Lode Gold's Planned Spin Co, Gold Orogen, Reports Results of Prospecting and Soil Geochemical Survey Work at McIntyre Brook and Riley Brook - Samples up to 7 g/t Gold
Executive Summary
- Lode Gold reported high‑grade gold assay results from prospecting, trenching and soil‑geochemical work on its McIntyre Brook and Riley Brook properties in New Brunswick, highlighting up to 7.0 g/t Au grab samples and a 3 km strike extension of the favorable horizon.
- The company announced a debt settlement whereby $229,765 of outstanding debt will be satisfied by issuing 957,355 common shares at a deemed price of $0.24 per share (subject to a hold period).
- A related‑party private placement was completed, with officers and directors acquiring 1,110,678 units, increasing their combined holding to 1,416,578 common shares.
Key Details
- Exploration Highlights – McIntyre Brook:
- Prospecting & trenching (May–June 2025) plus July 2025 soil‑geochemical survey identified high‑grade grab samples up to 7.0 g/t Au.
- Trench T25‑1 returned 6.1 g/t Au and 6.9 g/t Au assays.
- Soil survey revealed a 275 ppb Au stream sediment sample (highest from the 1981 regional program).
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Results extend the known favorable horizon in Area 2 to a minimum 3 km strike length.
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Target Areas for Upcoming Drilling (Fall 2025):
1. Electromagnetic Anomaly (“EM”) Zone
2. McIntyre Brook Prospect (including newly extended zone)
3. Northwest Area (adjacent to Puma Exploration’s high‑grade drill intercepts). -
Debt Settlement:
- Total debt settled: $229,765 for services rendered.
- Issuance of 957,355 common shares at a deemed price of $0.24 per share.
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Shares subject to a hold period of 4 months + 1 day; transaction pending TSX‑V final approval.
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Related‑Party Private Placement:
- Officers/directors (Wendy T. Chan, Hashim Ahmed, David Swetlow) purchased 1,110,678 Units in the offering.
- Post‑offering, related parties hold 1,416,578 common shares.
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Transaction qualifies as a “related party” but was exempt from minority approval and formal valuation requirements (consideration < 25 % of market cap).
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Joint Venture Context:
- Acadian Gold JV (50/50 Lode Gold / Fancamp) controls ~445 km² in New Brunswick, encompassing both McIntyre Brook (111 km²) and Riley Brook (334.5 km²) claims.
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Region hosts other gold developers (e.g., Calibre Mining, New Found Gold).
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Forward‑Looking Statements:
- Company expects the fall drill program to test the identified targets and advance the district‑scale Au‑Cu exploration play.
Notable Quotes
“The latest results from McIntyre Brook confirm the exceptional potential of the New Brunswick joint venture will provide quality, high priority targets for systematic drill testing,” – Jon Hill, Director, Lode Gold.