WHITE ROCK, BC / ACCESSWIRE / March 14, 2024 / TDG Gold Corp. (TSXV:TDG) (the "Company" or "TDG") is pleased to announce the completion of acquisition of a 100% interest in the Oxide Peak mineral tenures ("Oxide Peak") located in the Toodoggone District of north-central B.C.
Oxide Peak covers 8,490 hectares of prospective exploration ground1 to the north of, and contiguous with, TDG's Baker Complex. Since signing the initial option agreement with ArcWest Exploration Inc. ("ArcWest") in December 2019 (the "Option Agreement"), TDG has completed approximately $3.3 million of exploration expenditures on Oxide Peak, including 2,050 metres of diamond drilling and identifying several targets1 prospective for the discovery of porphyry copper +/- gold systems.
Fletcher Morgan, TDG's CEO, commented: "Our two most recent news releases (Feb 28, 2024 and Mar 07, 2024) highlighted our progress redefining TDG's 100% owned Baker Complex, showing its potential1 to host multiple intrusive-related copper-gold-molybdenum porphyries1. Closing the acquisition of the Oxide Peak project enables us to include a portion of the Oxide Peak mineral tenures within the Baker Complex, as we advance our dialogues for a potential joint venture partner to drill test the new porphyry targets1 we have identified."
Per the terms of the Definitive Purchase Agreement announced Feb 14, 2024, TDG has paid $100,000 and issued 412,031 common shares of TDG (the "TDG Shares") to ArcWest. TDG has also granted a 2% net smelter returns royalty on Oxide Peak to ArcWest, of which 1% may be repurchased by TDG for $1.0 million. The TDG Shares will be subject to a four-month hold period under applicable securities laws expiring July 15, 2024, as well as certain orderly sales requirements agreed to between TDG and ArcWest. The former option agreement with ArcWest in respect of the Oxide Peak property has been terminated.
Qualified Person
The technical content of this news release has been reviewed and approved Steven Kramar, MSc., P.Geo., Vice President, Exploration for TDG Gold Corp., a qualified person as defined by National Instrument 43-101.
1Mineral Exploration/Exploration Target Area(s): Exploration targets and/or Exploration zones and/or Exploration areas are speculative and there is no certainty that any future work or evaluation will lead to the definition of a mineral resource.
About TDG Gold Corp.
TDG is a major mineral tenure holder in the historical Toodoggone Production Corridor of north-central British Columbia, Canada, with over 23,000 hectares of brownfield and greenfield exploration opportunities under direct ownership. TDG's flagship projects are the former producing, high-grade gold-silver Shasta and Baker mines, which produced intermittently between 1981-2012, and the historical high-grade gold Mets developed prospect, all of which are road accessible, and combined have over 65,000 m of historical drilling. The projects have been advanced through compilation of historical data, new geological mapping, geochemical and geophysical surveys and, at Shasta, 13,250 m of modern HQ drill testing of the known mineralization occurrences and their potential extensions. In May 2023, TDG published an updated Mineral Resource Estimate for Shasta (TDG news release May 01, 2023) which remains open at depth and along strike. In January 2023, TDG defined a larger exploration target area adjacent to Shasta (‘Greater Shasta-Newberry'; TDG news release Jan 25, 2023). In Fall 2023, TDG published the first modern drill results from the Mets mining lease (TDG news releases Sep 07, 2023, Sep 11, 2023 and Nov 28, 2023). In early 2024, TDG identified new copper-gold target areas over an expanded footprint covering ~42 sq.km known as the ‘Baker Complex' (TDG news release Feb 28, 2024).
ON BEHALF OF THE BOARD
Fletcher Morgan
Chief Executive Officer
For further information contact:
TDG Gold Corp.
Telephone: +1.604.536.2711
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as, "opportunities", "prospective", "potential", "expand", "associate", "prospective", "target" and variations of these words as well as other similar words or statements that certain events or conditions "could", "may", "should", "would" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: whether suitable joint ventures can be formed; whether future exploration programs will successfully define potentially economic mineralization; the timing and availability of funding to support such exploration; accidents, labour disputes and other risks common to the mining industry; the availability of sufficient funding on terms acceptable to the Company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: TDG Gold Corp.