Lode Gold Gains 100% Ownership of Claims and Option Partners Agree to Take Shares - Mcintyre Brook Project, New Brunswick
Lode Gold Gains 100% Ownership of Claims
and Option Partners Agree to Take Shares -
Mcintyre Brook Project, New Brunswick
Toronto, Ontario--(Newsfile Corp. - April 2, 2024) -
Lode Gold Resources Inc. (TSXV: LOD)
(OTCQB: SBMIF)
("Lode Gold " or the "Company" and formerly Stratabound Minerals) is pleased to
announce that it has recently acquired 100% ownership of two more claims covering 13.96 km
2
(1,396
hectares) at the core of its McIntyre Brook Project in New Brunswick. This increases the 100%-owned
ground from 1,461 hectares to 2,858 hectares. The Company intends to continue to earn in on the
remaining options and expand holdings when opportunities arise.
Also, the Company announces that it is making the second year option payments on seven arms-length
option agreements covering 19 claims comprising 58.41 km
2
(5,841 hectares) located adjacent to and
east of the Company's existing McIntyre Brook Claims. For more information see the Company's
April
14, 2022 news release
.
The total payments due on the second year anniversary dates of these seven agreements total
$209,000, which the Company will satisfy by payments of $77,000 in cash and $132,000 by the
issuance of 4,400,000 common shares at a deemed price of $0.03 per share, premium to 30-day
VWAP. Of note, certain property optionors chose to take all or part of their payments in shares, in a
show of support and belief in the Company's new management team and its restructuring and growth
strategic plans.
Wendy T. Chan, CEO and Director, commented, "We have highly prospective ground - located on the
Appalachian Gold Trend (hosts New Found Gold's Queensway Project, Calibre's Valentine Lake
Project, St. Barbara's Touquoy Mine); and, we are looking forward to initiating our exploration in the near
future."
Shares issued as above will be subject to trading restrictions of 4 months and a day from the date of
issuance.
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 120 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(5%) 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 4 gold-mineralized zones.
Significantly, three step-out holes at depth hit 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.
The Company also holds a pipeline of early-stage exploration projects including the critical mineral
Captain Cobalt-Copper-Gold Deposit in New Brunswick and the Dingman Gold Project, Ontario.
QUALIFIED PERSON STATEMENT
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.stratabound.com
or contact:
Gary Nassif
Senior Vice President, Director
+1 (416) 915-4157
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/204044