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Dundee Precious Metals buys into Newfoundland gold stock
Galloper Gold (CSE:BOOM) has raised C$250,000 from Dundee Precious Metals (TSX:DPM) to support ongoing development
Proceeds will fund exploration on Galloper's Glover Island property, where 2024 drilling yielded multiple intercepts indicative of multi-deposit potential
Galloper Gold is a mineral explorer active in the Central Newfoundland gold belt
The Newfoundland gold stock has given back 30 per cent year-over-year
Galloper Gold (CSE:BOOM) has raised C$250,000 from Dundee Precious Metals (TSX:DPM) to support ongoing development, issuing 5 million shares priced at C$0.05 each through a non-brokered private placement.
Galloper will allocate the proceeds towards exploration on its flagship 133-square-kilometre Glover Island property in Newfoundland, 24 kilometres southeast of Corner Brook. The company intends to break ground in Q3 to test the property's numerous mineral occurrences, including a copper anomaly, as well as a historical gold zone featuring a 7.5-kilometre-long trend hosting favorable host rocks.
Drilling in 2024 yielded highlights of 15 metres (m) at 2.62 grams per ton (g/t) of gold, 3.80 m at 6.92 g/t gold and 23.5 m at 0.72 g/t gold, which Hratch Jabrayan, Galloper Gold's chief executive officer, believes to support 'the distinct possibility of multiple shallow deposits lined up along a contact zone that may continue well beyond its original 12 kilometre estimate.'
All shares issued will be subject to a statutory hold period expiring in four months and one day, as per Canadian securities law. Leadership insights
'The strategic investment by Dundee is a critical sign of support for Galloper's exploration activities as we move towards a robust drill program later this year,' Jabrayan stated in Friday's news release. 'We hope to work collaboratively with Dundee to achieve ongoing success in the mining and minerals industry.' About Galloper Gold
Galloper Gold is a mineral explorer active in the Central Newfoundland gold belt. The company's Glover Island and Mint Pond properties are prospective for both gold and base metals.
The Newfoundland gold stock (CSE:BOOM) opened unchanged trading at C$0.07. The stock has given back 30 per cent year-over-year.
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