DG:CC - Dixie Gold Inc. - Red Lake Gold Project Update
(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 10, 2024 – Dixie Gold Inc. (TSX VENTURE: DG)(“ Dixie Gold ” or the“ Corporation” ) is pleased to report that it has divested four (4) miningclaims (the “Claims”), deemed by the Corporation to be non-coreand representing less than 0.4% of the claim count of its Red LakeGold Project, for purposes of helping to facilitate anticipatedregional infrastructure developments that involve correspondingsurface area overlying the Claims (such surface title not being ownedby the Corporation)(the “Claim Sale”). The Claim Sale wasconducted by way of a purchase-and-sale agreement dated July 9, 2024with Great Bear Resources Ltd. (“GBR”), an arm’s-length partyand a subsidiary of Kinross Gold Corporation, on terms describedherein. Subsequent to any applicable approvals and from the dayforward of this news release, the Corporation’s Red Lake GoldProject is expected to consist of one-thousand and eleven (1,011)mining claims, with ordinary course forward-moving change to projectclaim count anticipated.
In connection with the Claim Sale, the Corporationreceived cash consideration of $100,000 and was granted a 2.5%production royalty (NSR) on any mineral production from the fourdivested mining claims to the extent any gold or other metalproduction occurs therefrom, and GBR assumed existing royaltyresponsibility.
The Corporation is also scheduled to benefit fromcertain exploration activity undertaken by GBR at its adjoiningproject which is expected through an assessment sharing arrangement toresult in a one-time forward-year of Crown-granted anniversaryextension on approximately 437 mining claims selected and held by theCorporation, such area presently comprising portion of the Red LakeGold Project most proximal to the activities of GBR and viewed byDixie Gold as having elevated interest to the Corporation.
The Corporation continues to assess, and whereappropriate, prioritize areas of its Red Lake Gold Project, notingthat the Claim Sale recovers more than all of the original projectacquisition costs spent by the Corporation for the entire project(then originally 1,241 claims). Dixie Gold remains committed torefining project scope and project size by evaluating past explorationwork (see also news release by the Corporation dated April 17, 2024)and the project’s forward-moving composition by way of various claimmanagement activities, with a corporate goal to refine a project scalethat is practical for any potential future field activity, optimized to recognize the carrying-costsimposed by the Crown on an annual-basis, and for the project to holdprospectivity for potential discovery and/or external interest.
About Dixie GoldInc.
Dixie Gold Inc. (TSXV: DG) is a publicly tradedexploration company holding a portfolio of exploration projects inCanada.
For more information, please visit www.dixiegold.ca
Signed,
Ryan Kalt
Chief Executive Officer
Dixie Gold Inc.
Forward-Looking Statements
This news release contains forward-looking statementswithin the meaning of Canadian securities laws. Some of theforward-looking statements can be identified by the use offorward-looking words. Statements that are not historical in nature,including the words "anticipate," "expect,""suggest," "plan," "believe,""intend,", “intention” "estimate,""target," "project," "should,""could," "would," "may,""will," "forecast" and other similar expressionsare intended to identify forward-looking statements. Withoutlimitation, forward-looking statements may relate to matterscorresponding to the Corporation’s Red Lake Gold Project, thecomposition of the Red Lake Gold Project and/or its standing and/orexploration plans thereon, as well as to the Claim Sale and/or matterstherewith related and/or as otherwise referenced herein.Forward-looking statements address future events and conditions andtherefore involve inherent risks and uncertainties. Actual results maydiffer materially from those currently expected or forecast in suchstatements.
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
Contact Info:
Ryan Kalt
Chief Executive Officer
Dixie Gold Inc.
T: 604.687.2038
E. info@dixiegold.ca
W. www.dixiegold.ca
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