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Lode Gold Resources Inc
Symbol LOD
Shares Issued 361,619,547
Close 2024-04-17 C$ 0.045
Market Cap C$ 16,272,880
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Lode Gold hires former director Stratte as adviser

2024-04-24 17:07 ET - News Release

Ms. Wendy Chan reports

LODE GOLD (FORMERLY STRATABOUND) ENGAGES FORMER DIRECTOR AS ADVISOR FOR MATTERS RELATED TO THE FREMONT projECT, LOCATED ~500KM FROM CASTLE MOUNTAIN

Lode Gold Resources Inc. (formerly Stratabound Minerals Corp.) has engaged Martin Stratte as an adviser.

Mr. Stratte has stepped down as a director of the company to take on this advisory role, in connection with his return to the private practice of law in California.

Mr. Stratte is a land use and environmental permitting attorney with significant experience advising companies in the mining and natural resources sectors, with particular emphasis on projects in California and on the West Coast. He was part of the team that permitted Equinox Gold's restart of the Castle Mountain mine in California (2018 to 2021).

The company has retained Mr. Stratte to advise on land use matters related to the company's continuing activities at its Fremont gold project in California. As recently announced on April 10, 2024, the company has retained the services of Carlos Saban, an exploration and mine development geologist, to review the company's Fremont project and to develop a geological model for a potential high-grade underground gold mine on the Mother Lode belt where 50 million ounces of gold has been produced.

Wendy Chan, chief executive officer of Lode Gold, stated: "On behalf of the Lode Gold board of directors, I would like to thank Mr. Stratte for his insights and advice; he has been a strong value-add to the team. He has helped prepare Fremont for its next chapter. While we will miss having him on the board, we are confident that his California mining expertise will provide further value as the company continues to advance its ongoing restructuring and repositioning strategy and plans, including demonstrating Fremont's potential to be a multimillion-ounce high-grade deposit to complement the previously established large open pit mineable resources."

Mr. Stratte stated: "I would like to thank the board for the opportunity to serve as a director and look forward to seeing the company unlock value on its Fremont project, located on 3,351 acres of privately owned land in Mariposa county."

Fremont highlights

  • 100-per-cent-owned, 3,351 acres of private land;
  • Located on the Mother Lode belt (50 million ounces produced);
  • Located in Mariposa county, site of the original gold rush;
  • Excellent site infrastructure with hydro substation, highway access and proximity to airports and seaports;
  • Historical mine production at eight g/t Au;
  • 23 kilometres of underground mine workings;
  • Only two of five known deposits have been exploited;
  • Mining operation suspended due to war in 1942;
  • National Instrument 43-101 MRE (mineral resource estimate) evaluates only 1.4 km of the four km strike length (35 per cent);
  • At a sensitivity to the March 31, 2023, PEA at $2,000 (U.S.)/oz gold, the project has an after-tax NPV (net present value) (5 per cent) of $370-million (U.S.) and a 31-per-cent IRR (internal rate of return) over an 11-year LOM (life of mine);
  • Depth potential with three stepout holes hit the mineralized structure.

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, 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 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 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 g/t Au 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 oz of gold has been produced. Fremont, located 500 kilometres north of Equinox Gold's Castle Mountain and Mesquite mines, has a PEA with an after-tax NPV of $217-million (U.S.), a 21-per-cent IRR and an 11-year LOM, averaging 118,000 ounces per annum at $1,750 (U.S.) gold. A sensitivity to the March 31, 2023, PEA at $2,000 (U.S.) per oz gold gives an after-tax NPV (5 per cent) of $370-million (U.S.) and a 31-per-cent IRR over an 11-year LOM. The project hosts an NI 43-101 resource of 1.16 million oz at 1.90 g/t Au within 19.0 million tonnes indicated, and 2.02 million oz at 2.22 g/t Au within 28.3 million tonnes inferred. The MRE evaluates only 1.4 kilometres of the four-kilometre strike length of the Fremont property that features five gold-mineralized zones. Significantly, three stepout 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, 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.

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, and who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.

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