Scottie raising up to $27 million for B.C. gold mine project
Scottie Resources Corp. [SCOT-TSXV] said it is aiming to raise up to $27 million from a non-brokered private placement offering and will use the proceeds to fund work related to the technical studies and permitting currently underway at the Scottie gold mine project in British Columbia.
The announcement comes after the company recently released the first batch of holes (four holes) from a 2026 program that is expected to include to 56,000 metres of drilling. The program aims to upgrade inferred ounces to indicated via infill drilling, expand known vein zones, and test major step-outs and new targets. So far, more than 40,000 metres has been completed in 160 holes.
The private placement offering will consist of up to 8.9 million common shares priced at $2.90 per share and up to 322,581 flow-through common shares priced at $3.10 per flow through share. Each flow-through share will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada), the company said in a press release.
Scottie shares were unchanged Friday at $3.07 and trade in a 52-week range of $3.23 and $1.45.
Scottie holds almost 60,000 hectares of mineral claims in the Stewart mining camp. Its portfolio is highlighted by a 100% interest in the Scottie gold mine property, which includes the adjacent Blueberry zone. The company also owns a 100% interest in the Georgia Project, host to the past-producing Georgia River Mine, as well as the Cambria, Sulu, and Tide North properties.
The Scottie Gold Mine project consists of the Scottie Gold Mine, Bow, Summit Lake and Stock claim groups. The project includes the past-producing Scottie Gold mine, which operated from 1981 to 1985, producing 95,426 ounces of gold from 183,147 tonnes of mineralization.
The Scottie mine was ultimately shut down due to a drop in the gold price combined with high interest rates.
While 13 distinct gold-bearing vein zones have been identified on the Scottie Gold Mine project, mine production was primarily from one vein. The Scottie Gold Mine Project includes 703,000 gold ounces at an average grade of 6.1 g/t (inferred category) in 3.6 million tonnes, highlighted by the development potential for a significant near-surface, high grade deposit.
The company recently completed a preliminary economic assessment for the Scottie Gold Mine. It estimates initial capital costs of $128.6 million, average annual production of 65,400 ounces of gold over seven years and a payback period of 1.7 years.
Back in June, 2026, Scottie said it had launched a fully-funded exploration program at the Scottie mine. It said exploration will be focused on expanding and upgrading high-grade gold resources at the Blueberry Contact Zone and Scottie Gold Mine. The program also includes aggressive testing of multiple high priority targets across the district, including the Bend Vein, the C and D zones, the Serac Vein and Lakebed area, and the Domino target. Blueberry Contact drill hole SR26-492 returned 9.7 g/t gold over 18 metres, including 40.4 g/t gold over 2.0 metres at the Lemoffe vein zone.