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MONTREAL, November 3, 2022 (GLOBE NEWSWIRE) — Bullion Gold Resources Corp. (TSX-V: BGD) (“gold bullion” or the “Corporation”) announces the start of a second drilling program at its Bousquet project, located approximately 30 km east of the municipality of Rouyn-Noranda, in Abitibi-Témiscamingue.
In continuity with a first program of 1,000 meters completed at the beginning of October, this new program of 3,000 meters foresees the execution of fifteen holes in the eastern part of the Paquin showing to better define the potential resource. The Paquin projection is recognized at a length of more than 1.2 kilometers by a vertical depth of more than 300 meters.
The company is still awaiting assay results from the first fall drilling campaign completed in early October 2022. During this program, all drill holes had crossed targeted zones of gold mineralization, some of which contained visible gold (see press release of October 5, 2022).
The Bousquet project, consisting of 71 cells for an area of approximately 2,369 hectares, straddles the Cadillac – Larder Lake (CLL) fault for almost 10 kilometers. A mineralized and silicified gold corridor about 3 kilometers long and about 100 meters wide located south of the CLL fault contains the Paquin (East and West), Decoeur, Joannès and CB1 gold projections. Company management believes that it is possible to define a gold resource comprised of several open pit and shallow zones along this corridor.
Other gold samples located in the western part of the property and north of the CLL fault are also known from this project. However, they have been the subject of very little work in recent decades.
As for the northeast part of the property, it has never been explored. However, several high-intensity magnetic anomalies are in contact with low-intensity anomalies in this area. If the 2023 exploration budget allows, Company management would like to test some geophysical targets in this area over the next year.
The Company is pleased to announce that it has closed a private placement (the “Offering”), pursuant to which it has issued 3,305,000 units of common shares (the “Units”) of the Company at a price of $0.06 per unit and 4,968,750 streaming stock units (the “Streaming Units”) priced at $0.08, for gross receipts of $595,800.
Each unit consists of one common share and one common share purchase warrant, each warrant entitling its holder to purchase one additional common share in the Company’s capital for a period of 24 months from the closing date of the transaction. private placement, at a purchase price of $0.08 per common share. Each Direct Flow Unit is comprised of one Direct Flow Share and one half common share purchase warrant (each in its entirety, a “Warrant”), each Warrant entitling its holder to purchase one additional Common Share at capital of the Company for a period of 12 months from the closing date of the private placement, at a purchase price of $0.12 per common share.
Related party transaction
A member of the Corporation subscribed for a total of 100,000 Units under the Offering, which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). Insider trading is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) since the Corporation’s stock is not traded on a specific market and from the approval requirements of minority shareholders of MI 61-101 under the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related party did not exceed 25% of the Corporation’s market capitalization. The Corporation did not file a material change report more than 21 days prior to the scheduled closing of the Offering because the details of the Offering and the Corporation’s related party interest therein were not established until shortly before closing and the Corporation wanted to close on an expedited basis for sound business reasons.
In connection with the Offering, the Company paid a 7% finder’s fee in cash and issued 281,250 finder’s warrants. Each finder’s warrant is exercisable to purchase one additional common share at a price of $0.08 per warrant over a period of 24 months from issuance.
All securities issued pursuant to the Offering will be subject to a four (4) month, one day hold period ending March 2, 2023. The placement is subject to final approval by the TSX Venture Exchange.
This press release was read and approved by Gilles Laverdière, P.Geo., director and Qualified Person under National Instrument 43-101.
About Gold Bullion Resources
Bullion Gold is involved in the identification, exploration and development of viable mineral properties in the province of Quebec and British Columbia. For more information about the Corporation, visit www.bulliongold.es
For more information contact:
Jonathan HamelPresident and CEO[email protected]514-317-7956
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the truth or accuracy of its content.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are often characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”. , “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on certain key expectations and assumptions made by the Corporation. Although Bullion Gold believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, forward-looking statements should not be unduly relied upon because Bullion Gold cannot guarantee that they are correct. Addressing future events and conditions, by their very nature, involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect future results. Statements in this press release are those set forth in management’s discussion and analysis of the Corporation’s financial condition and results of operations for the year ended December 31, 2019 and the third quarter ended September 30. 2020, which are available in the Corporation’s profile at sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Bullion Gold undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
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Source: Bullion Gold Resources Corp.