Boreal Gold closes $24,300 second tranche of placement

Executive Summary

• Boreal Gold Inc. closed the second tranche of a non-brokered private placement, raising $24,300.00 through the issuance of 81,000 flow-through shares at $0.30 per share.
• The company outlined its 2025 exploration plans for three key properties: Fay Lake, North Star Group, and Melgurd Lake, with specific focus on ground geophysics, mapping, and drilling targets.
• Proceeds from the financing are designated for ground geophysical surveys, assay costs, and geological mapping at the Fay Lake property, while broader exploration activities are planned across the portfolio pending further funding.

Key Details

• Financing Structure:
  • Type: Non-brokered private placement (Second Tranche).
  • Securities Issued: 81,000 flow-through shares.
  • Price: $0.30 per share.
  • Gross Proceeds: $24,300.00.
  • Aggregate Total Raised: $24,300.00 (for this tranche).
  • Hold Period: Four-month statutory hold period in Canada ending March 27, 2026.
  • Conditions: Subject to regulatory approvals.
• Use of Proceeds (Fay Lake Property):
  • Ground geophysical surveys over the western portion of the Fay Lake grid (previously uncovered).
  • Surveying the northeastern portion of the Fay Lake grid to follow the strike extension of the Sunrise conductor to the eastern shore.
  • Assays for rock samples collected on the Fay grid, the eastern extension of the Sunrise grid, and from Koscielny Lake.
  • Creation of geological maps and reports detailing 2025 mapping, prospecting, and sampling work.
  • Drill testing of targets subject to successful financing and consultation with Kiciwapa Cree Nation.
• North Star Group Property Plans:
  • Grid Refurbishing: Completion of line cutting/refurbishing for grids North of North Star deposit (Lines 46N to 59N) in spring/summer 2026.
  • Mapping & Sampling: Remapping and detailed sampling for grids south to Line 46N in spring/summer 2026.
  • Historical Data: 12 samples from muck piles and underground development (2004 Foran Mining) sent to SRC Laboratories; results pending. Historical underground samples averaged 0.29 Au oz/t (north) and 0.27 Au oz/t (south).
  • Drilling Strategy: Selective infill and down-plunge drilling on the Gold Rock vein planned to complete a NI 43-101 compliant resource estimate and technical report. Goal is to reach a prefeasibility study stage.
• Melgurd Lake Property Plans:
  • Ground truthing airborne geophysical conductors on strike with the Shotts Lake deposit.
  • Detailed mapping, prospecting, sampling, and line cutting over conductors on the Keep Lake grid.
• Property Descriptions:
  • Fay Lake: 2,719 hectares, 25 km NE of Flin Flon, Man. Contiguous to Hudbay’s Vamp Lake property and former Puffy Lake gold mine. Contains ~5 km of mapped VMS horizons and a 9 km shear structure with samples up to 14.33 g/t Au.
  • Melgurd: 7,411 hectares, NW of Flin Flon, Man. North of Shotts Lake Cu-Zn VMS deposit. Airborne surveys show EM conductors and magnetic trends continuing north. Significant garnet and anthophyllite alteration identified in 2023-2024.
  • North Star Group: 2,922 hectares, 50 km W of Snow Lake, Man. Includes North Star gold property, Gold Rock mining lease, and Sewell Lake critical metals property. Contiguous to HudBay’s Rail zone and former Dickstone mine.

Notable Quotes

• None explicitly quoted in the text, though Stephen L. Masson is identified as the Qualified Person who reviewed and approved the technical disclosure.