1911 GOLD ANNOUNCES MANITOBA MINERAL DEVELOPMENT FUND GRANT TO SUPPORT UNDERGROUND DRILLING AT TRUE NORTH
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On November 10, 2025, 1911 Gold Corporation announced it received a $300,000 grant from the Manitoba Mineral Development Fund (MMDF). This non-dilutive funding is specifically to support the ongoing underground drill program at its True North Gold Project. The program involves approximately 9,000 meters across 80 drill holes. The CEO, Shaun Heinrichs, expressed gratitude for the MMDF's continued support and noted the company's near-term vision to restart mining operations in 2027, emphasizing shared commitment to responsible resource development and economic growth in Manitoba, including for First Nations communities.
This news is a positive development, providing non-dilutive funding for an ongoing key exploration program. However, its materiality is tempered by recent events. Just four days prior, on November 6, 2025, the company announced that its appeal regarding the TSX Venture Exchange's denial of a proposed C$17 million financing (a LIFE offering) was upheld, effectively cancelling that larger financing. The cancelled financing was intended to "expand and accelerate the underground exploration and development programs," which is more ambitious than the "ongoing" program the $300,000 grant will support.
While any non-dilutive capital is beneficial, the $300,000 grant is a relatively small amount compared to the company's overall capital requirements for the ambitious 2027 mine restart plan and the C$17 million it sought for program expansion. The CEO stated in the November 6 release that the company "remains well funded to complete the exploration and development plans currently in place," which the grant supports. Therefore, this grant helps de-risk a portion of the planned underground drilling but does not address the broader implications of the denied larger financing or significantly accelerate the project timeline. It is a positive operational and financial update, but not a game-changer for the company's overall capital structure or strategic trajectory.
1911 Gold Corporation is a junior gold exploration and development company focused on its Rice Lake Gold Property in southeastern Manitoba, Canada. Its flagship asset is the True North Gold Project, which hosts a fully permitted 1,300-tonne-per-day processing facility and extensive underground infrastructure from past production.
- Flagship Project: True North Gold Project (Rice Lake)
- Location: Southeastern Manitoba, Canada (Tier 1 mining jurisdiction).
- Historical Production: 2.0 million ounces of gold at an average grade of +40,000 ounces per annum over 50 years.
- Mineral Resource Estimate (Effective Date: August 29, 2024; Announced: November 20, 2024):
- Indicated: 3.516 million tonnes @ 4.41 g/t Au for 499,000 ounces Gold.
- Inferred: 5.490 million tonnes @ 3.65 g/t Au for 644,000 ounces Gold.
- Total (Indicated + Inferred): 1.1 million ounces Gold (at a 2.25 g/t Au cutoff).
- Status: Currently under exploration and redevelopment, targeting a restart of mining operations in 2027.
- Strategic Advantages: Existing permitted infrastructure (mill), no royalties or debt on its properties, substantial assessment credits ($93 million), and large tax pools (+$310 million).
- Other Key Projects/Targets on Rice Lake Property:
- Ogama-Rockland: Historic production of 45,000 oz at 11.2 g/t Au; 2013 historic resource of 337,000 oz at 8.17 g/t Au. Exploration/development target.
- Central Manitoba: Historic production of 160,000 oz at 12.6 g/t Au. Exploration target.
- Other historic producers include Gunnar, Jeep, and Oro Grande.
The company's strategy is to uncover the full potential of the Rice Lake property, demonstrate resource growth, optimize development and mine plans, and prioritize drill targets to build a plan for 100,000+ ounces of annual production.