Latest news with #TonyReda
Associated Press
7 days ago
- Business
- Associated Press
Tectonic Metals Launches Largest Drill Program to Date with Three Drill Rigs at Flat Gold Project, Alaska
VANCOUVER, BC / ACCESS Newswire / June 2, 2025 / Tectonic Metals Inc. ('Tectonic' or the 'Company') (TSX-V:TECT)(OTCQB:TETOF) today announced the official launch of the 2025 Phase One multi-rig drill program - the largest drill program in history at the Company's flagship Flat Gold Project ('Flat') in southwestern Alaska. Located on 99,840 acres of predominantly Native-owned land belonging to Doyon, Ltd. ('Doyon'), one of Alaska's largest Native Regional Corporations and Tectonic's second-largest shareholder. The Flat Gold Project is emerging as a tier-one, free-milling and heap leachable gold mining opportunity near one of the largest undeveloped gold deposits in the world, the Donlin Gold Project. The Company also announces the grant of stock options to key Tectonic team members. Tony Reda, Co-Founder, President & CEO of Tectonic Metals, commented: 'We are entering the most transformative phase yet at Flat. With two rigs on site and a third en route, our 2025 Phase One drill campaign is laser-focused on delivering maximum value per metre drilled - through discovery, strategic de-risking and setting the stage for an economic mining opportunity at Flat. Our primary focus is Alpha Bowl - a high-grade, near-surface oxide discovery that is not only open in all directions but directly linked to over 650,000 ounces of historic placer gold production. 1 This is our strongest indication yet that we are drilling into the heart of a fertile gold system. From there, we advance to Golden Apex, our highest-priority untested intrusion target. If we unlock additional metres, we have our sights set on other district-scale intrusion targets that may see their first-ever drill holes. What sets Flat apart isn't just its scale or geology, but its early, credible demonstration of multiple mineral processing pathways - including heap leaching and the rare, highly coveted potential for run-of-mine processing. With that endgame in mind, we are reverse engineering what a future mine at Flat could look like, which is why we are collecting two-inch crush material for additional heap leach column testing while at the same time targeting higher-grade corridors that could underpin high-margin starter pits. I would like to emphasize that Phase One is just the beginning. As Flat continues to reveal its tier-one scale potential, we anticipate ongoing drilling in the months and years ahead. The project is rich with untapped targets, and we have a clear roadmap for continuous growth.' Peter Kleespies, Vice President of Exploration, commented: 'Last season's Alpha Bowl discovery not only confirmed near-surface, high-grade oxide gold mineralization but also validated our RIRGS exploration model - specifically the association between low magnetic susceptibility zones, productive intrusion phases and hornfelsing, and proximity to gold-rich placer drainages as key indicators of blind, intrusion-related gold systems. The 2025 Phase One program is designed to build on that success. At Alpha Bowl, our drilling will focus on expanding mineralization along strike and at depth, targeting structurally controlled feeder zones and refining our geological model using oriented core and alteration mapping. Concurrently, we will apply the same integrated approach - relational geochemistry, 3D magnetic inversion, and structural reinterpretation - to test Golden Apex, our highest-priority undrilled intrusion target. Our 2025 program will directly test for this intrusion with the objective of advancing Golden Apex from a compelling target to a new discovery.' 2025 Phase One Primary Drill Target: Alpha Bowl - Discovery of the Bedrock Source Beneath One of Alaska's Richest Placer Creeks Alpha Bowl has rapidly evolved from a conceptual target into a confirmed high-grade, near-surface oxide gold discovery. Interpreted to represent the higher-grade core of the Chicken Mountain intrusive system and the bedrock source of over 650,000 ounces of historic placer gold from Flat Creek. The 2024 drill campaign marked the first-ever drilling at Alpha Bowl, a 1.5 km x 1.0 km shallow basin located at the northern margin or 'nose' of the Chicken Mountain intrusion. Despite a geologically blind setting - overprinted by decades of regolith and placer mining and offering minimal surficial geological context - Tectonic's methodical approach led to a breakthrough discovery, drill hole CMR24-026 returned ( PR March 3, 2025 ): A reverse circulation ('RC') split sample from the same hole, subjected to Photon Assay to better account for coarse gold, returned even stronger grades: This discovery confirms a high-tenor gold system with early signs of bonanza-grade potential and extends the drilled mineralized strike of the Chicken Mountain intrusion to over 3 km, with mineralization open in all directions and at depth. 2025 Alpha Bowl Drill Program Objectives The 2025 campaign will focus on building upon the Alpha Bowl discovery with a series of diamond drill holes up to 300 metres in length supplemented with Reverse Circulation ('RC') drilling to cover the expansive area with key objectives of: Figure 1.0: First diamond drill hole of the Phase One drill program at Alpha Bowl. Additional Value Drivers of the Phase One Drill Program Chicken Mountain - Advancing a Large-Scale, Open-Pit Heap Leachable Reduced Intrusion Related Gold System ('RIRGS') Chicken Mountain is a 6.5 km x 6.0 km monzonite intrusion with over 3 km of drilled strike and mineralization confirmed to 325 metres vertical depth - representing a very small fraction of the entire intrusion. Notably, every creek draining from Chicken Mountain, including Alpha Bowl's Flat Creek, has yielded historical placer gold - evidence of a large, gold-fertile system. Metallurgy De-Risks Development: 96% Gold Recovery Confirms Heap Leach Viability Tectonic's metallurgical program - beginning with its inaugural testing results ( PR February 16, 2023 ) and followed by heap leach column tests ( PR May 16, 2024 ) - has confirmed that gold mineralization at Chicken Mountain is both free-milling and amenable to heap leaching. Initial heap leach column tests using coarse ¾-inch material from both oxidized and non-oxidized mineralized rock delivered exceptional results, yielding 96% and 91% gold recoveries after roughly 70 days, with over 80% recovery achieved within 29 - 36 days. 2025 Phase One Drill Program Objectives at Chicken Mountain The 2025 drill campaign is strategically designed to generate critical technical data ahead of a maiden mineral resource estimate and future Preliminary Economic Assessment (PEA). Key initiatives include: Golden Apex - Flat's Most Compelling Underexplored Intrusive Gold Target with Strong Geological and Placer Gold Linkages Golden Apex is emerging as one of Flat's most prospective and underexplored Reduced Intrusion-Related Gold System (RIRGS) targets. Encompassing a 2.5 km x 2.0 km footprint, it exhibits all the hallmarks of a fertile intrusion-related gold system, including hornfelsing, a >1 km gold-in-soil anomaly and proximity to key structural corridors such as the Golden Apex and Black Creek faults. Positioned immediately upstream of placer drainages with over 682,000 ounces (see slides 4, 6, 8 and 9 of Tectonic Corporate Presentation ) of recorded placer gold production. Golden Apex offers a direct vector to a likely bedrock source. 1 Limited historical drilling in 2003 (hole GA03-02) was poorly oriented and collared into a fault zone, and yet still intercepted multiple gold-bearing intervals ( PR September 5, 2024 ): In 2024, Tectonic re-logged the historical core, resampled key intervals, and conducted 3D magnetic inversion modeling, which revealed the potential for a previously unrecognized, shallow blind intrusion hosted within a low magnetic susceptibility domain - a geophysical signature that directly led to the Alpha Bowl 2024 drill discovery and proven to be a powerful vectoring tool for blind, high-potential RIRGS targets. In 2025, Tectonic will initiate targeted step-out diamond drilling from GA03-02 to follow up on these historical results and directly test for the newly interpreted causative intrusion at this highly prospective target. Armed with historic and new drill assay data, new geophysical modelling and a proven exploration vector, Golden Apex now ranks as the highest-priority untested intrusion center at the Flat Gold Project and a compelling target for discovery in 2025. Stock Option Grant The Company also announces that it has granted a total of 3,860,000 incentive stock options to directors, officers, advisors, consultants, and employees of the Company to purchase up to 3,860,000 common shares ('Option Shares') in the capital of Tectonic. The stock options have an exercise price of C$0.75 per Option Share, vest over an eighteen-month period in three equal installments every six months from the grant date and expire five years from the grant date. To Be A Part Of 'The Shift,' Follow Us On Social Media: X LinkedIn Instagram Facebook YouTube Footnotes and References: Qualified Person Tectonic Metals' disclosure of technical or scientific information in this press release has been reviewed, verified and approved by Peter Kleespies, Vice President of Exploration, who is a Qualified Person in accordance with Canadian regulatory requirements set out in National Instrument 43-101. On behalf of Tectonic Metals Inc., Tony Reda President and Chief Executive Officer For further information about Tectonic Metals Inc. or this news release, please visit our website at or contact Jesse Manna, Investor Relations, toll-free at 1.888.685.8558 or by email at [email protected] Cautionary Note Regarding Forward-Looking Statements Certain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as 'may', 'should', 'anticipate', 'expect', 'intend' and similar expressions and include, but are not limited to, statements regarding the Offering, including the expected closing date and participation by certain strategic funds for the amounts described herein; the intended use of the net proceeds of the Offering, including the Company securing sufficient funds for the 2025 drill program at Alpha Bowl by the expected launch date; the potential for mineralization and planned exploration and drilling activities at Tectonic's projects, any future exploration activities and the size; the terms and closing date of the Share Consolidation, including the expected benefits for shareholders; the receipt of any regulatory approvals, including the final approval of the TSXV for the Offering and the Share Consolidation. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about the Company securing sufficient financing for its planned exploration and drilling initiatives on acceptable terms or at all, current estimates and assumptions regarding the benefits of the Share Consolidation, future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct. Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company's ability to consummate the Offering and the Share Consolidation on the terms described herein or at all; the Company's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Tectonic Metals Inc. press release
Yahoo
20-05-2025
- Business
- Yahoo
Tectonic Metals Closes $12.7 Million Financing - More Than 80% Oversubscribed - To Launch Multi-Rig Drill Program at Flat Gold Project
VANCOUVER, BC / / May 20, 2025 / Tectonic Metals Inc. ("Tectonic" or the "Company") (TSXV: TECT; OTCQB: TETOF) today announced the successful closing of the Company's oversubscribed, non-brokered private placement for gross proceeds of C$12,736,300 (the "Offering"). Initially targeted at C$7 million (see April 24, 2025 Tectonic news release), the Offering was oversubscribed by more than 80% - a clear signal of strong investor confidence in Tectonic's leadership, exploration thesis and the tier-one potential of the Flat Gold Project in Alaska. The Offering was anchored by Crescat Capital, alongside a significant personal commitment by its principal, totalling C$3.5 million. Several other strategic, resource-focused funds and long-term shareholders also participated, further strengthening Tectonic's aligned and value-driven shareholder base. Proceeds from the Offering will include funding the fully financed 2025 Phase I Drill Program, which will see multiple drills turning to aggressively follow up on the 2024 Alpha Bowl drill discovery, see March 03, 2025 Tectonic news release, a new high-grade oxide gold discovery targeting the bedrock source of over 650,000 ounces of historic placer gold mined from Flat Creek1, one of Alaska's most prolific placer gold-producing creeks. Tony Reda, President and CEO of Tectonic Metals, stated:"The market has spoken: raising C$12.7 million against a C$7 million target in mere weeks is a resounding vote of confidence in our Team, the Flat Gold Project and the Alpha Bowl discovery. Our shareholders-new and existing-see what we see: the potential to uncover a tier-one gold system in a jurisdiction that supports discovery and development. On behalf of the entire Tectonic team, I thank our shareholders for their confidence, commitment, and trust in our ability to deliver. Alpha Bowl's scale, grade, and direct tie to 650,000 ounces of historic placer gold1 make it an extraordinary opportunity. With drills turning imminently, we're just scratching the surface of what's possible." Kevin Smith, Founder, CFA, Founder and CEO of Crescat Capital, commented:"Tectonic has made a reduced-intrusive gold system discovery with tier-1 size potential. We see the metallurgical recoveries as to die for. The beauty is the location, just 40 kilometers from Novagold's Donlin Gold Project, which appears to be one of the largest undeveloped gold resources on the planet that just received the green light from its billionaire owners, Tom Kaplan and John Paulson, to advance it toward production. Tectonic's Flat will likely benefit from all the infrastructure soon coming to the region. What is amazing is that every drill hole to date at Flat's Chicken Mountain Intrusion has hit gold-an exceptional track record that speaks to the strength and consistency of the system. We believe that further aggressive drilling across this broad, gold-bearing intrusive complex will be highly productive in outlining what could become a significant, economically viable gold resource. The funds from this private placement will ensure that a robust phase-1 drilling campaign starts early in the season. I expect this to be Tectonic and Flat's biggest drill season yet. Crescat's private funds are investing C$2.5 million, and I am personally investing C$1 million in this round. I am especially encouraged that the money from this oversubscribed financing comes from knowledgeable industry insiders and sophisticated resource funds who are likely to be long-term shareholders." Quinton Hennigh, Technical Director, Crescat Capital, stated:"The Flat Gold Project exhibits hallmark features of a reduced intrusion-related gold system (RIRGS), comparable to Kinross's Fort Knox, Snowline Gold's Valley discovery, and Free gold Ventures' Golden Summit project-all of which demonstrate the potential for large-tonnage, intrusion-hosted gold systems in favorable geological settings. Notably, geological evidence at Flat points to the presence of not just one, but potentially multiple intrusive centers-each with district-scale deposit potential. Alpha Bowl has transitioned rapidly from a prioritized exploration target to a confirmed drill discovery, defined by near-surface, high-grade oxide gold mineralization from top to bottom of hole. We believe Alpha Bowl may represent the higher-grade core of the broader Chicken Mountain intrusive complex-situated directly above one of Alaska's most historically productive placer corridors, which further validates the system's fertility. Having evaluated gold systems around the world-first as a Senior Research Geologist at Newmont and now with Crescat-it is rare to encounter a project at this stage with such a compelling convergence of geology, metallurgy, and scale. Situated near Donlin Gold, one of the largest undeveloped gold deposits globally with over 39 million ounces, Flat is exceptionally well-positioned. The imminent multi-rig drill program is a critical next step in what we believe could evolve into one of Alaska's most significant new gold discoveries." Figure 1: Tectonic Alpha Bowl drilling discovers bedrock gold source underlying 650,000 Oz of historic placer gold production.1 Drill hole CMR24-026 returned 65.5 metres of 1.2 g/t Au, including 6.1 metres of 6.0 g/t Au with 1.5 metres of 21.7 g/t Au; drilled mineralized strike now 3kms and still open. Refer to the Tectonic March 3rd, 2025, news release for more information. Share ConsolidationOn May 20, 2025, the Company completed a Share Consolidation (the "Share Consolidation" or "Consolidation") on a 10-for-1 basis of its common shares as previously announced on May 15, 2025. Immediately before the Share Consolidation, there were a total of 419,853,777 pre-Consolidation common shares (each a "Pre-Consolidation Share") issued and outstanding. Pursuant to the Consolidation, the 419,853,777 Pre-Consolidation Shares became 41,985,370 post-Consolidation common shares (each a "Common Share"). No fractional Common Shares were issued as a result of the Consolidation, and any fractional share interest was rounded down to the nearest whole Common Share. No cash consideration was paid in respect of any fractional shares. There was no name or symbol change in conjunction with the Share Consolidation. The new CUSIP is 87877T608 and the new ISIN number is CA87877T6088 for the Common Shares. The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding warrants and stock options was proportionately adjusted to reflect the Consolidation in accordance with their respective terms. Effective May 20, 2025, a letter of transmittal is being mailed to registered shareholders, providing instructions with respect to surrendering share certificates representing Pre-Consolidation Shares in exchange for post-Consolidation Common Shares issued as a result of the Consolidation. Until surrendered, each certificate representing Pre-Consolidation Shares will be deemed to represent the number of post-Consolidation Common Shares the holder received as a result of the Consolidation. Shareholders who hold their Common Shares in brokerage accounts or in book-entry form are not required to take any action. Close of the OfferingOn May 20, 2025, concurrent with the Share Consolidation and pursuant to the close of the Offering (previously announced on April 24, 2025), Tectonic issued 25,472,600 post-Consolidation units (each a "Unit"), whereby each Unit consists of one Common Share of the Company and one post-Consolidation common share purchase warrant (each a "Warrant"). As a result, the Company issued 25,472,600 Common Shares and 25,472,600 Warrant entitles the holder to acquire one Common Share at an exercise price of C$0.75 per share, expiring on May 20, 2027. The Offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange ("TSXV"). In connection with the Offering and in accordance with the policies of the TSXV, the Company incurred aggregate cash finders' fees totaling C$335,700 to Canaccord Genuity Corp., Haywood Securities Inc., SCP Resource Finance LP, Red Cloud Securities Inc., Leede Financial Inc., 3L Capital Inc., Stephen Avenue Securities Inc., Golden Capital Consulting Ltd., Mezzo Consulting Services S.A., Research Capital Corporation, Black Oak Ventures Limited, and Roche Securities Ltd. (collectively, the "Finders"). The Company also issued an aggregate of 671,400 non-transferable Warrants (each, a "Finder's Warrant") to the Finders. Each Finder's Warrant entitles the holder to acquire one Common Share at an exercise price of C$0.75 per share, expiring on May 20, 2027. Units issued pursuant to Offering will be issued pursuant to the "accredited investor" exemption from the prospectus requirements found in NI 45-106 and in the United States pursuant to exemptions from the registration requirements in Regulation D of the U.S. Securities Act of 1933, as amended. All securities issued will be subject to a four-month hold period from the date of closing. The Offering and issuance of the Units referenced in this press release will involve one or more related parties (as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")) and therefore constitutes a related party transaction under MI 61-101. This transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of any securities issued to nor the consideration paid by such related parties will exceed 25% of the Company's market capitalization. About Crescat CapitalCrescat Capital is a global macro asset management firm headquartered in Denver, Colorado, which deploys tactical investment themes based on proprietary value-driven equity and macro models. Crescat's investment goals are to provide industry-leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks, and they apply their investment process across a mix of asset classes and strategies. Crescat is taking activist stakes in the precious metals exploration industry today as one of its key macro themes. About Tectonic Metals Metals Inc. is a gold exploration company founded by the same key executives who transformed Kaminak Gold from a $3 million venture into a $520 million success story. These leaders raised over $165 million to fund the acquisition, discovery, and advancement of the Coffee Gold Project in the Yukon Territory, including the completion of a bankable feasibility study, before selling the multi-million-ounce gold project to Goldcorp Inc. (now Newmont) for C$520 million. Success with the Coffee Gold Project is only one example, as each member of the Tectonic team has a significant track record of success in all facets of exploration and mining, including over 30 Moz of gold discoveries, 18 feasibility studies, 20 projects permitted, over $3 billion in M&A transactions and over $2 billion in capital raising. The former Kaminak Executives are back at it with the Flat Gold Project, which is located in Alaska, just 40 km from Novagold's Donlin Gold Project, one the largest undeveloped gold deposits in the world. Spanning 99,800 acres of predominantly Native-owned land belonging to Doyon, Ltd. (Tectonic's second-largest shareholder and one of Alaska's largest for-profit Native Regional Corporations), Flat hosts a bulk-tonnage, Reduced Intrusion-Related Gold System (RIRGS) analogous to the Fort Knox gold mine. Recognized as a prime example of the direct relationship between placer gold and bedrock sources, placer gold shed from Flat's intrusions has contributed to 1.4 Moz of historical placer gold production.1Notably, the Project has achieved a 100% drill success rate, with gold intersected in all 86 drill holes, covering 3 km of drilled mineralized strike and reaching a vertical depth of 325 m at its primary intrusion target, Chicken Mountain, with mineralization remaining open in all directions.2 Placer production figures from "Mineral Occurrence and Development Potential Report,Locatable and Salable Minerals, Bering Sea-Western Interior Resource Management Plan, BLM Alaska Technical Report 60", prepared by the U.S. Department of the Interior, Bureau of Land Management, November 2010. Tectonic Metals Ltd. (2025, May). Tectonic Metals corporate presentation: The Flat Gold Project, Alaska's next tier one gold mining opportunity [Slide 25]. Learn More About Tectonic Metals Subscribe To Our Email ListView our 2025 Fact Sheet or Corporate Presentation Tour The Flat Gold Project Tectonic invites you to take a virtual tour of our Flat Gold Project with both the CEO of Tectonic and one of Alaska's largest for-profit Native Regional Corporations, Doyon To Be A Part Of "The Shift," Follow Us On Social Media:XLinkedInInstagramFacebookYouTube Qualified Person Tectonic Metals' disclosure of technical or scientific information in this press release has been reviewed, verified and approved by Peter Kleespies, Vice President of Exploration, who is a Qualified Person in accordance with Canadian regulatory requirements set out in National Instrument 43-101. On behalf of Tectonic Metals Inc.,Tony RedaPresident and Chief Executive Officer For further information about Tectonic Metals Inc. or this news release, please visit our website at or contact Jesse Manna, Investor Relations, toll-free at 1.888.685.8558 or by email at jesse@ Cautionary Note Regarding Forward-Looking StatementsCertain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions and include, but are not limited to, statements regarding the Offering, including the expected closing date and participation by certain strategic funds for the amounts described herein; the intended use of the net proceeds of the Offering, including the Company securing sufficient funds for the 2025 drill program at Alpha Bowl by the expected launch date; the potential for mineralization and planned exploration and drilling activities at Tectonic's projects, any future exploration activities and the size; the terms and closing date of the Share Consolidation, including the expected benefits for shareholders; the receipt of any regulatory approvals, including the final approval of the TSXV for the Offering and the Share Consolidation. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about the Company securing sufficient financing for its planned exploration and drilling initiatives on acceptable terms or at all, current estimates and assumptions regarding the benefits of the Share Consolidation, future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct. Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company's ability to consummate the Offering and the Share Consolidation on the terms described herein or at all; the Company's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Tectonic Metals Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
03-03-2025
- Business
- Associated Press
Tectonic Metals Drills New Gold Discovery: 65.5 Metres of 1.2 G/T AU, Including 6.1 Metres of 6.0 G/T AU With 1.5 Metres of 21.7 G/T AU; Drilled Mineralized Strike Now 3KMS and Still Open
VANCOUVER, BC / ACCESS Newswire / March 3, 2025 / Tectonic Metals Inc. (TECT:TSX-V)(TETOF:OTCQB)(T15B:FSE) (the 'Company' or 'Tectonic') today announced a significant newly drilled gold discovery at the 1.5 kilometre ('km') by 0.5 km Alpha Bowl target, extending the confirmed mineralized strike length of the Chicken Mountain gold system from 2 km to 3 km. To date, all 86 holes drilled at Chicken Mountain intersected gold mineralization (a 100% drill success rate) and all mineralization remains open along strike and at depth. The Chicken Mountain intrusion is one of six kilometre-scale potential gold deposits at Tectonic's Flat Gold Project ('Flat'). These latest assay results from the Company's 2024 drill program further validate Flat's potential to be Alaska's next tier-one gold asset. Strategically located just 40 kilometers north-east of the Donlin Gold Project ('Donlin') - a 39 million ounce gold deposit1 jointly owned by Barrick Gold Corporation (GOLD: NYSE; ABX: TSX) and NOVAGOLD Resources Inc. (NG: TSX; NG: NYSE) - Flat is the next most advanced gold asset in this established tier-one gold district. Notably, Donlin's owners recently announced a USD $43 million exploration budget for 20252, highlighting the continued investment and confidence in the advancement of this gold project and region. Figure 1.0: Alpha Bowl Discovery Drill Hole Assay Results - Collared and Ending in Strong Gold Mineralization, Including Grades Up To 21.72 G/T Au Assay results reported use the average grade derived from assaying up to five unique 500g sample splits using all available sample material. All widths are interval widths as insufficient data exists currently to determine true zone widths. Select composites utilizing 0.10, 0.30 or 0.50 g/t Au cut-off with maximum 3.1m continuous (two sample) below cut-off inclusion. Tony Reda, President & CEO of Tectonic Metals, commented: 'Alpha Bowl is an exciting new drilled gold discovery and a game-changer for our Flat Gold Project. Tectonic's maiden drilling confirms gold mineralization in every hole, with assays reaching up to 67 g/t Au, underscoring the exceptional tenor of this system. The scale of Alpha Bowl is extraordinary - spanning 1.5 km by 0.5 km and extending the Chicken Mountain gold system's strike length to 3 km and open. What also excites us is that we have now confirmed the bedrock source responsible for the 650,000 ounces of historic placer gold shedding from this area - an extraordinary feat given that this drilling was our first attempt and conducted in a geologically blind environment at relatively shallow depths. If we can delineate such a compelling gold discovery with limited RC drilling, one can only imagine what a deeper, more systematic diamond drill campaign could unveil. We are merely scratching the surface of what could be the most transformative development in the history of the Flat Gold Project.' Peter Kleespies, Vice President Exploration of Tectonic Metals, stated: 'The 2024 exploration drill program results continue to demonstrate the scale of the Flat Gold system and potential for uncovering a significant gold resource at the property. The results from the Alpha Bowl drilling are especially encouraging, and evidence of a continuously mineralized intrusion-related gold system extending over 3 kilometres is beginning to emerge. Furthermore, the relationship between low magnetic susceptibility zones and intrusions identified by recent Tectonic 3-D inversion of magnetic data has been validated in areas of no bedrock exposure and presents an excellent exploration vectoring tool for blind to surface discoveries as we continue to explore the extent of mineralization at the six intrusion targets identified at the property. The time has clearly come to expand our efforts at Flat to fully realize the resource potential of the mineralization identified to date but also to continue to make new discoveries as we deepen our geological understanding of the overall Flat gold system.' Tectonic Alpha Bowl Drilling Discovers Bedrock Gold Source Underlying 650,000 Oz of Historic Placer Gold Production3 First-Ever Drilling of Alpha Bowl, Host to One of Alaska's Most Prolific Placer Creeks: In over 40 years of sporadic, limited hard rock exploration at the Flat Gold Project, Tectonic is the first company ever to drill the Alpha Bowl target, host to Flat Creek. With over 650,000 ounces of recorded historical placer gold production3, Flat Creek is the most prolific placer gold producing creek at the Flat Gold Project, heralded as the third richest placer mining jurisdiction in all of Alaska with over 1.4 million ounces of recorded placer gold production. High Tenor Gold Successfully Drilled in a Geologically 'Blind' Target: all drill holes were collared in or near extensive historic placer and regolith mining areas-zones where gold has eroded from its original lode source and accumulated in weathered soil and rock layers. These areas have undergone significant surface disturbance, leaving little to no available surficial geological information. Despite these challenges, Tectonic successfully intersected gold mineralization in all five Alpha Bowl drill holes by targeting a largely 'blind' anomaly. This achievement underscores the strong gold potential of Alpha Bowl and validates the effectiveness of Tectonic's exploration approach. Confirmed Bedrock Gold Source for Flat Creek Placers Located at Alpha Bowl: Tectonic 2024 drill results combined with other geological evidence compiled by Tectonic, confirm that the bedrock gold source for the prolific historic Flat Creek Placers is present and located within intrusive rocks beneath the historical workings in the Alpha Bowl. 2024 Drilling Confirms High-Tenor, Nuggety Gold Linked to Flat Creek's Bedrock Source; see Figure 2.0 Drill Assay Table Below: 2024 Alpha Bowl drilling revealed instances of high gold tenor and coarse gold distribution, closely associated with increased quartz veining. The 2024 drill results are consistent with a 1992 Alaska Department of Natural Resources & United States Geological Survey report4 that described 'gaudy gold-quartz veining' observed by historical placer miners in the upper stripping (i.e. surface lode mining) at Flat Creek which is vastly different than the finer, 'oatmeal flake-sized' gold found in other Chicken Mountain placer drainages. This further supports the conclusion that Tectonic has identified the bedrock source of Flat Creek's historic placer gold endowment. 100% Drill Success Rate: all five holes intersected significant gold grades. Comprehensive Sampling Enhances Accuracy of 2024 Drill Assays: Given the coarse gold believed to be present at Alpha Bowl and potentially elsewhere at Chicken Mountain, Tectonic prioritized maximum geological understanding and rigorous QA/QC (Quality Assurance/Quality Control) for many of the 2024 drill holes, and more specifically for the Alpha Bowl discovery hole, CMR24-026. To ensure the most accurate representation of gold distribution, Tectonic elected to assay all available drilled material, particularly in zones where higher-grade assays were returned, conducting Photon Assay of up to five unique 500 gram RC splits. While this approach resulted in a lengthier assay turnaround, it provided the most comprehensive and precise assessment of the mineralization, reinforcing confidence in the target's deposit potential. Figure 2.0: Alpha Bowl Discovery Drill Hole 2nd Split Assay Results Highlighting Coarse Gold With Grades Up To 67.18 G/T Au+ + Refer to Figure 1 for the reported average grade derived from assaying up to five unique 500g sample splits. Figure 2 represents one of the 5 sample splits and is presented to illustrate the coarse nature of gold distribution at the Alpha Bowl discovery. The assay results reported above are from a second 500g sample split. All widths are interval widths as insufficient data exists currently to determine true zone widths. Select composites utilizing 0.10, 0.30 or 0.50 g/t Au cut-off with a maximum 3.1m continuous (two sample) below cut-off inclusion. All five holes collared and ended in gold mineralization delineating a 250m x 200m mineralized area down to a maximum vertical depth of 100 m or 128 m drill hole length. Mineralization is open for expansion in all directions. 3 kms of drilled mineralized strike: the southernmost drill hole at Alpha Bowl is over 800m from nearest Chicken Mountain drill collar location (DDH97-02CM), which intersected 4.57 g/t Au over 7.01m With the completion of the 2024 drilling at Alpha Bowl, the total length of mineralized drilled strike at Chicken Mountain is over 3 km and remains open along strike and at depth. Northern extension of Chicken Mountain: all holes intersected intrusive rocks from collar. RC chip microscopic examination and four acid multi-element geochemistry assaying of RC chips indicate that the intrusion intersected at Alpha Bowl is identical to the intrusive phase (quartz-biotite syenite) present at Chicken Mountain and represents the northern extension or 'nose' of the Chicken Mountain intrusion, typically a very prospective location for higher-tenor gold mineralization in these types of systems. Multigenerational veining and overprinting can lead to grade enrichment and is consistent with gold mineralization typically found at the nose of the intrusion. Alpha Bowl appears to have an abundance of quartz veining, shearing and structural deformation mineralization coinciding with multigenerational veining and multiple mineralizing events potentially resulting in overprinting and grade enrichment. Low magnetic susceptibility validated as a powerful exploration tool: Drilling at Alpha Bowl specifically targeted a zone of low magnetic susceptibility zone based on the observed relationship between zones of low magnetic susceptibility and favourable intrusions with gold mineralization identified by recent Tectonic 3-D inversion of magnetic data. With the Alpha Bowl discovery, this approach has been validated in areas of no bedrock exposure and is now a validated exploration vectoring tool for identifying areas of gold mineralization, and more specifically, blind to surface discoveries. At Flat, the low magnetic susceptibility zone is over 8 km in length and 2.5 km in width starting beyond the very south end of the Chicken Mountain intrusion, extending through Alpha Bowl and northward into Golden Apex. Alpha Bowl and Chicken Mountain Presentation, including drill plan maps can be found Here 2024 Chicken Mountain Drill Highlights and Key Findings: 12 holes drilled and reported herein along 1100m of strike down to a maximum 152.40m drill hole length. 100% Drill Success Rate Continues: 86 holes drilled to date at Chicken Mountain and all 86 holes intersected gold mineralization Mineralization Remains Open at Depth, Limited Only by Drill Penetration: The depth of mineralization appears to be limited only by drill penetration, as 46 out of 86 drill holes to date have ended in mineralization. The deepest drill hole on record drilled by Tectonic in 2023 extends 428.5m in length to a vertical depth of 325m, indicating the potential for significant mineralization at greater depths yet to be fully tested. Expansive 3 kilometres of Mineralization Validating Bulk Tonnage Open-Pit Mining Opportunity: The drill results reported herein extend the total strike length at Chicken Mountain to 3 km, with mineralization starting at surface with little to no overburden extending to a vertical depth of 325m. Chicken Mountain remains open in all directions, offering significant expansion potential with relatively easy additional drilling, further validating the opportunity for a large-scale, bulk-tonnage open-pit mining operation. Heap Leachable Mineralization: Most holes intersected oxide gold mineralization hosted in leucrocratic quartz monzonite, same host rock used in Tectonic's recent heap leach column tests, which yielded 96% and 91% gold recoveries using coarse ¾ inch crushed material of mixed oxidized and non-oxidized fresh rock.5 Heap leaching is one of many gold extraction methods amenable to the mineralization at Chicken Mountain. The average grade of many heap leach mines throughout the world is 0.51 g/t Au6, and more notably, Kinross Gold Corporation (TSX: K, NYSE: KGC) Fort Knox Mine in Alaska processes 0.30 g/t Au profitably7. Drilling Identifies Higher-Grade Corridors Within Expansive +100m Mineralized Drill Holes, see Figure 3.0 and Figure 4.0 for 0.10 g/t Au vs 1.00 g/t Au gold grade cut-off comparison. Figure 3.0: Chicken Mountain Plan Map and Long Section. Drill collar locations and drill-hole mineralized composites above a 0.10 g/t Au grade cut-off. Figure 4.0: Chicken Mountain Plan Map and Long Section. Drill collar locations and drill-hole mineralized composites above a 1.00 g/t Au grade cut-off. All gold greater than 1.00 g/t Au denoted by the purple cylinders. The Flat Gold System - Alaska's Next Tier 1 Opportunity The Flat Gold Project spans 99,800 acres of predominantly Native-owned land belonging to Doyon Limited, one of Alaska's largest Native Regional Corporations, which has invested over $4M in Tectonic Metals, endorsing exploration on their land. Flat hosts bulk-tonnage, intrusion-related gold mineralization, comparable to the Fort Knox gold mine. It is recognized as a prime example of the direct relationship between placer gold and bedrock sources. Placer gold shed from intrusions has led to 1.4 Moz of placer gold production. Notably, the project has achieved a 100% drill success rate to date, with gold intersected in all 86 drill holes at Chicken Mountain. Donlin 2021 NI 43-101 Technical Report. Tonnage: 541,337kt at 2.24g/t Au. Measured & Indicated: 39,007koz Au. Assuming an average recovery of 89.5% and average 5% grade of 1.07, the marginal gold cut-off grade is 0.47 g/t. Gold price of $1,200/oz is assumed. Novagold Corporation. (2025). 2025 activities and next steps: Donlin 2025 budget of $43 million. From Fiscal Year End 2024 Report. Placer production figures from " Mineral Occurrence and Development Potential Report, Locatable and Salable Minerals, Bering Sea-Western Interior Resource Management Plan, BLM Alaska Technical Report 60", prepared by the U.S. Department of the Interior, Bureau of Land Management, November 2010. Bundtzen, T.K., Miller, M.L., Bull, K.F., and Laird, G.M., 1992, Geology and mineral resources of the Iditarod Mining District, lditarod B-4 and eastern B-5 quadrangles, southwestern Alaska. Please refer to Tectonic's news release dated September 19, 2024 for metallurgical testing. Average Grade of Many Heap Leach Mines Per 3L Capital Thematic Note: Sourvenir, M., & Therrien, S. (2025, January 6). Heap leach and reap: The low-cost solution for low-grade ores, Analyst report, 3L Capital. Fort Knox Dec. 31, 2022 Annual Mineral and Resource Statement. Proven & Probable Mineral Reserves 1,935koz Au. Mineral Resources are estimated at a cutoff grade of 0.30 g/t Au. To Learn More About Tectonic Metals Or To Subscribe To Our Email List Click Here View our 2025 Fact Sheet or Corporate Presentation Here Tour the Flat Gold Project Tectonic invites you to take a virtual tour of our Flat Gold Project with both the CEO of Tectonic and one of Alaska's largest for-profit Native Regional Corporations, Doyon To be a part of 'The Shift,' follow us on social media: X: Qualified Person Tectonic Metals' disclosure of technical or scientific information in this press release has been reviewed, verified and approved by Peter Kleespies, Vice President of Exploration, who is a Qualified Person in accordance with Canadian regulatory requirements set out in National Instrument 43-101. The analytical work for the 2024 Flat drilling program was performed by MSA Labs (MSA) an internationally recognized and accredited analytical services provider, which is independent of Tectonic. All RC chip samples were submitted to MSA's Prince George, British Columbia facility where the entire sample was dried, crushed as required and riffle split into 500 g subsamples for analysis (prep code CRU-CPA). Sample splits were then analysed for gold using PhotonAssayTM (CPA-Au1). A second 500 g split was taken and analyzed for gold using PhotonAssayTM (CPA-Au1) for select holes and up to 3 additional 500 g splits were taken for select samples and analyzed for gold using PhotonAssayTM (CPA-Au1). The assays from each sample for which multiple splits were analyzed were combined for the final reported values. QA/QC procedures for the drill program included insertion of a certificated reference material every 20 samples and a field duplicate sample (split of the 1.5 m original sample) every 25 samples. All QAQC control samples returned values within acceptable limits Samples are placed in sealed and security tagged bags and shipped directly to the MSA facility in Prince George, British Columbia. On behalf of Tectonic Metals Inc., Tony Reda President and Chief Executive Officer Cautionary Note Regarding Forward-Looking Statements Certain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as 'may', 'should', 'anticipate', 'expect', 'intend' and similar expressions and include, but are not limited to, the potential for mineralization at Tectonic's projects, any future exploration activities and the size; the receipt of any regulatory approvals, including the final approval of the TSXV. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct. Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
