Trident raises $18.6 million for Saskatchewan gold exploration
Trident Resources Corp. [ROCK-TSXV, TRDTF-OTCQB] said it has raised $18.6 million from a private placement offering that the company will use to fund further exploration, mineral resource expansion and drilling at the company’s gold projects in Saskatchewan’s La Ronge Gold Belt.
The company said 4.9 million common shares that qualify as flow-through shares within the meaning of the Income Tax Act (Canada) were issued at $3.76 per share. Under the terms of the offering, the brokered portion consisted of 4.6 million flow-through shares and was completed via a syndicate of underwriters.
The amount raised included the full exercise of the over-allotment option available to the underwriters, enabling them to purchase an additional 600,000 common shares, increasing the offering proceeds to $17.3 million. Due to strong investor demand, the company additionally announced a concurrent non-brokered private placement via the issuance of 348,000 flow-through shares at $3.76 each, generating additional proceeds of $1.3 million.
Trident shares advanced on the news, rising 2.09% or $0.055 to $2.68. The shares trade in a 52-week range of $3.70 and 40 cents.
Trident is a Saskatchewan-focused mineral exploration company. It is aggressively advancing its 100%-owned Contact Lake and Greywacke Lake projects which host significant current and historical gold resources located within the prospective and underexplored La Ronge Gold Belt, as well as the Knife Lake copper project which contains an historical copper resource.
Trident recently said it intersected 5.73 g/t gold over 15 metres, including 9.35 g/t gold over 7.0 metres and 15.05 g/t gold over 2.0 metres below historical mining infrastructure at the Contact Lake Gold project in northern Saskatchewan.
The results are from the remaining six diamond drill holes from a 19-hole 2025 drill program at Contact Lake. They were designed to test for the down-dip extension of gold mineralization below the historically defined Main Zone of the Bakos Shear Zone, the main host to gold mineralization. Based on the very successful results of the 2025 drill program (6,838 metres drilled in 19 holes), a fully-funded 10,000 metre winter 2026 drill program at Contact Lake is underway.
The final six holes from Trident’s inaugural drill program at Contact Lake all intersected gold mineralization within, above and below the Bakos Shear zone. These holes targeted gold mineralization in areas below historical mining infrastructure, which highlights the tremendous depth-potential of the orogenic gold system, the company said in a press release. “These results are very important for Trident as they clearly demonstrate the potential to significantly expand gold mineralization at depth, well below historical mne workings developed by Cameco in the 1990s,’’ said Trident CEO Jon Wiesblatt.