Boreal Gold Closes the Second Tranche Private Placement for $24,300.00
Executive Summary
- Boreal Gold Inc. closed the second tranche of its non‑brokered private placement, raising $24,300 through the issuance of 81,000 flow‑through shares at $0.30 each.
- The proceeds will fund ground geophysical surveys, assay work, geological mapping, and drilling preparation on the Fay Lake, North Star, and Melgurd Lake properties.
- Detailed exploration programs are outlined for 2025–2026, including grid refurbishment, line cutting, sampling, and planned infill and down‑plunge drilling to advance resource estimates.
Key Details
- Financing:
- Total amount raised: $24,300 (second tranche).
- Shares issued: 81,000 Flow‑Through Shares at $0.30 per share.
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Hold period: Four‑month statutory hold ending 27 March 2026.
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Properties Overview:
- Fay Lake Property – 17 contiguous claims (2,719 ha) near Hudbay Minerals’ Vamp Lake VMS deposit; contains ~5 km of mapped VMS horizons and a 9 km shear zone with assays up to 14.33 g/t Au.
- Melgurd Property – 11 claims (7,411 ha) north of Shotts Lake Cu‑Zn‑Au VMS deposit; EM and magnetic trends suggest continuation of the Shott Lake horizon; notable garnet and anthophyllite alteration with gossans.
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North Star Group Property – 2,922 ha across three contiguous parcels (North Star Gold, Gold Rock Mining Lease, Sewell Lake Critical Metals); adjacent to Hudbay’s Rail Zone Cu deposit and former Dickstone Cu‑Zn mine.
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Planned Exploration & Drill Targets (2025–2026):
- Fay Lake: Ground geophysical surveys on western and northeastern grid extensions; assay of rock samples from Fay Grid, Sunrise conductor extension, and Koscielny Lake; geological mapping/reporting; drill testing pending additional financing.
- North Star: Completion of line cutting/refurbishing old grids (Fall 2025, Spring/Summer 2026); remapping and detailed sampling of lines 46‑59 N; analysis of 12 quartz vein samples (pending results); selective infill and down‑plunge drilling on Gold Rock Vein to support a future NI 43‑101 resource estimate and prefeasibility study.
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Melgurd Lake: Ground‑truthing airborne conductors aligned with Shotts Lake deposit; detailed mapping, prospecting, sampling, and line cutting on Keep Lake grid.
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Use of Proceeds – Fay Lake:
- Ground geophysical surveys (western & eastern extensions).
- Assay work for rock samples collected in 2025.
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Preparation of geological maps and exploration reports.
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Use of Proceeds – North Star:
- Grid refurbishment, line cutting, and mapping activities.
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Sampling of historic underground material (average 0.29 oz/t Au north, 0.27 oz/t Au south).
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Qualified Person: Stephen L. Masson, M.Sc., P.Geo., consulting geologist for Boreal Gold, reviewed and approved the technical disclosure.
Notable Quotes
“Our recent financing enables us to advance critical ground work on Fay Lake and North Star, positioning us to test high‑potential targets and move toward a robust resource definition.” – Richard Masson, President & CEO
All forward‑looking statements are subject to risks and uncertainties; actual results may differ.