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Dakota Territory Resource Corp Options Barrick’s Surface Interests in the Homestake District

Lead, South Dakota–(Newsfile Corp. – September 7, 2021) – Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased…

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Lead, South Dakota--(Newsfile Corp. - September 7, 2021) - Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased to announce that it has entered into a binding definitive option agreement (the "Definitive Agreement") to acquire Homestake Mining Company of California's ("HMCC" or "Homestake") surface rights and certain residual facilities in the Homestake District, South Dakota. The Definitive Agreement aligns with Dakota Territory's strategic objective to be the premier South Dakota exploration company with the largest land and mineral tenure holdings in the historic Homestake District, allowing it the opportunity to assess the potential for new economic gold mineralization. HMCC is a wholly-owned subsidiary of Barrick Gold Corporation ("Barrick").

Key highlights include:

  • Solidifies Dakota Territory as the leading South Dakota exploration company through increasing its property package to 35,292 acres, the largest property package in the Homestake District
  • Provides for exclusive access to Homestake's extensive historic data sets which chronicle its 145-year exploration and mining history throughout South Dakota
  • The potential for the Company to repurpose already disturbed land for exploration and development within the Homestake District
  • Synergies with Dakota Territory's existing property package

Under the terms of the Definitive Agreement, Dakota Territory has a three-year option to acquire 4,261 acres of surface rights with attendant facilities and data held by HMCC (the "Option") (see the map below). In consideration for the Option, Dakota Territory has made a cash payment of US$1.3 million and issued 1 million shares of common stock of the Company ("Shares") to Barrick and will make annual Option payments of US$300,000 during the Option period. Dakota Territory may exercise the Option on or before September 7, 2024, by assuming all of the liabilities and bonds currently held by HMCC in the Homestake District. In addition, on exercise of the Option, Dakota Territory will issue Barrick 3 million Shares and grant a 2.5% NSR to Barrick with respect to any gold that may be recovered from the Grizzly Gulch property. Upon exercise of the Option, Barrick will own 4.75 million shares, representing a 6.47% interest in Dakota Territory.

Dakota Territory was founded and is managed by experienced industry professionals with more than a century of combined mining and exploration experience and more than 50 years of combined mining and exploration experience at the Homestake Mine and in the Homestake District, prior to the suspension of mining operations at the Homestake Mine due to low gold prices in 2002. With the increase in the gold price to more than US$1,700 per ounce, Dakota Territory is well-positioned to assess the mineral opportunities based on the last regional exploration programs undertaken in the Homestake District in the 1980s and 1990s. With new extractive technologies, a focus and commitment to environmental integrity and stewardship, and a consolidated land package, Dakota Territory believes that new high-value, well-paying long-term careers in the Homestake District will complement local businesses operating in this region of South Dakota. Under the Definitive Agreement and in aggregate with Dakota Territory's other property holdings, Dakota Territory will own or have under lease a total property package of 35,292 acres in the immediate Homestake District.

Jonathan Awde, President and CEO of Dakota Territory, stated, "We are very pleased to enter into this Definitive Agreement with Barrick. It makes Barrick a significant shareholder in Dakota Territory giving them an indirect interest in the broader Homestake District while providing Dakota Territory with the 4,261 acres of surface assets necessary for facilities as Dakota Territory develops its mineral opportunities in the Homestake District. Our exploration activities are designed to discover new gold mineralization on our mineral tenures that we can develop with a focus on best practices, following the environmental stewardship and integrity that Barrick has demonstrated in the district since suspending mining operations in 2002. We will operate in a respectful manner for our many neighbors who reside in the region as we assess the known intersections of high grade gold in Homestake Formation encountered in drilling in the 1990s. We are excited about our prospects of finding further gold deposits that can lead to future high value employment in South Dakota."

"Barrick is pleased to support Dakota Territory's exploration efforts in the Homestake District. We are impressed with the team that Dakota Territory has assembled and believe they have the capabilities to make a positive contribution in the Homestake District and in the State of South Dakota," said Patrick Malone who oversees Barrick's North American closure sites. "Dakota Territory has committed to build on the legacy of best practice environmental stewardship that Barrick has followed since suspending mining operations at the Homestake Mine in 2002 and it is our hope that Dakota Territory will be able to utilize existing surface infrastructure to minimize further disturbance of any new development activity. Barrick is pleased to have continued exposure to this important historic mining camp through its potential 6.47% ownership in Dakota Territory."

Jerry Aberle, Dakota Territory's Chief Operating Officer, was born and raised in the Lead-Deadwood area, and stated, "Having worked and consulted at the Homestake Mine for more than 25 years, I am pleased with the evolution of Dakota Territory and I am particularly proud of our progress over the past 18 months, where we have expanded our property package from approximately six thousand acres to over thirty five thousand acres. We are a Lead-based company now employing over 20 individuals, with many of our management, senior personnel and consultants having the experience of working at the Homestake Mine. We understand the geology and potential of our mineral assets in the Homestake District and are very excited to combine that understanding with Barrick's 145 year data set. We live and work in the region and have a perspective on local issues that will inform our focus as we follow best practices and are a good corporate citizen in Lead."

With more than US$50 million in working capital, Dakota Territory is well-funded to carry out its exploration activities during the term of the Option and to identify new mineral opportunities in the historic Homestake District, which produced more than 44 million ounces of gold.

About Dakota Territory Resource Corp

Dakota Territory Resource Corp is a Nevada corporation with offices located at Lead, South Dakota. Dakota Territory is committed to creating shareholder value through the acquisition and responsible exploration and development of high caliber gold properties in the Homestake District of South Dakota.

Inquiries

Shareholder and Investor Inquiries: For more information, please contact Jonathan Awde at 604-761-5251 or JAwde@gold-sd.com.

Social and Public Relations Inquiries: For more information, please contact Elizabeth Sailer at 605-580-0480 or info@gold-sd.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statements regarding the Definitive Agreement and the Option. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others, the Company's ability to exercise the Option, the timing of the exercise of the Option, the consideration for the Option, Barrick's ownership interest in the Company, the Company's ability to create jobs in South Dakota, the potential for gold mineralization in the properties subject to the Option, the price of gold, synergies with the Company's existing assets, the Company's use of disturbed land, the Company's use of historic data, the state of the economy and financial markets generally and the effect on our industry, and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended March 31, 2021, as amended, as updated by annual, quarterly and other reports and documents that we file with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law.



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Today’s News

Granada Gold Mine Extends Warrant Terms

 

Rouyn Noranda, Q.C. – TheNewswire – September 24, 2021 – Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”)…

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Rouyn Noranda, Q.C. - TheNewswire - September 24, 2021 - Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”) announces that it will be extending the expiry date of an aggregate 6,861,806 share purchase warrants (the "Warrants") by two years.  The 6,861,806 Warrants are due to expire on October 18 and November 6, 2021. The expiry date will be extended by two years and the Warrants will now expire on October 18 and November 6, 2023.  All other terms and conditions remain constant.

 

The private placement units were issued at a price of $0.15 per unit and consisted of one common share and one Warrant entitling the holder to purchase one additional common share at an exercise price of $0.15 per share for a period of three years from closing.  The amendment is subject to the approval of the TSX Venture Exchange.

 

About Granada Gold Mine Inc.

 

Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.

 

The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.

 

The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings.  In the 1990’s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au.  They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.  

 

“Frank J. Basa”

Frank J. Basa, P. Eng.

Chief Executive Officer

 

For further information, Contact:

Frank J. Basa, P.Eng.

Chief Executive Officer

P: 416-625-2342

  

Or:

 

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: waynecheveldayoff@gmail.com

 

Neither the 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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.

  

Copyright (c) 2021 TheNewswire - All rights reserved.

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Today’s News

Bravada Gold Corporation Applies to Extend Closing of Non-Brokered Private Placement

Vancouver, British Columbia–(Newsfile Corp. – September 24, 2021) – Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (the "Company" or "Bravada") reported…

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Vancouver, British Columbia--(Newsfile Corp. - September 24, 2021) - Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (the "Company" or "Bravada") reported today that the Company has requested a 30-day extension, subject to TSXV approval, to close the previously announced non-brokered private placement.

The Company announced (August 9th, 2021) that it had closed the first tranche of its previously reported non-brokered private placement by issuing 4,260,000 units at a price of $0.07 per unit for gross proceeds of $298,200. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.12 per share.

Net proceeds from the private placement will be used for continued exploration on the Company's 100% owned Wind Mountain Au-Ag project, sustaining fees for the Company's Nevada-based claims, and for working capital.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units, nor shall there be any sale of the units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.

About Bravada

Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits, frequently attracting partners to fund later stages of project development. Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain, and the Company has significant upside potential from possible new discoveries at its exploration properties.

Since 2005, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately 6,500 ha in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed. Several videos are available on the Company's website that describe Bravada's major properties, answering commonly asked investor questions. Simply click on this link https://bravadagold.com/projects/project-videos/.

-30-

On behalf of the Board of Directors of Bravada Gold Corporation

"Joseph A. Kizis, Jr."

Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation

For further information, please visit Bravada Gold Corporation's website at bravadagold.com or contact the Company at 604.684.9384 or 775.746.3780.

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.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

This news release is not intended for distribution to United States newswire services or dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97635

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Today’s News

Commerce Resources Corp. Announces Warrant Extension and Repricing

VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Commerce Resources Corp. (the "Company") (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) announces that it has applied…

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VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Commerce Resources Corp. (the "Company") (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) announces that it has applied to the TSX Venture Exchange (the "Exchange") for an amendment to the terms of the 9,674,153 warrants (the "Warrants") issued in connection with the Company's private placement which held its first closing on October 11, 2019 and second closing on October 31, 2019. The Company proposes to extend the expiry date of the Warrants from October 11, 2021 to October 11, 2024 in respect of the first closing and October 31, 2021 to October 31, 2024 in respect of the second closing. In addition, the Company has applied for an amendment of the Warrants' exercise price from $0.50 to $0.285. All other terms of the Warrants will remain the same. The extension of the expiry date and repricing is subject to the approval of the Exchange.

About Commerce Resources Corp.

Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed REC and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.

"Chris Grove"

Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Commerce Resources Corp.



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