Latest news with #LodeGold
Yahoo
12 hours ago
- Business
- Yahoo
Lode Gold Closes Second Tranche of Private Placement for Total Financing of $1.2 Million to Initiate Work at the Fremont Mine in California
Toronto, Ontario--(Newsfile Corp. - June 16, 2025) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce it has closed the second tranche of its non-brokered private placement offering. Proceeds will be used to advance work at the Fremont Mine in Mariposa, California. This is an advanced-stage exploration and development asset, where recently an NI 43 -101 compliant mineral resource estimate (MRE 2025) was completed with a new geological model that separates vein mineralization from stockwork: 1.34 Moz at 4.4 g/t (3 g/t cut off, average true width: 16.8 m).1 Table 1 To view an enhanced version of this graphic, please visit: Fremont was previously mined at 10.7 g/t. Only 8% of the total mineral resource, filed at SEDAR+ (April 2025) has been extracted, mostly in the first 250 m. This is a structurally controlled orogenic deposit with excellent continuity. Exploration upside exists as it is open at depth and on strike. Three step-out holes at 1,300 m hit structure and were mineralized. Upcoming 2025-2026 Catalysts: Rehabilitation of 2 km of the 23 km of underground workings Access to three of the adits, out of a total of 14 Channel sampling to upgrade resources to M&I Metallurgy and Recovery Studies Geotechnical work and rock mechanics assessments Underground drilling 3,000 m (to initiate Pre-Feasibility Study) Completion of Pre-Feasibility Study (underground bulk mining and other optimized methods will be evaluated) "We had a busy year. We completed corporate restructuring, a joint venture, the creation of a spin-co, and advanced all three of our assets in Yukon, New Brunswick and California. Over the past 12 months, we delivered three technical reports. At Fremont, two pivotal findings stand out: first, mineralization in the stockworks—outside the veins—remains completely untouched when mining was suspended during World War II (1942), when gold was just $35/oz. Second, at a 1 g/t cut-off, we see an impressive average true width of 53 meters," comments Wendy T. Chan, CEO and Director of Lode Gold. "The 2023 Preliminary Economic Assessment (PEA) indicates positive project economics at a gold price of USD $1,750, based on an annual production rate of 130,000 ounces. In the coming months, we will begin engineering work aimed to develop an optimized mine plan. Our evaluation will focus on: high-grading in early years to optimize economics; increase to produce more than 100,000 ounces per year; and the initiation of small-scale production in the near term to align with the March 2025 Executive Order, which prioritizes critical mineral extraction in the United States." The Company has raised $390,802 through the issuance of 2,204,457 Units at a price of 18 cents per Unit. Each Unit shall consist of one common share and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at an exercise price of 35 cents per common share for a period of three years following the date of closing. The Company may accelerate the expiry date if the shares trade at 65 cents or more for a period of 10 days, including days where no trading occurs. The shares issued are subject to a four-month and one-day hold period. The Company closed the first tranche of $790,186 (4,389,922 Units) on April 15, 2025. The total amount raised was $1,180,988 (6,594,379 Units). About Lode Gold Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States. In Canada, its assets in Yukon sits on the southern portion of the prolific Tombstone Belt. It covers 99.5 km2 across a 27 km strike. Over 4,500 m have been drilled with confirmed gold endowment and economic drill intercepts over 50 m. There are four reduced-intrusive targets (RIRGS), in addition to sedimentary-hosted orogenic exploration gold. In New Brunswick, Lode Gold, through its subsidiary 1475039 B.C. Ltd. (soon to be spun out into Gold Orogen) has created one of the largest land packages with its Acadian Gold Joint Venture, consisting of an area that spans 445 km2 with a 44 km strike. It has confirmed gold endowment with mineralized rhyolites. In preparation for the spin-out, NI 43 101 technical reports have been prepared for all assets in Yukon and New Brunswick in 2024. In the United States, the Company is focused on its advanced exploration and development asset, the Fremont Mine in Mariposa, California. According to the NI 43- 101 Compliant 2025 MRE, the asset contains 1.3 Moz at 4.4 g/t (3 g/t cut-off) with an average true width: 16.8 m. Fremont was previously mined at 10.7 g/t. During gold mining prohibition in WWII, its mining license was suspended. Only 8% of the resource identified in the 2025 MRE has been extracted. This asset has exploration upside and is open at depth (three step-out holes at 1,300 m hit structure and were mineralized) and on strike. This is a brownfield project with over 43,000 m drilled, 23 km of underground workings and 14 adits. The project has excellent infrastructure and is close to electricity, water, roads, railhead and port. Recently, the Company completed an internal scoping study, with a strategic pivot to 100% underground mining. Previously, in March 2023, the Company completed an NI 43-101 Preliminary Economic Assessment ("PEA") with an open pit and underground combination mine. The NI 43-101 technical reports are available on the Company's profile on SEDAR+ ( and the Company's website ( ON BEHALF OF THE COMPANY,Wendy T. Chan CEO & Director Information Contact: Winfield Ding CFO info@ +1-(604)-977-GOLD (4653) Jenna Mosher Investor Relations jenna@ +1 (604) -977-GOLD (4653) Cautionary Note Related to this News Release and Figures This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties. Cautionary Statement Regarding Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. 1 90% of the resource is inferred, 10% indicated (MRE 2025) To view the source version of this press release, please visit
Yahoo
11-03-2025
- Business
- Yahoo
Lode Gold Shareholders Approve Plan of Arrangement for Spin Out of Gold Orogen
Toronto, Ontario--(Newsfile Corp. - March 11, 2025) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce that the proposed plan of arrangement (the "Arrangement") for the tax-efficient spin out of Gold Orogen was approved at the Company's annual general and special meeting of shareholders (the "Meeting") held on March 10, 2025. The resolution approving the Arrangement (the "Arrangement Resolution") was required to be passed by: (i) the affirmative vote of at least two-thirds (66 2/3%) of the votes cast by shareholders of the Company present in person or represented by proxy and entitled to vote at the Meeting; and (ii) the affirmative vote of at least two-thirds (66 2/3%) of the votes cast by Company shareholders, optionholders and warrantholders, voting as a single class, present in person or represented by proxy and entitled to vote at the Meeting. The hearing of application for the final order in respect of the Arrangement is scheduled for March 14, 2025. Closing of the Arrangement remains subject to, among other things, receipt of approval from the TSX Venture Exchange, the Canadian Securities Exchange and Great Republic Mining ("GRM") shareholder approval. Upon closing of the Arrangement, Lode Gold shareholders will receive one new Lode Gold share and 0.5739 of a common share of the resulting issuer ("Gold Orogen") for each Lode Gold share held prior to the completion of the Arrangement. Upon completion of the spin-off, the companies will be structured as follows: Gold Orogen (Spin Co. - Yukon and New Brunswick) Gold Orogen is an exploration pure play with two choice assets. Both assets are located in highly prospective areas and each can potentially be a company maker and a standalone asset. Asset 1- Yukon: 27 km strike, 99.5 km2 in Yukon on the prolific Tombstone Belt (Snowline and Sitka) A total of four Reduced Intrusive Targets (RIRGS similar to Snowline) Confirmed on WIN: Signature host rocks, hornfels and reduced intrusives Asset 2 - New Brunswick: One of the largest land packages in the province at 445 km2 Similar geological setting to New Found Gold, Galway, Calibre Mining-Equinox Gold and Puma-Kinross Confirmed gold endowment - mineralized rhyolites (same geology as Puma-Kinross) Lode Gold (Parent- California): Underground Mine Potential (previously mined at 10.7 g/t Au) The Fremont Gold project is located on the Mother Lode Belt on patented private land in Mariposa County, California, USA. Lode Gold is the first owner since the mining suspension in 1942 to evaluate the project as an underground mining opportunity. Fremont: 4 km strike on the Mother Lode Belt Private patented land: 3,351 acres, 100% owned in Mariposa County (need county approval; five supervisors oversee county*) *County: 17,000 and Town: 2,000 people California: 700 permitted mines; 14 gold mines 2025 MRE 1.3 Moz of gold at 4.4 g/t Au (previously mined in the 1930s at 10.7 g/t) 2025 drilling campaign: Target +400,000 more ounces of gold Typical Orogenic Deposit with Structural Controls Three Step-Out Holes hit structure and were mineralized (up to 1300 m) Two nearby mines were up to 1,800 m deep at 13 g/t Brownfield project with 23 km of underground workings and over 43,000 m drilled (cores preserved) Only 8% of the 2025 MRE exploited; mostly in the first 250 m; much has been left unmined 2023 MRE: 1 Moz (M&I) + 2 Moz (Inf) 2023 PEA: Underground mining cost of 63.6 $/t 2023 PEA at USD $2,000/oz Au: After-tax NPV (5%) USD $370M, 31% IRR, 11 years LOM Close to road, rail, power and water Mine suspended in 1942 for the war effort Other Matters Shareholders voted in favour of all other matters of business before the Meeting, including the continuation of the Company into British Columbia. Each of the matters are set out in detail in the Management Information Circular of the Company dated December 27, 2024 available on the Company's SEDAR+ profile at About Lode Gold Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States. In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024. In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km2 and a 44 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024. In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930's. Mining was halted in 1942 due the gold mining prohibition in World War Two (WWII) just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 8% of the veins have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont. The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in creating the towns, businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail. An NI 43-101 MRE has been reported on March 5, 2025. A complete technical report will be filed 45 days later on SEDAR+. Previously, in March 2023, the company completed an NI 43 101 Preliminary Economic Assessment ("PEA") for the Fremont Gold project. A sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV of USD $370M and a 31% IRR over an 11-year LOM. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized. All NI 43-101 technical reports are available on the Company's profile on SEDAR+ ( and the Company's website ( ON BEHALF OF THE COMPANY Wendy T. Chan, CEO & Director Information Contact Winfield DingCFOinfo@ +1-(604)-977-GOLD (4653) Kevin ShumInvestor Relationskevin@ +1 (604) -977-GOLD (4653) Cautionary Note Related to this News Release and Figures This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties. Cautionary Statement Regarding Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the closing of the Arrangement including the hearing of the Final Order, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the ability of the Company and GRM to obtain all required approvals for completion of the Arrangement; the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the inability of the Company and GRM to obtain all required approvals for closing of the Arrangement, a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. To view the source version of this press release, please visit Sign in to access your portfolio
Associated Press
07-03-2025
- Business
- Associated Press
Lode Gold Strengthens Board of Spin Co Gold Orogen Ahead of Tax-Efficient Spin-out
Toronto, Ontario--(Newsfile Corp. - March 7, 2025) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ('Lode Gold' or the 'Company') is pleased to announce the proposed appointment of Bill Fisher and Rajesh Sharma to the Board of Directors of its upcoming spin-out company, Gold Orogen. The spin-out is scheduled for March 2025, with a shareholder meeting set for March 10, 2025, to approve the tax-efficient plan of arrangement. The proposed appointments of Bill, Rajesh and the other Directors will be subject to shareholder approval at the Company's Annual General Meeting (AGM) on March 10, 2025. Their appointments will be finalized following the AGM. The proposed Gold Orogen Board will include: Hashim Ahmed Wendy T. Chan Chad Tappendorf Ron Tomlinson Jonathan Hill Bill Fisher (newly proposed to be appointed) Rajesh Sharma (newly proposed to be appointed) Bill Fisher, BSc, Director (Proposed) Bill has a successful track record, marked by notable exits. In the late 1990s, Bill served as Vice President of Exploration for Boliden AB, a major European mining and smelting company, where he managed 35 projects across nine countries. His career highlights include serving as Chairman of Aurelian Resources, which discovered the Fruta del Norte gold deposit in Ecuador, leading to the company's acquisition by Kinross Gold for $1.2 billion in 2008. Fisher also transformed GlobeStar Mining Corp. from an exploration company to an emerging mining company, developing the Cerro de Maimon copper/gold mine in the Dominican Republic, which was completed on time and under budget. This project was later sold to Perilya for $186 million. With over 40 years in the mining industry, he is renowned for his expertise in exploration, development, and strategic leadership. His career began in Africa, where he spent a decade working on diamond exploration and mining projects, including significant discoveries of kimberlites in the Congo and contributions to exploration efforts in West Africa. Currently, Bill serves as Chairman of GoldQuest Mining Corp., overseeing the development of a 3-million-ounce gold discovery in the Dominican Republic. He also holds directorships in several mining companies, including Inventus Mining and Churchill Resources, and previously served as Chairman of Treasury Metals, developing the Goliath Gold Project in Northwest Ontario. Rajesh Sharma, ICD.D Director (Proposed) Rajesh brings extensive global leadership experience across the mining, exploration, metals, and international trade sectors. His career highlights include leading large-scale mining start-ups and exploration companies, as well as successfully completing several investment and acquisition deals. Within the Tata Group, Rajesh held multiple leadership roles, serving as CEO and Board member of various exploration, mining, and investment subsidiaries of Tata Steel in Canada and Africa. Additionally, he served as Executive in Residence at Investissement Québec. Rajesh holds degrees in management and engineering from IIT Roorkee and completed a scholarship program on Globalization and Leadership at the London School of Economics. Biographies of the other existing Directors from Lode Gold joining the Board of Directors include: Wendy T. Chan BSc, MBA, ICD.D CEO Wendy formerly held positions with Skeena, Roxgold and Novo Resources. She brings over 20 years of experience in developing and executing strategic plans for both Fortune 500 and entrepreneurial companies with global outreach. Throughout her career, Wendy has demonstrated proficiency in managing businesses with full P&L responsibilities, consistently driving profitability. Her operational experience includes leading cross-functional teams and spearheading negotiations for multi-million-dollar projects. Wendy's global perspective is evident in her work on key development initiatives involving JVs, strategic alliances and mergers and acquisitions across diverse regions, including Asia, Australia, Africa and the Americas. Hashim Ahmed, CPA Interim Chairman Director Hashim is a seasoned financial executive with over 20 years of experience in finance, accounting, tax and governance. He currently serves as Executive VP and CFO of Mandalay Resources. Prior to joining Mandalay, Hashim held key positions in the mining industry, including Interim CEO of Nova Royalty and CFO of Jaguar Mining. His career also includes a significant tenure at Barrick Gold, where he spent seven years in progressively senior finance positions, both in Canada and with site finance teams in Chile. Hashim's expertise extends beyond the corporate realm, as he is a member of the Audit Committee of the Government of Ontario, showcasing his broad financial acumen and commitment to public service. Chad Tappendorf, CFA, MBA Director Chad is a Partner at Coast Capital, a New York-based investment firm with focused interests in the mining sector. His extensive experience spans globally in both private and public equity investments, demonstrating a broad understanding of diverse industries and market dynamics. Throughout his career, Chad has held board memberships across various sectors, including resources, logistics, real estate, and consumer goods. His expertise extends to managing multi-billion dollar private equity portfolios, showcasing his ability to handle large-scale investments and complex financial strategies. Chad's skill set encompasses the entire investment process, from identifying new opportunities and conducting thorough due diligence to performing valuations, negotiating deals, and structuring transactions and tax arrangements. Jonathan Hill, Fellow AUSIMM, BSc (Hon) Econ Geo Technical Director Jonathan is a highly accomplished mining industry veteran with over 35 years of experience in exploration, project development, and mining operations worldwide. As the Founder and Principal Advisor of Exploration Outcomes Ltd., he leverages his extensive expertise to provide strategic guidance in the sector. Throughout Jonathan's career, he has played a pivotal role in numerous world-class gold and copper discoveries across both greenfield and brownfield projects. His tenure at AngloGold Ashanti was particularly noteworthy, where he led multi-million-dollar greenfield exploration ventures in Brazil and Colombia. This experience has honed his skills in governance, exploration strategy, and management, making him a valuable asset in the mining industry. Currently, Jonathan serves as a Director on the boards of several mining companies, including Spark Energy Minerals, Royal Road Minerals, Lavras Gold, and Avanti Gold. His previous role as VP of Exploration and later technical advisor for Jaguar Mining further underscores his comprehensive understanding of the industry. Ron Tomlinson Director Ron is currently the CEO of Tomlinson Group. With over 35 years of experience in executive management, strategic acquisitions, real estate operations and investments, Ron has successfully expanded Tomlinson Group's operations across Canada and the United States. A seasoned manager and successful entrepreneur, he has driven the growth of the company into a vertically integrated organization with a strong focus on innovation and operational success. Under Ron's leadership, Tomlinson Group has spearheaded numerous large-scale projects across diverse industries, including construction, environmental services, and infrastructure. The Company is poised to leverage the diverse expertise of its well-rounded board to drive Gold Orogen's growth and achievements in the upcoming year. Shares for Debt Issuance Lode Gold is settling $231,180 of debts on the balance sheet by issuing 963,251 shares at $0.24 per unit to professional services contractors, management, and advisors. The share-for-debt transaction is subject to the approval of the TSX Venture Exchange in accordance with Policy 4.3, Shares for Debt, of the TSX-V corporate finance manual. About Lode Gold Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States. In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km 2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024. In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km 2 and a 44 km strike. McIntyre Brook covers 111 km 2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km 2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024. In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930's. Mining was halted in 1942 due the gold mining prohibition in World War Two (WWII) just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 8% of the veins have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont. The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in creating the towns, businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail. An NI 43-101 MRE has been reported on March 5, 2025. A complete technical report will be filed 45 days later on SEDAR+. Previously, in March 2023, the company completed an NI 43 101 Preliminary Economic Assessment ('PEA') for the Fremont Gold project. A sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV of USD $370M and a 31% IRR over an 11-year LOM. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized. All NI 43-101 technical reports are available on the Company's profile on SEDAR+ ( and the Company's website ( ON BEHALF OF THE COMPANY Wendy T. Chan, CEO & Director Information Contact Winfield Ding CFO +1-(604)-977-GOLD (4653) Kevin Shum Investor Relations +1 (604) -977-GOLD (4653) Cautionary Note Related to this News Release and Figures This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties. Cautionary Statement Regarding Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes 'forward-looking statements' and 'forward-looking information' within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the completion of the transaction and the timing thereof, the expected benefits of the transaction to shareholders of the Company, the structure, terms and conditions of the transaction and the execution of a definitive agreement, the timing of submission to the CSE and TSXV, Gold Orogen raising an additional $1,500,000 and the anticipated use of proceeds. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as 'anticipate', 'believe', 'plan', 'estimate', 'expect', 'potential', 'target', 'budget' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could' or 'might' occur or be achieved and other similar expressions and includes the negatives thereof. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: that the Company and GRM will be able to negotiate the definitive agreement on the terms and within the time frame expected, that the Company and GRM will be able to make submissions to the CSE and TSXV within the time frame expected, that the Company and GRM will be able to obtain shareholder approval for the transaction, that the Company and GRM will be able to obtain necessary third party and regulatory approvals required for the transaction, if completed, that the transaction will provide the expected benefits to the Company and its shareholders. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include adverse market conditions, general economic, market or business risks, unanticipated costs, the failure of the Company and GRM to negotiate the definitive agreement on the terms and conditions and within the timeframe expected, the failure of the Company and GRM to make submissions to the CSE and TSXV within the timeframe expected, the failure of the Company and GRM to obtain shareholder approval for the transaction, the failure of the Company and GRM to obtain all necessary approvals for the transaction, and r other risks detailed from time to time in the filings made by the Company with securities regulators, including those described under the heading 'Risks and Uncertainties' in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
Yahoo
05-03-2025
- Business
- Yahoo
Lode Gold Updates Resources: Over 1 Moz Au, 4 g/t with 16.8 M Average True Width
Initiates Internal Scoping Study to Optimize Underground Mining Toronto, Ontario--(Newsfile Corp. - March 5, 2025) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce the positive results of its new 2025 Mineral Resource Estimation ("MRE") at its Fremont Gold project (the "Project") in Mariposa County, California: 1.198 Moz 1 at 3.97 g/t* of Recoverable Gold (1.297 Moz at 4.37 g/t Content Gold)2 at a 3 g/t cut-off with an average true width of 16.8 m. *This is contained within the mineral resource published-2023 MRE: 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated, and 2.02 Moz at 2.22 g/t Au Inferred. The effective date of this MRE is March 5, 2025, and a NI 43-101 Technical Report will be filed on the Company's website and SEDAR within 45 days of this disclosure. For additional maps and figures of the Project, please view the Company's website at This revised MRE is a new geological block model that is based on 43,000 m of drilling and 23 km of underground workings that includes veins and disseminated mineralized bodies contained in two separate domains, predicated on the structural controls of the higher-grade mineralization. A detailed analysis of cut-off grades has been reviewed to evaluate various mining methods to optimize project economics. The Project is situated on 100% privately owned patented land spanning 3,351 acres. It is located ~120 km from Fresno and ~250 km from Sacramento with road, hydro, and railhead access. This area was the site of the original California Gold Rush in the 1800s. Of note, Mariposa County is one of the Trump Administration's dedicated Opportunity Zones2, designated for expedited investments and tax credits. Highlights: 2025 MRE: 1.2 Moz Au at 3.97 g/t (cut-off 3 g/t), average true width of 16.8 m. Half of the mineralization is in the veins; the other half is in the stockworks - outside the veins. Consistency in grade is evidenced within and outside the veins in the dissemination mineralization. The upcoming exploration program** includes systematic underground channel sampling and assaying to convert half of the current Inferred resources into the Measured and Indicated categories. **Budget: $500,000. Lead time: 6 months. Cost-effective and expeditious method of resource upgrade. Historical Context: 4 km mineralization on the prolific 190 km Mother Lode Belt (800 m of visible oxides at surface, first 60 m). In 1942, during WWII, the Mining License was suspended as production was ramping up. Previously mined grade: 10.7 g/t Au, 43,000 m drilled (diamond drill cores preserved). Exploitation had been mostly in the first 250 m, open on strike and at depth. Only a small portion has been mined out: 115,000 oz (8% of current MRE). Underground bulk mining cost was defined in 2023 Preliminary Economic Assessment ("PEA") at $63.6 per tonne. Cut-off grade (g/t) True Width (metres) Tonnes(millions) Average Recoverable grade (g/t) Gold Recoverable (troy Koz) 1 53.1 35.8 2.44 2.807 2 34.3 20.6 3.13 2.071 3 16.8 9.2 3.93 1.167 4 8.6 3.0 5.06 483 5 6.4 1.0 6.34 211 6 5.8 0.5 7.27 120 Table 1: Average true width for every cut-off grade. The extraordinary average true width of the mineralized structure is ideal for the potential implementation of a large-scale underground mining plan similar to what was outlined in the 2023 PEA. MRE covers only 20% of the structure: Figure 1: Long section of the 4 km structure on the Project property, part of the Mother Lode Belt. To view an enhanced version of this graphic, please visit: "We are pleased with the newly updated Mineral Resource Estimate (MRE) results, which builds on the Project's proven resource base. The professionally modelled and estimated mineral resource now provides added optionality and leverage. This creates an ideal platform for comparing and contrasting various development, mining, and production scenarios from technical, capital intensity, and market optics perspectives," comments Jon Hill, a Director of the Board and Chair of the Technical Committee. "The updated mineral resource model highlights thick (>15 m) gold mineralization, which supports the vital grade x thickness and ounces per vertical meter metrics. These metrics are fundamental requirements in any mining scenario for underpinning strong project economics. We look forward to progressing the necessary exploration and development work over the next months as we advance the Project's development." Resource Category Vein MTonnes RecoverableAu_g/t3 Moz Au Total Indicated 0.91 4.13 0.120 Total Inferred 5.58 3.97 0.712 Category Disseminated MTonnes Au_g/t3 Moz Au Total Inferred 2.95 3.95 0.375 Category Total MTonnes Au_g/t3 Moz Au Total Indicated 0.91 4.13 0.120 Total Inferred 8.48 3.96 1.074 Table 2: Fremont Gold Project's Mineral Resource Statement at 3 g/t Gold Cut-off (1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. (2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. (3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. (4) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. Only 8% of the 2025 MRE exploited: Figure 2: Transversal section of the Pine Tree-Josephine area where the mined-out stopes of the Pine Tree Vein can be recognized (white void in the centre of the structure) and the higher grade (>6 g/t of Au) blocks that were left unmined. Historical production is 8% of the current MRE at 3 g/t cut-off. To view an enhanced version of this graphic, please visit: The project was mined between 1859 and 1942 with a production of 115,000 oz of gold at an average grade of 10.7 g/t Au (1942, Pacific Mining Co.4). That historical production is roughly equivalent to 8% of the current MRE. at 3 g/t cut-off. The mine was ramping up production from 90 to 180 tonnes per day when the mining license was suspended during the gold mining prohibition of the Second World War. Extraction was mostly in the first 250 m, except for the Pine Tree Vein where production was up to 500 m in depth, following down plunge of just one ore shoot. Significant portion has been left unmined: Figure 3: The 2025 block model of the Pine Tree Vein where historical mined out stopes were subtracted from the model (hollowed areas in the centre of the vein). To view an enhanced version of this graphic, please visit: In the Josephine Vein, the mined stopes were only in the first 250 m. As such, the resource left behind unmined is larger than what's at the Pine Tree Vein. Josephine Vein - an even bigger portion unmined: Figure 4: 2025 block model of the Josephine Vein where historical mined out stopes were subtracted from the model (hollowed areas in the centre of the vein). To view an enhanced version of this graphic, please visit: The 2025 Mineral Resource Estimation took into consideration two different domains: (i) within the veins and (ii) disseminated gold around the veins. The hypothesis was that gold in the veins had a much higher grade than in the disseminated body. Surprisingly, the 2025 MRE shows that both domains have the same grades at the same cut-offs. 100% of the disseminated body left unmined: Figure 5: 2025 block model for the disseminated body with the higher-grade areas (> 4 g/t of Au in magenta, > 6 g/t of Au in dark purple). To view an enhanced version of this graphic, please visit: Mineral Resources The current mineral resource was based on a new geological block model that has been derived from 43,000 m of drilling and the technical information from the 2023 PEA. The 2025 MRE and resource modelling was prepared under National Instrument 43-101 standards. Independent and Qualified Person ("QP"), Patrick J. Hollenbeck has reviewed, validated and approved the Fremont MRE as well as the technical disclosure in this release. Upon completion of the assessment of the underground workings, access to adits will be made available. With further systematic underground channel sampling, a large portion of the current Inferred resources from the 2025 MRE (approximately 50%) could be upgraded to Measured and Indicated categories. This upgrade would be achieved by converting the extensive historical information at our disposal (23 km of underground workings with samples; 43,000 m of drilling with drill cores preserved), ensuring full compliance. The current resource is derived from the upper 250 m to 500 m and covers only about 20% of the 4 km structure. Opportunity exists to expand resources; mineralization is open on strike and at depth. Underground Optionality Exists to Optimize Project Economics This study confirms that the Project, with an average mining true width of 16.8 m at 3 g/t of Au cut-off (between 0.6 m and 81 m), is conducive to an underground operation. Mining can be optimized at a higher production rate via long hole stoping underground bulk mining, possibly 200,000/oz annually. This method enables a higher rate of extraction than selective high grade vein mining at lower costs. Based on the 2023 PEA, the underground bulk mining cost is $65/t. As such, a low cut-off grade of 1.15 g/t (at $2,000/oz Au) could be considered using those numbers. These results from the new 2025 MRE are crucial in transitioning the project from a combined open pit and underground mining scenario to a fully underground operation, aligning with the new management team's vision and Carlos Saban's work as Technical Advisor. Choosing an underground project instead of an open pit can provide various advantages. Firstly, it can be easier to obtain permitting for underground operations as they typically have less social and environmental impact compared to open pit mining. This can lead to smoother regulatory processes and fewer delays in getting the Project up and running. Additionally, underground projects require less infrastructure and equipment to be built and maintained. This could result in cost savings for the company and potentially higher returns on investment. Furthermore, underground mining can be a more cost-effective option for accessing mineralization at depth (>250 m). Fremont Gold Project Mineralization The Project deposits represent a precious metal-rich ophiolitic orogenic deposit with listwaenitic alteration, hosted in the serpentinites of the Smartville Complex. Mineralization is contained in several veins, disseminated and stock work vein zones that display a variety of textural and mineralogical characteristics. The veins are white quartz veins with free gold and electrum or relatively sulphide rich (>1% S) with gold as inclusions in the pyrite, chalcopyrite and gersdorffite. Disseminated and stockwork mineralization is mainly composed as quartz veinlets with free gold in them. Alteration is listwaenitic (carbonate alteration of serpentinites) with the formation of ankerite, fuchsite, magnesite and locally talc. Before a Financial Investment Decision ("FID"), the Company will be conducting various aspects of evaluation, including the upcoming milestones. Upcoming Catalysts Complete an internal scoping study to optimize NPV. Publish a new NI 43-101 Technical Report (45 days following the filing of this news release). Revise and update the March 2023 PEA. Conduct underground channel sampling to potentially upgrade approximately 50% of current Inferred resources from the 2025 MRE to higher-confidence Measured and Indicated categories. Expand resources; 3,000 m underground drilling will be focused on low information areas next to the 2025 MRE. "This transition from an open-pit and underground project to a fully underground operation is exciting. Likely, this translates to a lower Capex, and less environmental footprint and with only 8% of the current resource (>1.2 Moz at 4 g/t) having been exploited, we essentially have 92% left to mine," comments Wendy T. Chan, CEO and Director of Lode Gold. "The new finding that mineralization in and outside the veins are the same grades is compelling. With this study, we are reassured that this is not your typical brownfield mined-out project; rather there was gold there when the mining license was suspended in 1942 (Gold mining prohibition during WW II). Without question, the project has been frozen in time, the gold left behind has essentially been 'forgotten' until now". Over the next 12 to 24 months, Lode Gold will dedicate resources to assess the potential reactivation of the mine at the Project site, with an FID targeted for 2027. If the decision is to pursue reactivation of the mine, it could create 200 jobs for both men and women, with training programs set to begin 12-18 months before production commences. Additionally, the Company is exploring the possibility of constructing affordable housing on-site to support the workforce. Lode Gold is also considering the feasibility of implementing renewable electricity generated onsite to operate a sustainable mine. Fremont Mineral Resource Estimate Notes Mineral resources were estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserve Best Practices" Guidelines. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio-economic and other factors. Mineral reserves can only be estimated based on the results of an economic evaluation as part of a preliminary feasibility study or feasibility study. As such, no Mineral Reserves have been estimated by the QP. There is no certainty that all or any part of the mineral resources will be converted into a mineral reserve. Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It is safe to assume that the majority of the Inferred mineral resources could be upgraded to a higher category with additional exploration. Mineral resources that are not mineral reserves have no demonstrated economic viability. Resources are reported in situ and undiluted for underground scenarios and are considered to have reasonable prospects for economic extraction. Metallurgical recoveries of 90% Au were utilized in the determination of the Recoverable Gold. Mineralization occurring within the historical underground drifts and stopes is not included in this MRE. The calculated underground cut-off was determined to be 1.45 g/t Au in the 2023 PEA. Cut-off grades must be re-evaluated considering prevailing market conditions (including gold prices, exchange rates and costs). At the request of the Company, the underground resources are reported at a cut-off grade of 3 g/t Au. Block tonnage was estimated from volumes using a bulk density of 2.76, the same that was used in the 2023 PEA. Nine mineralization domains were created to constrain the estimate - seven vein constrained domains and two disseminated underground domains. Each individual vein was defined by individual wireframes created in Leapfrog Geo (Seequent) software using geologically realistic solids using geological underground map plans, transversal sections and gold assays (with grades that were above 4 g/t). Each domain was modified or reassessed individually to consider presiding mineralization features. High grade capping was set on a vein-by-vein basis depending on the grade distributions in each mineralized and non-mineralized domain within a given vein. Caps were set on the composited values in all cases where composites were used. Lognormal Probability Plots and histogram distributions were examined to look for breaks or peaks in the data, which in turn would suggest a cap value. Search orientations were created using the Variable Anisotropy function in Leapfrog EDGE software using a combination of crossing faults and an overarching vein orientation, which facilitated the creation of "chutes" where the faults crossed the veins and allowed apertures of mineralization to form. Three estimation methods were utilized to generate the Pine Tree/Josephine resource: Ordinary Krige ("OK"), Inverse Distance ("ID"), and Nearest Neighbor ("NN"). The Queen Specimen had too few samples for variography and was only estimated with ID and NN. Resources were estimated using Leapfrog EDGE software from drill hole sampling in an Octree-style block model with 20x20x20m parent blocks, which are sub-blocked by a factor of 32 down to a minimum size of 0.625x0.625x0.625m blocks. Indicated resources were categorized using the following criteria, which varied per vein based on the available drilling data: A minimum distance to the nearest modern drilling sample used in the block estimation. The Kriged Slope of Regression Value in a given block; A minimum number of drillholes or channels used for the block estimation. All blocks not categorized as Indicated were assigned an Inferred category. Additionally, all blocks in the Queen Specimen area were categorized as Inferred. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348). Neither the Company, nor the QP, is aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect this mineral resource estimate. The quantity and grade of reported Inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to re-define these Inferred mineral resources as Indicated mineral resources. About Lode Gold Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States. In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024. In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km2 and a 44 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024. In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930's. Mining was halted in 1942 due the gold mining prohibition in World War Two just as it was ramping up production. Unlike typical brownfield projects that are mined out, only 8% of the veins have been exploited. The Company is the first owner to investigate an underground high grade mine potential at the Project site. The Project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail. Previously, in March 2023 the company completed an NI 43 101 PEA. A sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV of USD $370M and a 31% IRR over an 11-year LOM. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of the Project's property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized. All NI 43-101 technical reports are available on the Company's profile on SEDAR+ ( and the Company's website ( QUALIFIED PERSON STATEMENT The Independent and Qualified Person for the Fremont MRE is Patrick J. Hollenbeck, He has reviewed, completed, validated and approved the Fremont MRE as well as the technical disclosure in this release. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, this Qualified Person for the Company has validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its activities on its various exploration projects. ON BEHALF OF THE BOARD OF DIRECTORS Wendy T. Chan, CEO & Director Information Contact Winfield Ding CFO info@ +1-604-977-GOLD (4653) Kevin Shum Investor Relations kevin@ +1-604-977-GOLD (4653) Cautionary Note Related to this News Release and Figures This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties. Cautionary Statement Regarding Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. ________________________ 1 Recoverable Gold (90% recovery, 10% discount over Content Gold).2 An Opportunity Zone refers to a specific designation and investment initiative established by the Tax Cuts and Jobs Act of 2017, enabling certain investments in economically disadvantaged areas to receive tax benefits. Opportunity zones | Internal Revenue Service. (n.d.). Recoverable Gold (90% recovery, 10% discount over Content Gold)4 Pacific Mining Co. (1941). Seventh Annual Report for the year ended December 31, 1939. To view the source version of this press release, please visit Sign in to access your portfolio
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03-03-2025
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Lode Gold's Upcoming Spin Co, Gold Orogen, Defines 2025 New Brunswick Exploration Targets; Reports Gold-in-Soil and EM Anomalies Identifying Highly Prospective Mineralized Systems at McIntyre Brook
Toronto, Ontario--(Newsfile Corp. - March 3, 2025) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce 2025 exploration targets for its Phase 1 exploration program in its subsidiary, Gold Orogen, which will be spun out as a separate public company in March 2025, pending Exchange and Shareholder approval. The Annual Shareholder Meeting is set for March 10, 2025. Shareholders of Lode Gold as of the Record Date will be eligible to receive shares of the new Spin Co (Gold Orogen). This tax-efficient spin-out is to ensure maximum return on investment for shareholders. Gold Orogen has formed a JV-Co, Acadian Gold, with Fancamp, creating one of the largest land packages on the Iapetus Suture Belt in New Brunswick. This potential district-scale play covers 445 km². Atlantic Canada, especially New Brunswick, equipped with excellent infrastructure and geopolitics, is under-explored yet highly prospective for both gold and polymetallic minerals. In recent months, majors such as Kinross, Equinox Gold and others have strategically made advancements in the area. The potential for highly prospective mineralized systems at McIntyre Brook has been evidenced with the integration of soil geochemistry and geophysical data. In January 2024, the Company confirmed gold endowment in mineralized rhyolites in McIntyre Brook; the geology is consistent with the surrounding Puma/Kinross JV property. These results build positively on previously announced findings and enhance the potential for a gold-copper discovery at McIntyre Brook. Of note, a small test drill program was conducted in 2019; both holes were mineralized with a best intercept: 5.73 g/t Au in a broader 20 m zone of 1.20 g/t Au. New targets are being identified for further work in the upcoming 2025 Exploration Program. The HeliTEM² survey and soil geochemistry work completed in November 2024 at McIntyre Brook revealed EM conductors near gold-in-soil anomalies, suggesting potential nearby gold mineralization (refer to press releases dated October 15, 2024, and January 20, 2025). Highlights The Heliborne HeliTEM² Survey revealed, among other aspects, the presence of a series of EM conductors in the northeastern part of the McIntyre Brook Property, which create an open ellipsoid over a significative area (refer to Figure 2). The initial soil geochemical survey conducted in November 2024 at the periphery of the southeast and northeast area of the conductors revealed the presence of gold-in-soil anomalies associated with Arsenic (As), Antimony (Sb) and Tungsten (W) anomalies. The area is also characterized by a 275 ppb Au stream sediment anomaly downstream from the conductive area. This sample was the highest value returned from the 1981 regional stream sampling program conducted in the area by the Geological Surveys Branch of the Government of New Brunswick. These new results from McIntyre Brook reveal coincident gold-in-soil anomalies and prominent electromagnetic conductors, significantly enhancing the potential for a substantial gold-copper discovery. These promising targets are situated within the geologically favourable Wapske Formation, structurally defined by the McIntyre Brook and Ramsay Brook faults. Furthermore, analysis of new HeliTEM² magnetic and radiometric data has identified additional faulting and a coincident elevated radiometric signature, potentially indicative of rhyolites or hydrothermal activity-key indicators of significant gold mineralization in the Wapske Formation. Consequently, this area at McIntyre Brook has been designated a high-priority target for Gold Orogen's 2025 New Brunswick exploration program, offering considerable potential for a new gold discovery. "It's satisfying to see Phase 1 of exploration in New Brunswick yield such encouraging results. The coincident geochemical and EM findings, along with the previously reported results at Riley Brook, clearly outline the path forward," comments Jonathan Hill, Director of the Board and Chair of the Technical Committee. "We'll be conducting soil sampling and trenching in both areas, which will help generate and ultimately test drill targets. We anticipate field crews will begin this work once we finalize the exploration plan." With the complete dataset from the 2024 New Brunswick exploration program now received, target generation is progressing, and the 2025 exploration plan will be finalized in the coming weeks. Figure 1: Gold Orogen - McIntyre Brook Airborne Magnetometer and Radiometric with superimposed soil Geochemical and Stream Sediments view an enhanced version of this graphic, please visit: Figure 2: McIntyre Brook Soil Geochem view an enhanced version of this graphic, please visit: About Lode Gold Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States. In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024. In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km2 and a 44 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024. In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930's. Mining was halted in 1942 due the gold mining prohibition in World War Two (WWII) just as it was ramping up production. Unlike typical brownfield projects that are mined out, only 8% of the veins have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont. The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail. Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment ("PEA"). A sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV of USD $370M and a 31% IRR over an 11-year LOM. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized. All NI 43-101 technical reports are available on the Company's profile on SEDAR+ ( and the Company's website ( QUALIFIED PERSON STATEMENT The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by NI-43-101. ON BEHALF OF THE COMPANY Wendy T. Chan, CEO & Director Information Contact Winfield DingCFOinfo@ +1-604-977-GOLD (4653) Kevin ShumInvestor Relationskevin@ +1-604-977-GOLD (4653) Cautionary Note Related to this News Release and Figures This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties. Cautionary Statement Regarding Forward-Looking Information Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. To view the source version of this press release, please visit Sign in to access your portfolio
