Boreal Gold closes $101,250 first tranche of placement

Executive Summary

• Boreal Gold Inc. has closed the first tranche of a non-brokered private placement, raising $101,250.00 in net proceeds.
• The financing involved the issuance of 337,500 flow-through shares at a price of $0.30 per share.
• Proceeds are designated for exploration activities, including ground geophysics, drilling, and mapping across the Fay Lake, North Star, and Melgurd Lake properties.

Key Details

• Financing Structure: Non-brokered private placement.
• Securities Issued: 337,500 flow-through shares.
• Price Per Share: $0.30 CAD.
• Gross Proceeds: $110,250.00.
• Net Proceeds: $101,250.00.
• Hold Period: Four-month statutory hold period in Canada, ending March 1, 2026.
• Regulatory Status: Subject to necessary 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.
  • Drill testing of targets confirmed by airborne conductors via ground geophysics.
  • Detailed mapping, prospecting, sampling, and line cutting on the unmapped Redwin VMS horizon.
  • Gold exploration (mapping/prospecting) on the western portion of the Puffy Lake mine style gold mineralization trend (approx. 10 line km) to evaluate continuity of samples assaying up to 14.33 g/t Au.
  • Assessment of gold potential at Koscielny Lake (values up to 11.81 g/t Au over 1m).
• Use of Proceeds - North Star Property:
  • Line cutting and refurbishing old grids (Lines 46 N to 59 N, Baselines 46 E to Tie Line 59 E) for mapping and drilling.
  • Geological remapping and detailed sampling of grids south to Line 46 N.
  • Selective infill drilling and down plunge drilling on the Gold Rock vein.
  • Objective: Complete a resource estimate and NI 43-101 compliant technical report, aiming for a prefeasibility study.
• Use of Proceeds - Melgurd Lake Property:
  • 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 Details:
  • Fay Lake: 2,719 hectares, 17 claims, NE of Flin Flon, Man. Contiguous to Hudbay’s Vamp Lake and former Puffy Lake mine. Contains ~5km of mapped VMS horizons and a 9km shear structure with gold mineralization.
  • Melgurd: 7,411 hectares, 11 claims, NW of Flin Flon, Man. North of Shotts Lake Cu-Zn VMS deposit. Airborne surveys show EM conductors and magnetic trends continuing north.
  • North Star Group: 2,922 hectares, 21 claims + 2 mining leases, 50km W of Snow Lake, Man. Includes North Star gold, Gold Rock mining lease, and Sewell Lake critical metals. Contiguous to HudBay’s Rail zone and former Dickstone mine.

Notable Quotes

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