05:04:36 EDT Thu 20 Jun 2024
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Lode Gold Resources Inc
Symbol LOD
Shares Issued 276,765,029
Close 2024-02-05 C$ 0.025
Market Cap C$ 6,919,126
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Lode Gold appoints Saban to technical advisory board

2024-02-05 17:06 ET - News Release

Ms. Wendy Chan reports


Lode Gold Resources Inc. has appointed Carlos Saban to its technical advisory board to help advance the Fremont gold project in California.

Mr. Saban is a skilled mining geologist who has a strong understanding of mineralized systems, mine economics and development. He has over a decade of professional geological exploration experience spanning a few continents. He spent his formative years in Peru, where his contributions have been key to understanding deposits and expanding resources, both greenfield and brownfield. Mr. Saban has been involved in the identification, delineation and modelling of several National Instrument 43-101 compliant multimillion-ounce precious metal projects during his career. He holds a BSc in geology from Complutense University of Madrid.

Wendy T. Chan, chief executive officer of Lode Gold, commented: "Carlos's diversified and hands-on geological expertise and fresh perspective in this dynamic market environment is just what we require at this juncture. Partnering with our seasoned exploration team, we aim to leverage his experience to identify new targets at Fremont, with a clear focus on additional high-grade ounces. The historical Pine Tree/Josephine mine at Fremont had a back-calculated production grade of eight grams per tonne gold. There is an untapped opportunity here on which we plan to capitalize in the upcoming months."

Lode Gold director and technical committee chair Jonathan Hill states: "We welcome Carlos, who brings a wealth of knowledge and experience with modelling and estimating complex mineralization systems. Carlos will immediately focus on generating targets extending historical high-grade mining areas well beyond the limits of the current published resource at Lode's high-potential Fremont gold project in California."

Stock options

Effective Jan. 30, 2024, it has granted a total of 8,333,364 incentive stock options to directors, management, an adviser and a consultant pursuant to its incentive stock option plan. Each stock option entitles the holder to subscribe for one common share of Lode Gold for five cents for a period of five years, subject to the terms of the plan. The stock options shall vest in accordance with the company's stock option plan.

About Lode Gold Resources Inc.

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 in Yukon, covering 99.5 square kilometres across a 27-kilometre 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, Dublin Gulch and Snowline Gold's Valley target on its Rogue property in the Selwyn basin.

Its McIntyre Brook project in New Brunswick, covering 120 square kilometres and a 17-kilometre strike length in the emerging Triple Fault gold belt, is surrounded by Puma Exploration's Williams Brook project (5.55 grams per tonne gold over 50 metres) 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 million ounces of gold have been produced. Fremont, located 500 kilometres north of Equinox Gold's Castle Mountain and Mesquite mines, has a PEA (preliminary economic assessment) with an after-tax NPV (net present value) of $217-million (U.S.), a 21-per-cent IRR (internal rate of return) and an 11-year LOM (life of mine), averaging 118,000 ounces per annum at $1,750 (U.S.) per ounce gold. The project hosts a National Instrument 43-101 resource of 1.16 million ounces at 1.90 grams per tonne gold within 19 million tonnes indicated and 2.02 million ounces at 2.22 grams per tonne gold within 28.3 million tonnes inferred. The MRE (mineral resource estimate) evaluates only 1.4 kilometres of the four-kilometre strike length of the Fremont property that features four gold-mineralized zones. Significantly, three stepout 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, Calif. The property has year-round road access and is close to airports and rail. Please refer to the Fremont gold project PEA dated April 4, 2023, under NI 43-101 guidelines. The technical report has been reviewed and approved by independent qualified persons Eugene Pruitt, PEng, FEC, CET, and Andrew Bradfield, PEng, both of P&E, and Travis Manning, PE, 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 in 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 (honours) (economic geology) (UCT), FAusIMM, who is a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.

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