Renegade Gold expands Red Lake holdings to 94,000 ha
Executive Summary
- Renegade Gold Inc. entered a purchase agreement to acquire the 65‑ha BobJo property and an option agreement to acquire the 4,320‑ha Keystone property, expanding its Red Lake land package to ~94,000 ha.
- The transactions will be funded partially by issuing a total of 3.75 million post‑consolidation common shares (750,000 for BobJo; up to 3 M for Keystone) and a $150,000 cash payment for Keystone, subject to TSX‑V approval.
- The board has recommended a 1‑for‑3 share consolidation (post‑consolidation shares), also pending TSX‑V approval.
Key Details
- BobJo Property – 9 patented claims, ~65 ha within the Birch‑Uchi greenstone belt; historic high‑grade gold intercepts include:
- 6.53 g/t Au over 8.3 m (BJ07‑01)
- 123.6 g/t Au over 2.1 m (BJ07‑14)
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20.8 g/t Au over 1.1 m and 29.0 g/t Au over 0.3 m (BJ07‑06)
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Keystone Property – 212 unpatented single‑cell claims, ~4,320 ha positioned between Red Lake Main, Gullrock and Confederation holdings; prospective for VMS and orogenic gold deposits.
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Transaction Terms – BobJo:
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Issue 750,000 post‑consolidation common shares to vendor within five business days of TSX‑V approval.
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Transaction Terms – Keystone (Option):
- Issue 1.5 M post‑consolidation common shares within five business days of TSX‑V approval;
- By the first anniversary of TSX‑V approval, issue an additional 1.5 M post‑consolidation shares and pay $150,000 cash.
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Optionor retains a 2 % NSR royalty (half purchasable for $500,000).
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Share Consolidation:
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Board recommends consolidating existing common shares on a 1‑post‑consolidation : 3‑pre‑consolidation basis; effective date to be disclosed after TSX‑V approval.
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Approvals Required:
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Both acquisition agreements and the share consolidation are subject to receipt of TSX Venture Exchange approvals. No finders’ fees payable.
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Qualified Person: Dale Ginn, P.Geo., Executive Chair & Director (NI 43‑101 qualified).
Notable Quotes
“The Keystone property represents a strategic stretch of the Confederation unit that connects our core Red Lake land with our vast Confederation belt holdings… The addition of BobJo comes at an exciting time as we renew our focus on building a strong pipeline of exploration targets within the Confederation project.” – Devin Pickell, President & CEO, Renegade Gold Inc.