploration Update and Announces $5 Million Non-Brokered Private Placement with Corporate Lead Investment
1911 GOLD PROVIDES EXPLORATION UPDATE AND ANNOUNCES $5 MILLION NON-BROKERED
PRIVATE PLACEMENT WITH CORPORATE LEAD INVESTMENT
Vancouver, British Columbia, December 9, 2024 – 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.”
Figure 1: Rice Lake Property Map
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
For further information, please contact:
Shaun Heinrichs
Chief Executive Officer
(604) 674-1293
www.1911gold.com
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