Loyalist Exploration has entered into a binding letter of intent to acquire a gold property in the Timmins Gold Camp, Ontario. The acquisition includes 41 contiguous mineral claims with three high-priority prospects. Loyalist will also undertake a non-brokered private placement of up to 60,000,000 units to finance the acquisition and exploration.
Loyalist Exploration is thrilled to announce a binding letter of intent to acquire a gold property located in the renowned Timmins Mining District. The acquisition, slated for finalization on February 12, 2025, encompasses 41 contiguous mineral claims situated within the highly productive Timmins Gold Camp. Previous exploration on the property, spanning from 2021 to 2024, yielded promising results with 15 drill holes covering approximately 1,650 meters.
Three distinct high-priority prospects, namely the North Shaft Zone, North Vein Area, and Mid Point Area, have emerged from this exploration. Additionally, several other areas on the property hold potential for future exploration. A significant asset of the property is an estimated $513,000 in assessment credits, spread across its 41 mining cells. Information regarding the property has been obtained from the Optionor, along with historical assessment reports accessible through the Ontario Government's Mining Lands Assessment System (MLAS).Loyalist's acquisition strategy centers on acquiring low-cost, high-upside exploration projects, and this strategic move within the prolific Timmins Gold Camp aligns perfectly with that objective. The gold property offers the company and its shareholders exposure to a rich gold-producing region. Loyalist remains committed to exploring all opportunities that add value and potential for growth, further enhancing its portfolio. The Option agreement grants Loyalist the right to earn a 100% interest in the property by completing a minimum $1 million in exploration expenditures on the property, including an option for Loyalist to repurchase 50% of the NSR (1% of the 2% NSR) at any time for a price of $1,000,000.Furthermore, the agreement grants the Optionor the right of first refusal to participate in future exploration activities on the property, as detailed in a forthcoming Definitive Agreement.To bolster its financial position and support the acquisition and exploration efforts, Loyalist Exploration is concurrently launching a non-brokered private placement. This placement will involve the issuance of up to 60,000,000 units, each comprising one share and one warrant. Each warrant will be exercisable into one share at a price of $0.05 per share for a period of 36 months from the issuance date. Loyalist may offer finder's fees up to 8% of the gross proceeds in cash and issue non-transferable warrants to registered dealers or finders. These finder's warrants will grant the holder the right to purchase one share at $0.05 per share for 36 months from the closing date.The private placement is anticipated to close on or about February 28, 2025, with a final closing no later than March 28, 2025. All securities issued will be subject to a hold period of four months and one day from issuance. The Offering's success is contingent upon receiving all necessary regulatory approvals, including those from the Canadian Securities Exchange
GOLD MINING TIMMINS GOLD CAMP LOYALIST EXPLORATION PRIVATE PLACEMENT MINERAL CLAIMS PROSPECTS
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