(TheNewswire)
May 22, 2024, Montreal, Quebec,Canada – TheNewswire – Beauce Gold Fields (ChampsD’Or en Beauce) (TSX Venture:"BGF"), also known as "BGF" or the "Company" announces that ithas acquired, through map staking, 21 mineral claims to cover themultikilometer-long antiform mineralized structure. This acquisitionexpands the Company's Beauce Gold property to the northeast, which nowtotals 241 claims located in Beauceville and Saint-Simon-les-Mines,Quebec.
Patrick Levasseur, President and CEO of Beauce GoldFields, states, "We will be expanding our exploration effortsover antiform mineralized structures that have been identified as thesource of historic placer gold deposits and show great promise forfurther lode gold discoveries."
Image: Gold flow transportation model from antiformstructures to historical placer deposit
About the Grondin Gold Zone andAntiform Structures
The Grondin Zone is located in thenorthwest corner of the Beauce Gold property located in Beaucevilleand in Saint-Simon-les-Mines, Quebec. The 2023 explorationinitiatives at the Grondin Zone,comprising both bulk processing and drilling, (BGF press releases, November 1 2023 and January 18 2024) revealed that the zone extends over 40 meters deep vertically and remains openat depth, with a mineralized structure stretching more than 300 metersin length. This zone is intrinsically linked toan antiform foldaxis that spans several kilometers, suggesting that other goldshowings may be present along the antiform foldand elsewhere on the Beauce Gold property indicatinga significant potential for lode gold discoveries from this goldstructure.
A positive correlation applies to silver and thepathfinder elements that were identified in the Grondin mineralizedantiform structure with those found in the basal till and thesaprolite of the placer gold channel of the Gilbert River valley.(press release January 18, 2024) Thiscorrelation is corroborating evidence that these antiform systemscould have contributed to the development of the extensive auriferousplacers in Beauce.
It also supports the hypothesis that placer gold withinthe Beauce Gold paleochannel, including the renowned large nuggetsfrom the 19th century, formed in stressed quartz pockets withinlayered domed axis of antiforms, exemplified by Saddle Reefformations. Notable global Saddle Reef formations includethe Bendigo gold fields in Australia (over 60 million ounces) and thehigh-grade Dufferin deposit in Nova Scotia.
Non-brokered private placement
The Company will proceed with a non-brokered privateplacement of 2,500,000 Flow-Through units at $0.04 per unit for grossproceeds of $100,000 and 6,000,000 Hard Dollar units at $0.035 perunit for gross proceeds of $210,000.
Each Flow-through unit will be comprised of one (1)Flow-through common share and of one (1) common share purchase warrantof the company. Each warrant will entitle the holder thereof topurchase one common share of the capital stock of the company at aprice of $0.08 for a period of 24 months from the date of closing ofthe placement and each Hard Dollar unit will be comprised of onecommon share and one common share purchase warrant of the companywhich will entitle the holder thereof to purchase one common share ofthe capital stock of the company at a price of $0.05 for a period of36 months from the date of closing of the placement.
The offering is conditional upon the receipt of allnecessary regulatory approvals, including the approval of theexchange. The proceeds of the offering will specifically be used: (i)to finance exploration and (ii) for general corporate purposes.
The offering will be offered to accredited investors inaccordance with applicable securities laws. In connection with theoffering, the company may pay finders' fees, as permitted by thepolicies of the exchange. Each share issued pursuant to the placementwill have a mandatory four-month-and-one-day hold period from the dateof closing of the placement. The company anticipates that insiderswill subscribe for units and their participation could exceed 25 percent of the offering.
No more than 10% of the proceeds of the placement canbe used for Investor Relations Activities. None amount of the proceedsof the placement is for payments to Non-Arm’s length parties of thecompany nor for payments to persons conducting Investor RelationsActivities.
The Company will not be proceeding with the previouslyannounced Existing Shareholder placement as stated in the April 29,2024 press release.
About Beauce Gold Fields
Beauce Gold Fields is focused on exploring anddeveloping the largest placer gold district in eastern North America.The Company’s objective is the trace old placer gold workings backto a bedrock source to uncover economic lode gold deposits. TheCompany’s flagship property is the St-Simon-les-Mines Gold projectsite of Canada’s first gold rush that pre-dates the YukonKlondike. The Beauce region hosted some of the largest historicalplacer gold mines in Eastern North America that were active from 1860sto the 1960s It produced some of the largest gold nuggets in Canadianmining history (50oz to 71oz). (Source Sedar: 43-101 Report - BeauceJuly 4 th 2018, , Author B. Violette)
Beauce Gold Fields website www.beaucegold.com
Disclaimers:
This press release contains certainforward-looking statements, including, without limitation, statementscontaining the words "may", "plan","will", "estimate", "continue","anticipate", "intend", "expect","in the process" and other similar expressions whichconstitute "forward-looking information" within the meaningof applicable securities laws. Forward-looking statements reflect theCompany's current expectation and assumptions, and are subject to anumber of risks and uncertainties that could cause actual results todiffer materially from those anticipated. These forward-lookingstatements involve risks and uncertainties including, but not limitedto, our expectations regarding mineral exploration. Such statementsreflect the current views of the Company with respect to future eventsand are subject to certain risks and uncertainties and other risksdetailed from time-to-time in the Company's on-going filings with thesecurities regulatory authorities, which filings can be found atwww.sedar.com. Actual results, events, and performance may differmaterially. Readers are cautioned not to place undue reliance on theseforward-looking statements. The Company undertakes no obligation topublicly update or revise any forward-looking statements either as aresult of new information, future events or otherwise, except asrequired by applicable securities laws.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
For further informationcontact
Patrick Levasseur, President and CEO Tel: (514)262-9239
www.beaucegold.com
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