05:05:05 EDT Thu 20 Jun 2024
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Lode Gold Resources Inc
Symbol LOD
Shares Issued 278,334,579
Close 2024-03-06 C$ 0.03
Market Cap C$ 8,350,037
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Lode Gold receives expression of interest on properties

2024-03-06 11:52 ET - News Release

Ms. Wendy Chan reports


Lode Gold Resources Inc. has provided a corporate update.

Lode Gold acknowledges receiving an expression of interest from an independent third party regarding the possible acquisition of specific assets owned by Lode Gold. It is important to note that, as of now, the company has not entered into any legally binding agreements related to this potential merger and/or acquisition.

Wendy T. Chan, Lode Gold's chief executive officer, commented: "The key to our strategic plan to unlock value for our shareholders includes separating our assets and building on our technical and corporate teams. Our Yukon and New Brunswick properties, in highly prospective gold belts, could each be stand-alone company makers."

Buddy Doyle, Lode Gold's vice-president, exploration, stated: "In November, 2020, the company's market cap with just the Yukon and New Brunswick properties was $30-million. In aggregate, more than $10-million was spent on these assets. Clearly, there were times when the market saw value; we will likely regain some of the value as soon as we initiate drill plans and have the funding to support the work."

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 trike 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 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 approximately 500 kilometres north of Equinox Gold's Castle Mountain and Mesquite mines, has a PEA (preliminary economic assessment) with an after-tax net present value (discounted at 5 per cent) of $217-million (U.S.), a 21-per-cent internal rate of return, an 11-year life of mine, averaging 118,000 ounces per annum at $1,750 (U.S.) per ounce gold. A sensitivity to the March 31, 2023, PEA at $2,000 (U.S.) per ounce gold gives an after-tax NPV of $370-million (U.S.) and a 31-per-cent IRR over an 11-year LOM. The project hosts a National Instrument 43-101 resource of 1.16 million ounces at 1.90 grams per tonne gold within 19.0 million tonnes indicated and 2.02 million ounces at 2.22 grams per tonne gold within 28.3 million tonnes inferred. The MRE evaluates only 1.4 kilometres of the four-kilometre strike length of the Fremont property, which 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 March 31, 2023, under NI 43-101 guidelines. The technical report has been reviewed and approved by independent qualified persons Eugene Puritch, 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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