Lode Gold hires driller for 3,500 m Fremont program
Lode secured $9m in financing to mobilise drill rigs for near-term prefeasibility study execution at its Fremont project.
Lode Gold Resources Inc. (LOD) has hired American Drilling Corp. (ADC) to mobilize a 3,500-meter surface drilling program at the Fremont Gold Mine before the end of July 2026. The company has closed the first tranche of an upsized private placement, raising approximately $8.06 million at $0.27 per unit, with a second tranche of approximately $1 million expected by July 31, 2026.
Proceeds from the financing are designated for advancing technical work at Fremont, including drilling for the Preliminary Feasibility Study, strengthening the balance sheet, and supporting general working capital. The drilling program focuses on resource definition at Pine Tree-Josephine and Chicken Gulch, as well as expansion targets at Rosie Jane and Drunken Gulch, utilizing AI-assisted targeting. Additionally, the company continues its strategic pivot to a 100% underground mining scenario to minimize surface footprint and leverage homogeneous mineralization.
Lode Gold Resources Inc. (LOD) announced a $9 million total placement on July 13, 2026, with the first tranche closing and mobilization expected as immediate execution steps. The financing provides the necessary runway to complete the Preliminary Feasibility Study (PFS) targeted for Spring 2027. The company’s drill program, which was outlined in prior updates in April 2026, focuses on technical de-risking and resource expansion, aligning with its stated roadmap. The market likely priced in the financing and drilling timeline, with no unexpected catalysts or major valuation shifts introduced by the news.
Lode Gold Resources Inc. is a junior explorer advancing the Fremont Gold Mine in Mariposa County, California. The project sits on the Mother Lode Belt, featuring 3,351 acres of 100% privately owned patented land. Historical production reached 10.7 g/t Au before suspending in 1942.
The company has pivoted from an open-pit to a 100% underground bulk mining strategy, utilizing existing brownfield infrastructure that includes 23 km of underground workings and 43,000m of historical drilling. The 2026 Mineral Resource Estimate (MRE) reports 1.15 moz Indicated and 2.17 moz Inferred at a 0.82 g/t Au cut-off.
The Dingman Gold Project in Ontario (376 koz M&I) remains a non-core asset under evaluation for strategic options.