TDG Gold Corp. [TDG-TSXV] said Friday it has raised $3.4 million for exploration at its mineral properties in British Columbia.
The company said it has closed the final tranche of a private placement described in a press release on June, 19, 2023, which consisted of 3.83 million charity flow-through units priced at 45 cents per unit, 43,000 common shares issued on a flow-through basis under the Income Tax Act (Canada) priced at 35 cents per share, and 495,334 hard dollar units priced at 30 cents each. Final tranche proceeds amounted to $1.88 million.
The company previously completed the first tranche of the offering, generating gross proceeds of $1.54 million.
The company said TDG CEO Fletcher Morgan and director Michael Kosowan both participated in the final tranche of the offering, subscribing for 33,500 hard dollar unit and 400,000 charity flow-through units respectively.
On Friday, TDG Gold shares were unchanged at 26 cents and currently trade in a 52-week range of 35.5 cents and $0.087
TDG is a major mineral claim holder in the historical Toodoggone Production Corridor of north-central B.C. with over 23,000 hectares of brownfield and greenfield exploration assets under ownership or earn-in agreements.
Its flagship assets are the former high-grade gold-silver Shasta, Mets and Baker mines, which produced intermittently between 1981 and 2012 and have over 65,000 metres of historical drilling.
According to a National Instrument 43-101-compliant mineral resource estimate, the 100%-owned former Shasta gold-silver project hosts an inferred resource of 709,200 ounces of gold equivalent (AuEq) at 1.00 g/t or (0.79 g/t gold and 26.7 g/t silver). The company said the estimated resource is amenable to open pit mining and is restricted to the central zone of the Shasta deposit
TDG recently outlined a large multi-element geochemical and geophysical anomaly (the Newberry prospect) associated with moderate to intense alteration north west and along strike from the Greater Shasta exploration target zone.
“Following on from the successful 2022 program, our proposed 2023 field program balances the discovery potential of the Greater Shasta-Newberry target area with continued advancement of the Shasta deposit,’’ TDG’s Vice-President Exploration Steven Kramar said recently.
“Our aim is to build upon our knowledge – including updated geological, structural, lithological and geochemical models – to determine the potential scale of the Greater Shasta-Newberry target area as a whole,” he said.
In a press release on June 21, 2023, TDG Gold said its 2023 exploration program aims to confirm the historical resource on TDG’s 100%-owned Mets mining lease, unlock the potential of Greater Shasta-Newberry, and execute regional programs across TDG’s gold-silver copper projects to develop a pipeline of drill targets.