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Generation Gold Corp
Symbol	GEN
Shares Issued	11,624,332
Close 2023-09-29	C$ 0.07
Market Cap	C$ 813,703
Recent Sedar Documents

Generation Gold acquires Balthazar for 4 million shares

2023-10-03 09:15 ET - News Release

Subject: Generation Gold Corp.- GEN PDF Document File: Attachment NR - Generation Gold Corp - Balthazar Property and Options - 2023.10.03.pdf Generation Gold Corp. 1122 Mainland Street, Vancouver, British Columbia, V6B 5L1 Generation Gold Acquires Balthazar Property Vancouver, B.C. October 3, 2023, Generation Gold Corp. (CSE: GEN) (the "Company" or "Generation") is pleased to announce the acquisition of the Balthazar Property ("Property"), directly east of the Arlington Property in British Columbia. The Balthazar Property is one mineral claim (619.39 ha) in the Cretaceous Ladybird and Valhalla intrusions of the Okanagan Batholith. The Property hosts a regional geochemical survey silt sample on the western side that returned over the 97th percentile for molybdenum and over the 78th percentile for gold. Anthony Zelen, CEO of Generation stated "This acquisition, represents a natural extension of the Arlington Property. The high values of molybdenum and gold represent an underexplored target that samples the center of the Property. The recent logging on the Property will enhance our exploration team's abilities to discover the source of these elevated numbers." The Regional Geochemical Survey government database stores and manages geochemical data collected by the British Columbia Geological Survey, the Geological Survey of Canada, and Geoscience BC. It was compiled from 116 original sources with 65,000 samples and roughly 5 million determinations analyzed using 18 methods in 18 laboratories. This Regional Geochemical Survey database provides a solution for consistent, standardized, and long-term data storage and for timely data update and regular data release. Terms of the Acquisition Pursuant to the Agreement, the Company will acquire 100% of the beneficial interest in the mineral titles comprising the Property. In exchange for its acquisition, the Company will issue an aggregate of 4,000,000 common shares in the capital of the Company (each, a "Common Share") to the vendors. Option Issuance The Company has granted an aggregate of 1,100,000 stock options (the "Options") to certain directors, officers and consultants of the Company. Each Option confers the right to purchase one (1) Common Share at an exercise price of $0.08 per Common Share until October 3, 2025. All Options are fully vested immediately upon grant. Of the Options granted, 650,000 Options were granted to directors or officers of the Company. The Company relied on section 5.5(a) of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the exemption from the formal valuation requirements of MI 61-101 and section 5.7(1)(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the Options grant to the directors and officers of the Company, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Options granted to the directors and officers of the Company exceeded 25% of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the grant of Options to ensure the Company was able to grant the Options in an expedient manner. Derrick Strickland, P.Geo, (1000315), a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral projects, has reviewed the scientific information that forms the basis for this news release, and has approved the disclosure herein. Mr Strickland is not independent of the Company as he is a shareholder of Generation. FOR FURTHER INFORMATION CONTACT Anthony Zelen Chief Executive Officer About Generation Gold Corp.: the Company is a natural resource company engaged in the exploration and development of mineral properties. The Company has an option to acquire a 60% interest in and to the Arlington Property located within the Arrow Boundary District of south-central British Columbia. Forward-Looking Statements This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.