Lode Gold Closes Financing
Lode Gold Closes Financing
Toronto, Ontario--(Newsfile Corp. - July 15, 2024) -
Lode Gold Resources Inc. (TSXV: LOD)
(OTCQB: SBMIF)
("Lode Gold " or the "Company") is pleased to announce it has closed $506,490
financing, previously announced on May 31, 2024. A total of 13,181,143 units at $0.035 per unit (each, a
"Unit") and 1,128,750 Flow Through Units at $0.04 ("FT Units") have been issued for total proceeds of
$506,490.
Each $0.035 Unit shall consist of one common share and one common share purchase warrant. Each
warrant shall entitle the holder to purchase one common share at exercise price of $0.05 per common
share for a period of two years following the date of closing.
Each Flow Through Unit at $0.04 consists of one flow through common share and one half of a whole
flow through common share purchase warrant ("FT Warrant"). Each whole FT Warrant shall entitle the
holder to purchase one flow through common share at exercise price of $0.06 per common share for a
period of two years following the date of closing.
All securities issued will be subject to a statutory hold period until November 13, 2024.
Insiders of the Company subscribed for 664,286 Units and 250,000 FT Units. The Company has relied
on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101
contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
ABOUT LODE GOLD
Lode Gold is a Canadian exploration and development company with grassroots and advanced
exploration properties in highly prospective and safe mining jurisdictions.
Its Golden Culvert and Win Projects, Yukon, covering 99.5 km
2
across a 27-km strike length, are situated
in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone Gold
Belt. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin
Gulch, and Snowline Gold's Valley target on its Rogue property in the Selwyn Basin.
Its McIntyre Brook Project, New Brunswick, covering 111 km
2
and a 17-km strike length in the emerging
Triple Fault Gold Belt, is surrounded by Puma Exploration's Williams Brook Project (5.55 g/t Au over
50m) and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway
Project.
The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold
Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of
Equinox Gold's Castle Mountain and Mesquite mines, has a PEA with an after-tax NPV of USD
$217MM, a 21% IRR, 11-year LOM, averaging 118k ounces per annum at USD $1,750 gold. A
sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV(5%) of USD
$370MM and a 31% IRR over an 11-year LOM. The project hosts an NI 43-101 resource of 1.16 Moz at
1.90 g/t Au within 19.0 MT Indicated, and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred.
The MRE
evaluates only 1.4 km of the 4 km strike length of the Fremont property that features five gold-mineralized
zones. Significantly, three step-out holes at depth hit mineralized structure, typical of orogenic deposits
that often occur at depth. Fremont is located on private land in Mariposa, the original gold rush county
and is 1.5 hours from Fresno, California. The property has year-round road access and is close to
airports and rail. Please refer to the Fremont Gold project PEA dated March 31, 2023 under NI 43-101
guidelines. The technical report has been reviewed and approved by independent "Qualified Persons"
Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning,
P.E. of KCA.
QUALIFIED PERSON STATEMENT
Buddy Doyle, FAusIMM is the author of this news release. The scientific and technical information
contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc
(Hons) (Economic Geology – UCT), FAusIMM, and who is a "qualified person" as defined by National
Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
For more information, please visit the Company's website at
www.lode-gold.com
or contact:
Winfield Ding
CFO
+1 (416) 320-4388
Kevin Shum
Investor Relations
+1 (647) 725-3888 ext. 702
Forward-Looking Statements
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.
WARNING:
The Company relies upon litigation protection for "forward-looking" statements. The
information in this release may contain forward-looking information under applicable securities laws.
This forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those implied by the forward-looking information.
Factors that may cause actual results to vary materially include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of mineral deposits, currency fluctuations,
unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain
regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits,
changes in general economic conditions or conditions in the financial markets and the inability to raise
additional financing. Readers are cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise or update this forward-looking
information after the date of this release or to revise such information to reflect the occurrence of future
unanticipated events, except as may be required under applicable securities laws.
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