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Galantas Gold Drills 26.7 g/t Gold Over 2.9 Metres on the Kearney Vein System

TORONTO, Nov. 24, 2021 (GLOBE NEWSWIRE) — Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased…

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TORONTO, Nov. 24, 2021 (GLOBE NEWSWIRE) — [nxtlink id="269053"]Galantas Gold Corporation[/nxtlink] (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce results for the second underground hole in its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland.

Drilling highlights:

The second hole was drilled from the lowest level in the underground development at the Kearney Vein and returned two intersections:

  • 26.7 grams per tonne (g/t) gold (Au), 88.2 g/t silver (Ag) and 3.5% lead (Pb) over 2.9 metres; including 79.5 g/t Au, 281.4 g/t Ag and 10.6% Pb over 0.9 metres (see Table 1 for details). This result demonstrates further continuity to a zone of mineralization running parallel to the main Kearney Vein, which was also intercepted in the first hole FR-DD-21-UG-168 of 17.7 g/t Au, 50.9 g/t Ag and 4.6% Pb over 2.5 metres (see news release on October 11).
  • The second, deeper intersect, hit the main Kearney Vein within the inferred resource and returned 5.8 g/t Au, 14.2 g/t Ag and 0.2% Pb over 1.8 metres.

Mario Stifano, CEO of Galantas, commented: “The additional high-grade intercept in a parallel vein with continuity demonstrates the potential to discover additional high-grade mineralization at Omagh and expand the gold resources as the Company advances its plans to commence mining early in the new year. With the deposit remaining open on strike and to depth, Galantas’ Omagh Project provides the rare opportunity to significantly grow high-grade resources while producing gold.”

Table 1: Summary of drill results.

Hole ID Azimuth/
Dip
(degrees)
Intersect
(m)
(downhole)
Est. true width
(m)
Intersect
vertical
depth (m)*
Gold
(g/t)
Silver
(g/t)
Lead
(%)
Core
loss
(%)
FR-DD-21-UG-170 67.4/55.4 2.9 1.6 134 26.7 88.2 3.5 0
including   0.9 0.5   79.5 281.4 10.6  
And 68.3/56.1 1.8 1.0 152 5.8 14.2 0.2 0

Notes:

  1. Drill holes were HQ size and drilled using a triple tube method to maximise core recovery. The samples were analyzed (gold by fire assay and other metals by ICP-ORE) at ALS Laboratory Ltd (ISO 17025) of Galway, Ireland. 
  2. Intersect vertical depths intervals are from ground surface to the top of the mineralized zone.
  3. Data has been rounded to 1 decimal place.
  4. The Company has only received assays for the first two underground holes of the drill program.

Figure 1: Kearney long-section view showing part of the resource model, the underground development, some key vein intersections and the first two holes FR-DD-21-UG-168 and 170.
https://www.globenewswire.com/NewsRoom/AttachmentNg/a125432b-64b0-42b4-afe1-4aeb6c64669e

Figure 2: Drill core from hole FR-DD-21-UG-170.
https://www.globenewswire.com/NewsRoom/AttachmentNg/431233fa-936e-4d28-bc34-3ec2fb4449ff

Figure 3: Cross-section showing results for recent hole FR-DD-21-UG-170.
https://www.globenewswire.com/NewsRoom/AttachmentNg/076b9f0b-239b-478a-8c0e-69d6c1b1404e

Qualified Person

Scientific or technical disclosures in this press release have been reviewed and approved by Dr Sarah Coulter, who is considered, by virtue of her education, experience and professional association, a Qualified Person under the terms of NI 43-101. Dr Coulter is not considered independent under NI 43-101 as she is the Chief Geologist of [nxtlink id="269053"]Galantas Gold Corporation[/nxtlink].

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.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the “UK MAR”) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company’s obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About [nxtlink id="269053"]Galantas Gold Corporation[/nxtlink]

[nxtlink id="269053"]Galantas Gold Corporation[/nxtlink] is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The Company’s strategy is to create shareholder value by operating and expanding Northern Ireland’s first gold mine.

Enquiries

[nxtlink id="269053"]Galantas Gold Corporation[/nxtlink]
Mario Stifano: Chief Executive Officer
Email: [email protected]
Website: www.galantas.com
Telephone: +44 (0)28 8224 1100

Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger
Telephone: +44(0)20 7383 5100

Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich
Telephone: +44(0)20 7886 2500

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including the results of exploration programs at the Omagh Gold Project; the potential to discover additional high-grade mineralization at Omagh and expand the gold resources; the Company’s plans to commence mining early in the new year; and the deposit remaining open on strike and to depth. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results, the performance or achievements to differ materially from those expressed or implied by the forward-looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’ forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.








[nxtlink id="269053"]galantas gold corporation[/nxtlink]

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Today’s News

AEX Gold Inc. Reports Third Quarter Financial Results and Operational Update

TORONTO, ON / ACCESSWIRE / November 24, 2021 / AEX Gold Inc. (AIM:AEXG)(TSXV:AEX), an independent gold company with a portfolio of exploration licences…

TORONTO, ON / ACCESSWIRE / November 24, 2021 / AEX Gold Inc. (AIM:AEXG)(TSXV:AEX), an independent gold company with a portfolio of exploration licences in Greenland, announces its unaudited condensed interim consolidated financial statements (“Financial Statements”) for the quarter ended September 30, 2021. All figures are in Canadian dollars unless otherwise noted.

The Financial Statements and the accompanying Management Discussion and Analysis are available on the Corporation’s website at www.aexgold.com and will be filed under the Corporation’s SEDAR profile at www.sedar.com later today.

As previously communicated, the Nalunaq Project was put on hold in February 2021 due to unforeseen cost increases associated with the impacts of the COVID-19 global pandemic. As per the April 2021 announcement, the Corporation has been focussing on four elements to continue advancing and de-risking the Nalunaq Project:

  • Conducting a third-party engineering study to optimize the Project costs and de-risk the Project schedule that will enable AEX to re-assess the execution methodology (self-execution vs. EPC) post completion;
  • Conducting fully funded ‘early works’ infrastructure and a 20,000 to 30,000 metres exploration program to build upon the Nalunaq Resource;
  • Continue to advance the EIA and SIA to obtain all permits;
  • Regional exploration targeting both gold and Green/Strategic minerals through technical research, sampling and geophysical surveys.

Corporate and Operational Update

  • Halyard Inc. (“Halyard”) is on track to complete the engineering study focused on the process plant and surface infrastructure by end of Q4 2021. The engineering study is focused on de-risking the Nalunaq Project cost and schedule through additional and improved trade-off studies and advancing engineering to feasibility level
  • Over 9,000 metres of diamond drilling have been completed so far in the Valley Block, with 90% of drill holes reaching target depth and intersecting the main vein. The drilling target for the full year has been reduced to 10,000 to 15,000 metres, and four winterised drilling rigs continue to operate on site until mid-December.
  • The new 50 person winterised exploration camp has been completed and will give the Corporation the ability to restart site activities in early 2022.
  • In addition to this, the bridge over the Kirkespir River, which connects the camp to the Nalunaq site, has been expanded and improved to provide reliable access between the exploration camp and the historical mine site all year round.
  • A condition assessment of the bulkhead was conducted in early November 2021 to confirm the design parameters and the quality of construction after which a remediation plan will be developed. The assessment included non-destructive pile integrity and ultrasound tests to determine the bulkhead thickness as well as an unconfined compressive strength test of cored concrete samples. The final report will be issued in December 2021.
  • Procurement completed prior to the February 2021 delay announcement has been reconciled to the overall project cost estimate and all major process plant components were taken delivery of in October and moved to storage locations in Montreal and Denmark. Critical fleet such as the fuel truck, multi-purpose truck, industrial snow blower, personnel bus, ambulance and crane have been delivered to site for usage during this and future field seasons.
  • The Environmental Impact Assessment (“EIA”) and Social Impact Assessment (“SIA”) are being advanced with no material update at this phase.
  • Further exploration activities, mine planning, mine infrastructure and mine development will be evaluated based on the outcomes of the 2021 drilling campaign. In preparation for this evaluation, representatives from mining contractors and an underground geotechnical engineering team have conducted technical visits to the former mine. One key observation has been that the ground conditions are considered as high quality.
  • Exploration activities across the license portfolio continue with assistance from Goldspot and SRK. This has been targeting both additional gold resource potential as well as base, critical and strategic metals.
  • Field activities have seen further gold exploration including targeted airborne geophysics on Vagar, Nanoq, Tartoq and on targets north east of Nalunaq in order to progress these to a drill ready status.
  • AEX geologists have completed further assessment of the graphite hosting potential of the licence portfolio and have collected representative bulk samples from the Nørream target.
  • The Saaqqa Platinum Element Group (PGE) hosting dyke system close to Nalunaq has also been revisited in 2021 with additional confirmation samples taken as well as ground geophysics for future drill sighting.
  • Activities have also focused on the Corporation’s Sava Iron-Oxide-Copper-Gold (IOCG) target with airborne geophysics, advanced geochemistry and alteration mapping having been completed. This target holds the potential to host copper, gold, and Rare Earth Element (REE) mineralisation.
  • On 6 October 2021, the Corporation received approval for a new mineral exploration licence in the Kobberminebugt region of South Greenland covering an area of approximately 266 km 2 . This licence area hosts the former producing Josva copper mine which will be the focus for AEX’s further exploration due diligence. AEX consider this to be an extension of the IOCG belt that also hosts the Sava target and is believed to be similar to belts in Northern Sweden.

Management Update

James Gilbertson was appointed as Vice President – Exploration on September 13, 2021 and will oversee all of the Corporation’s exploration activities. James has been working with AEX as a consultant for the past six years and will now join the Corporation on a full-time basis. James has over 20 years of experience in mineral exploration and resource development with 17 years as a Principal Exploration Geologist, and until recently, as Managing Director of SRK Exploration.

Q3 2021 Financial Highlights

  • The Corporation had a strong cash balance of $37.9 million as at September 30, 2021 ($61.9 million at December 31, 2020), with no debt, and total net working capital of $34.5 million ($61.4 million at December 31, 2020).
  • Capital asset purchase commitments, net of deposits on order as at September 30, 2021 was $0.9 million. These decrease from the prior quarter relates predominantly to the receipt of major process plant components and surface mobile vehicles. Available liquidity, net of commitments as at September 30, 2021 was $37.0 million.
  • Construction in progress increased by $6.0 million for the nine months ended September 30, 2021 (zero at December 31, 2020), primarily resulting from the purchase of major process plant equipment and mobile surface vehicles, deposits on orders, and preliminary surface infrastructure in advance of future project development activities.
  • Exploration and evaluation expenses during the quarter was $4.2 million (Q3 2020: $2.9 million), predominantly on the Nalunaq Property.
  • General and administrative expenses during the period were $3.0 million (Q3 2020: $1.1 million), the result of increased headcount that was relative to Q3 2020 and severance costs associated with the departure of Martin Menard.

Selected Financial Information

The following selected financial data is extracted from the Financial Statements for the three and nine months ended September 30, 2021.

Financial Results

Three months
ended September 30,
Nine months
ended September 30,
2021 2020 2021 2020
$ $ $ $
Exploration and evaluation expenses
4,196,019 2,908,340 7,441,215 4,432,791
General and administrative
3,022,738 1,104,822 6,701,387 1,986,372
Net loss and comprehensive loss
(7,008,968 ) (4,609,492 ) (14,874,983 ) (8,018,061 )
Basic and diluted loss per common share
(0.04 ) (0.03 ) (0.08 ) (0.08 )

Financial Position

As at September 30, 2021 As at December 31, 2020
$ $
Cash on hand
37,852,228 61,874,999
Total assets
54,307,568 65,944,682
Total current liabilities
3,809,088 897,799
Shareholders’ equity
49,767,987 64,282,970
Working capital
34,500,785 61,411,208

Eldur Olafsson, CEO of AEX, commented:

“I am pleased to report a strong set of results, with the Company currently well capitalised and advancing on all our key workstreams.

We have made significant progress during the quarter across our entire licence area, both in terms of development at Nalunaq and our wider exploration opportunities.

Despite taking a cost conscious and disciplined strategic approach, we continue to be extremely excited by the wider exploration potential of our assets. The Board looks forward to being able to demonstrate the potential value of its non-gold, strategic mineral assets in due course.”

Enquiries:

AEX Gold Inc.

Eldur Olafsson, Director and CEO
+354 665 2003
[email protected]

Eddie Wyvill, Investor Relations
+44 (0) 7713 126727
[email protected]

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600

Panmure Gordon (UK) Limited (Joint Broker)

John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500

Camarco (Financial PR)

Gordon Poole
Emily Hall
+44 (0) 20 3757 4980

For Company updates:

Follow @AexGold on Twitter
Follow AEX Gold Inc. on LinkedIn

AEX Gold Inc: Unaudited Condensed Interim Consolidated Financial Statements for the three and nine Months Ended September 30, 2021

AEX Gold Inc.
Consolidated Statements of Financial Position
(Unaudited, in Canadian Dollars)

As at
September 30,
As at December 31,
Notes 2021 2020
$ $
ASSETS
Current assets
Cash
37,852,228 61,874,999
Sales tax receivable
55,412 62,750
Prepaid expenses and others
402,233 371,258
Total current assets
38,309,873 62,309,007
Non-current assets
Deposit on order
4 8,322,838 1,711,970
Escrow account for environmental monitoring
434,341 460,447
Mineral properties
3 62,244 62,244
Capital assets
4 7,178,272 1,401,014
Total non-current assets
15,997,695 3,635,675
TOTAL ASSETS
54,307,568 65,944,682
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables
3,758,883 831,899
Lease liabilities – current portion
5 50,205 65,900
Total current liabilities
3,809,088 897,799
Non-current liabilities
Lease liabilities
5 730,493 763,913
Total non-current liabilities
730,493 763,913
Total liabilities
4,539,581 1,661,712
Equity
Capital stock
88,500,205 88,500,205
Contributed surplus
3,285,952 2,925,952
Accumulated other comprehensive loss
(36,772 ) (36,772 )
Deficit
(41,981,398 ) (27,106,415 )
Total equity
49,767,987 64,282,970
TOTAL LIABILITIES AND EQUITY
54,307,568 65,944,682

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

AEX Gold Inc.
Consolidated Statements of Comprehensive Loss
(Unaudited, in Canadian Dollars)

Three months
ended September 30,
Nine months
ended September 30,
Notes 2021 2020 2021 2020
$ $ $ $
Expenses
Exploration and evaluation expenses
7 4,196,019 2,908,340 7,441,215 4,432,791
General and administrative
8 3,022,738 1,104,822 6,701,387 1,986,372
Stock-based compensation
6 360,000 1,031,650
Foreign exchange loss (gain)
(185,986 ) 717,577 461,705 696,010
Operating loss
7,032,771 4,730,739 14,964,307 8,146,823
Other expenses (income)
Interest income
(33,700 ) (25,960 ) (119,629 ) (35,875 )
Finance costs (income)
9,897 (95,287 ) 30,305 (92,887 )
Net loss and comprehensive loss
(7,008,968 ) (4,609,492 ) (14,874,983 ) (8,018,061 )
Weighted average number of common shares outstanding – basic and diluted
177,098,737 146,280,087 177,098,737 100,466,279
Basic and diluted loss per common share
(0.04 ) (0.03 ) (0.08 ) (0.08 )

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

AEX Gold Inc.
Consolidated Statements of Changes in Equity
(Unaudited, in Canadian Dollars)

Notes
Number of common shares
outstanding
Capital
Stock
Warrants Contributed surplus Accumulated other comprehensive loss Deficit
Total
Equity
$ $ $ $ $ $
Balance at January 1, 2020
70,946,394 13,883,611 1,459,604 1,535,400 (36,772 ) (14,767,303 ) 2,074,540
Net loss and comprehensive loss
(8,018,061 ) (8,018,061 )
Share issuance under a fundraising
94,444,445 74,550,202 74,550,202
Share issuance costs
(6,312,546 ) (6,312,546 )
Warrants exercised
11,607,898 6,318,938 (1,078,702 ) 5,240,236
Warrants expired
(380,902 ) 380,902
Options exercised
100,000 60,000 (22,000 ) 38,000
Stock-based compensation
1,031,650 1,031,650
Balance at September 30, 2020
177,098,737 88,500,205 2,925,952 (36,772 ) (22,785,364 ) 68,604,021
Balance at January 1, 2021

177,098,737

88,500,205

2,925,952

(36,772)

(27,106,415)

64,282,970

Net loss and comprehensive loss

(14,874,983)

(14,874,983)

Stock-based compensation

6

360,000

360,000

Balance at September 30, 2021

177,098,737

88,500,205

3,285,952

(36,772)

(41,981,398)

49,767,987

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

AEX Gold Inc.
Consolidated Statements of Cash Flows
(Unaudited, in Canadian Dollars)

Notes
Nine months
ended September 30,
2021 2020
$ $
Operating activities
Net loss for the period
(14,874,983 ) (8,018,061 )
Adjustments for:
Depreciation
4 190,309 157,513
Stock-based compensation
6 360,000 1,031,650
Finance costs (income)
(92,887 )
Payment from cash held in escrow account for environmental monitoring
(95,102 )
Escrow account for environmental monitoring
95,102
Foreign exchange loss
403,826 685,401
(13,920,848 ) (6,236,384 )
Changes in non-cash working capital items:
Sales tax receivable
7,338 (80,557 )
Prepaid expenses and others
(30,975 ) (380,430 )
Deposit
(27,944 )
Trade and other payables
2,273,639 1,377,889
2,250,002 888,958
Cash flow used in operating activities
(11,670,846 ) (5,347,426 )
Investing activities
Acquisition of mineral properties
3 (13,737 )
Acquisition of capital assets
4 (5,415,805 ) (373,540 )
Deposit on order
4 (6,610,868 )
Cash flow used in investing activities
(12,026,673 ) (387,277 )
Financing activities
Shares and warrants issuance
74,550,202
Share issuance costs
(6,140,329 )
Principal repayment – lease liabilities
5 (49,115 )
Exercise of warrants
5,240,236
Exercise of stock options
38,000
Cash flow from (used in) financing activities
(49,115 ) 73,688,109
Net change in cash before effects of exchange rate changes on cash during the period
(23,746,634 ) 67,953,406
Effects of exchange rate changes on cash
(276,137 ) (726,428 )
Net change in cash during the period
(24,022,771 ) 67,226,978
Cash, beginning of period
61,874,999 1,515,406
Cash, end of period
37,852,228 68,742,384
Supplemental cash flow information
Interest received
119,629 35,875
Additions in capital assets included in trade and other payables
551,762
Share issuance costs included in trade and other payables
126,600
Exercise of warrants credited to capital stock
1,078,702
Exercise of stock options credited to capital stock
22,000

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

AEX Gold Inc.
Condensed Notes to the interim Consolidated Financial Statements
Three and nine months ended September 30, 2021 and 2020
(Unaudited, in Canadian Dollars)

1. NATURE OF OPERATIONS, BASIS OF PRESENTATION

AEX Gold Inc. (the “Corporation”) was incorporated on February 22, 2017, under the Canada Business Corporations Act . The Corporation’s head office is situated at 3400, One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4, Canada. The Corporation operates in one industry segment, being the acquisition, exploration and development of mineral properties. It owns interests in properties located in Greenland. The Corporation’s financial year ends on December 31. Since July 2017, the Corporation’s shares are listed on the TSX Venture Exchange (the “TSX-V”) under the AEX ticker and since July 2020, the Corporation’s shares are also listed on the AIM market of the London Stock Exchange (“AIM”) under the AEXG ticker.

These unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 (“Financial Statements”) were approved by the Board of Directors on November 23, 2021.

1.1 Basis of presentation

The Financial Statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) including International Accounting Standard (“IAS”) 34, Interim Financial Reporting. The Financial Statements have been prepared under the historical cost convention.

The Financial Statements should be read in conjunction with the annual financial statements for the year ended December 31, 2020, which have been prepared in accordance with IFRS. The accounting policies, methods of computation and presentation applied in these Financial Statements are consistent with those of the previous financial year ended December 31, 2020.

2. CRITICAL ACCOUNTING JUDGMENTS AND ASSUMPTIONS

The preparation of the Financial Statements requires Management to make judgments and form assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements and reported amounts of expenses during the reporting period. On an ongoing basis, Management evaluates its judgments in relation to assets, liabilities and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments. Actual outcomes may differ from these estimates under different assumptions and conditions.

In preparing the Financial Statements, the significant judgements made by Management in applying the Corporation accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Corporation’s audited annual financial statements for the year ended December 31, 2020. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3. MINERAL PROPERTIES

As at December 31, 2020 Additions
As at
September 30,
2021
$ $ $
Nalunaq
1 1
Tartoq
18,431 18,431
Vagar
11,103 11,103
Naalagaaffiup Portornga
6,334 6,334
Nuna Nutaaq
6,076 6,076
Saarloq
7,348 7,348
Anoritooq
6,389 6,389
Sava (previously called Kangerluarsuk)
6,562 6,562
Total mineral properties
62,244 62,244
As at December 31, 2019 Additions
As at
December 31,
2020
$ $ $
Nalunaq
1 1
Tartoq
18,431 18,431
Vagar
11,103 11,103
Naalagaaffiup Portornga
6,334 6,334
Nuna Nutaaq
6,076 6,076
Saarloq
7,348 7,348
Anoritooq
6,389 6,389
Sava (previously called Kangerluarsuk)
6,562 6,562
Total mineral properties
41,945 20,299 62,244

4. CAPITAL ASSETS

Field equipment and infrastruc- ture Vehicles and rolling stock Equipment (including intangible) Construc-tion In Progress Right-of-use assets Total
$ $ $ $ $ $
Nine months ended September 30, 2021
Opening net book value
146,203 256,865 177,052 820,894 1,401,014
Additions
5,967,567 5,967,567
Depreciation
(76,217 ) (37,753 ) (15,781 ) (60,558 ) (190,309 )
Closing net book value
69,986 219,112 161,271 5,967,567 760,336 7,178,272
As at
September 30, 2021
Cost
387,323 533,800 185,878 5,967,567 841,080 7,915,648
Accumulated depreciation
(317,337 ) (314,688 ) (24,607 ) (80,744 ) (737,376 )
Closing net book value
69,986 219,112 161,271 5,967,567 760,336 7,178,272

4. CAPITAL ASSETS (CONT’D)

Depreciation of capital assets related to exploration and evaluation properties is being recorded in exploration and evaluation expenses in the consolidated statement of comprehensive loss, under depreciation. Depreciation of $122,672 ($157,513 for the nine months ended September 30, 2020) was expensed as exploration and evaluation expenses.

As at September 30, 2021, the Corporation had capital asset purchase commitments, net of deposit on order, of $939,016. These commitments relate to purchases of equipment, infrastructure and vehicles. The deposit on order mainly related to purchases of surface mobile equipment as well as components of the process plant that was taken delivery of in October 2021.

5. LEASE LIABILITIES

As at
September 30,
2021
$
Balance beginning
829,813
Principal repayment
(49,115 )
Balance ending
780,698
Non-current portion – lease liabilities
(730,493 )
Current portion – lease liabilities
50,205

6. STOCK OPTIONS

An incentive stock option plan (the “Plan”) was approved initially in 2017 and renewed by shareholders on June 9, 2021. The Plan is a “rolling” plan whereby a maximum of 10% of the issued shares at the time of the grant are reserved for issue under the Plan to executive officers and directors, employees and consultants. The Board of directors attributes the stock options and the exercise price of the options shall not be less than the closing price on the last trading day preceding the grant date. The options have a maximum term of ten years. Options granted pursuant to the Plan shall vest and become exercisable at such time or times as may be determined by the Board, except options granted to consultants providing investor relations activities shall vest in stages over a 12 month period with a maximum of one-quarter of the options vesting in any three-month period. The Corporation has no legal or constructive obligation to repurchase or settle the options in cash.

On June 9, 2021, the Corporation granted the CFO with 900,000 stock options exercisable at an exercise price of $0.59, with an expiry date of December 31, 2027. The stock options vested 100% at the grant date. Those options were granted at an exercise price equal the closing market value of the shares the previous day of the grant. Total stock-based compensation costs amount to $360,000 for an estimated fair value of $0.40 per option. The fair value of the options granted was estimated using the Black-Scholes model with no expected dividend yield, 75.85% expected volatility, 1.07% risk-free interest rate and 6.6 years options expected life. The expected life and expected volatility were estimated by benchmarking comparable companies to the Corporation.

6. STOCK OPTIONS (CONT’D)

Changes in stock options are as follows:

Nine months ended
September 30, 2021
Year ended December 31, 2020
Number of options Weighted average exercise price Number of options Weighted average exercise price
$ $
Balance, beginning
7,745,000 0.51 5,650,000 0.43
Granted
900,000 0.59 2,195,000 0.70
Exercised
(100,000 ) 0.38
Expired
(1,910,000 ) 0.52
Balance, end
6,735,000 0.51 7,745,000 0.51

Stock options outstanding and exercisable as at September 30, 2021 are as follows:

Number of options outstanding and exercisable
Exercise
price
Expiry date
$
1,160,000 0.50
July 13, 2022
1,360,000 0.45
August 22, 2023
1,820,000 0.38
December 31, 2025
1,495,000 0.70
December 31, 2026
900,000 0.59
December 31, 2027
6,735,000

7. EXPLORATION AND EVALUATION EXPENSES

Three months
ended September 30,
Nine months
ended September 30,
2021 2020 2021 2020
$ $ $ $
Geochemistry
517,772 517,772
Geology
1,381,518 936,988 2,087,472 1,732,412
Lodging and on-site support
167,332 182,783 231,855 186,446
Underground work
29,929 19,440 48,518 65,287
Drilling
870,296 134,913 1,158,056 168,227
Safety and environment
14,045 20,613
Analysis
21,365 132,211 105,946 199,280
Transport
12,863 330,084 35,276 400,740
Supplies and equipment
1,997 1,997
Helicopter charter
602,189 70,167 711,214 70,167
Logistic support
477,654 215,281 563,769 377,991
Insurance
32,490 29,260 41,197 33,773
Project Engineering costs
56,573 790,631 1,792,705 977,928
Government fees
9,341 22,766 42,414
Depreciation
24,041 43,196 122,672 157,513
Exploration and evaluation expenses
4,196,019 2,908,340 7,441,215 4,432,791

8. GENERAL AND ADMINISTRATION

Three months
ended September 30,
Nine months
ended September 30,
2021 2020 2021 2020
$ $ $ $
Salaries and benefits
700,186 62,380 1,755,147 64,832
Management and consulting fees
353,231 633,220
Director’s fees
235,273 85,833 471,652 135,833
Professional fees
731,888 318,897 1,978,837 637,001
Marketing and Investor Relations
220,622 152,044 576,954 299,025
Insurance
169,437 51,402 435,779 72,524
Travel and other expenses
847,998 30,306 1,150,363 61,486
Regulatory fees
94,788 50,729 265,018 82,451
Depreciation
22,546 67,637
General and administration
3,022,738 1,104,822 6,701,387 1,986,372

Further Information:

About AEX

AEX’s principal business objectives are the identification, acquisition, exploration and development of gold properties in Greenland. The Corporation’s principal asset is a 100% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine. The Corporation has a portfolio of gold assets covering 4,090km 2 , the largest portfolio of gold assets in Southern Greenland covering the two known gold belts in the region. AEX is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act .

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation’s current expectations regarding future events and the future growth of the Corporation’s business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to the factors discussed under “Risk Factors” in the Final Prospectus available under the Corporation’s profile on SEDAR at www.sedar.com . Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events. No securities regulatory authority has either approved or disapproved of the contents of this press release. 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.

Inside Information

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse (“UK MAR”), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse (“EU MAR”).

Qualified Person Statement

The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for AEX Gold and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

SOURCE: AEX Gold Inc.

View source version on accesswire.com:
https://www.accesswire.com/674500/AEX-Gold-Inc-Reports-Third-Quarter-Financial-Results-and-Operational-Update







Author: AEX Gold Inc.

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Today’s News

West High Yield (W.H.Y.) Resources Ltd. Announces Proceeds of Exercise of Additional Warrants

Calgary, Alberta–(Newsfile Corp. – November 23, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces…

Calgary, Alberta–(Newsfile Corp. – November 23, 2021) – [nxtlink id="269655"]West High Yield (W.H.Y.) Resources Ltd.[/nxtlink] ([nxtlink id="269655"]TSXV: WHY[/nxtlink]) (“West High Yield” or the “Company“) announces that since November 15, 2021, holders of common share purchase warrants (the “Warrants“) of the Company have exercised an aggregate 547,500 Warrants, resulting in aggregate proceeds to the Company of CAD$82,125 and the issuance of 273,750 common shares of the Company (the “Shares“).

Two (2) Warrants permitted each holder to acquire one Share (each, a “Warrant Share“) at an exercise price of CAD$0.30 per Warrant Share. The Warrants were issued in connection with a private placement financing of the Company (the “Financing“) which had closing dates in November and December of 2020. All of the Warrants issued to investors under the Financing have now been exercised.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.

Contact Information:

[nxtlink id="269655"]West High Yield (W.H.Y.) Resources Ltd.[/nxtlink]
Frank Marasco, President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]

Cautionary Note Regarding Forward-looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

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 OF THIS RELEASE.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104906







Author: Author

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Today’s News

BTU Closes Financing

VANCOUVER, BC / ACCESSWIRE / November 23, 2021 / BTU METALS CORP. ("BTU" or the "Company") (TSXV:BTU)(OTCQB:BTUMF) announces it has closed its previously…

VANCOUVER, BC / ACCESSWIRE / November 23, 2021 / [nxtlink id="268874"]BTU METALS CORP.[/nxtlink] (“BTU” or the “Company”) ([nxtlink id="268874"]TSXV:BTU[/nxtlink])(OTCQB:BTUMF) announces it has closed its previously announced non-brokered private placement, (see Press Releases November 11 & 17, 2021), of 3,050,000 units at a price of $0.09 per unit for aggregate gross proceeds of $274,500.

Each unit shall be comprised of one common share of the company and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of BTU at a price of $0.15 for a period of 18 months following the closing of the offering.

Finders’ fees of $7,245.00 were paid to arm’s length parties.

The shares and warrant comprising the units are subject to a 4 month hold period expiring March 24th, 2022.

Closing of the offering is subject to final approval of the TSX Venture Exchange.

Proceeds raised from the Offering will be used for operations on the ground as well as general and administrative purposes as the Company continues to drill its high-grade gold targets on its Dixie Halo project now at Heiwall and Rose Lakes, to be followed by Pakwash North and additional gold targets.

[nxtlink id="268874"]BTU Metals Corp.[/nxtlink] is a junior, mining exploration company focused on its Dixie Halo project located in Red Lake, Ontario.

ON BEHALF OF THE BOARD

Paul Wood

Paul Wood, CEO, Director
[email protected]

FOR FURTHER INFORMATION, PLEASE CONTACT:
Andreas Curkovic, Investor Relations
+1 416-577-9927

[nxtlink id="268874"]BTU Metals Corp.[/nxtlink]
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

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.

SOURCE: [nxtlink id="268874"]BTU Metals Corp.[/nxtlink]

View source version on accesswire.com:
https://www.accesswire.com/674510/BTU-Closes-Financing






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