VANCOUVER, BC, Jan. 22,
2025 /CNW/ - 1911 Gold Corporation ("1911
Gold" or the "Company") (TSXV: AUMB) is pleased to
provide an overview of the Company's key 2024 achievements and
outline its aggressive 2025 growth strategy for its 100% owned True
North gold project and the surrounding Rice Lake property in
southeastern Manitoba, Canada.
2024 Highlights:
- Successfully delivered an updated NI 43-101 Mineral Resource
Estimate for True North, which outlined an underground indicated
mineral resource of 3.5 million tonnes (Mt) at 4.41 grams per tonne
(g/t) Gold (Au) containing 499,000 ounces (oz) Au and an inferred
mineral resource of 5.5Mt at 3.65 g/t Au containing 644,000 oz Au.
This update highlighted the robustness of this high-grade gold
system and provides a solid foundation for the current exploration
and development of the True North gold project.
- Strengthened the board and management team with key personnel
appointments with proven track records in the mining industry,
including Gary O'Connor as Executive
Chair, and Michele Della Libera as
Vice President, Exploration. Other key appointments to the Board in
2024 included Blair Schultz and
Anna Ladd-Kruger.
- Closed an oversubscribed financing for $7.8 million in December
2024, led by a strategic corporate investor and at a
significant premium to the Company's share price, securing the
capital required to advance the 2025 exploration program.
- Commenced the Company's first-ever drill program within the
mine lease, with the initial plan for 6,000 metres (m) of diamond
drilling underway to test several significant near-mine targets the
new geology team identified based on the updated geological
model.
- Identified new resource targets and resource expansion areas at
True North to be the focus of drilling in 2025 and commenced
studies to build a development plan for True North.
- Expanded the 2025 exploration drill program to over
25,000 m.
- Completed the review of the Ogama-Rockland mineral resource
estimate, located within the southeast area of the Rice Lake
belt.
2025 Outlook:
The 2025 exploration program will be focused on aggressively
targeting the mineral resource expansion potential at True North,
identifying new high-grade zones within the mining lease and
greater Rice Lake gold belt, and advancing the development of a
district-scale gold camp centred on the True North complex.
True North Gold Project - 2025 Exploration and Development
Plans
- Surface Exploration Drilling: 1911 Gold is currently
expanding the surface diamond drilling within the mining lease
area. This program will focus on testing the down-plunge and
along-strike extensions of new, significant targets identified
(Figure 1) from the updated geological model and results
from the drill program currently underway, as well as the expansion
potential of the new mineral resource estimate.
- Underground Exploration Drilling: The Company has
identified significant resource expansion potential and new
resource target areas at depth within the True North lease area
and has commenced work on opening access for cost-effective
underground drilling of targets. Once access is established, an
underground exploration drill program will commence.
- Continue to de-risk the redevelopment of the underground
mine to finalize a plan to recommence production utilizing new
development and operating methods tailored to the True North
deposit, building the foundation for future production within the
mine lease.
Rice Lake Property - District-Scale Exploration
Strategy
1911 Gold holds a dominant 61,647-hectare land position in the
prolific Rice Lake greenstone belt. The Company will leverage the
infrastructure at True North to unlock the value of the known
high-grade gold deposits on the property. Outside of the mining
lease, the Company will advance the following project areas in
2025:
- Central Manitoba: The
Company is evaluating the historical results at Central Manitoba and preparing a follow-up
drill program on targets defined within this prospective target, as
well as the 5-kilometre structure connecting to the historic
producer at Gunnar. The historical Central Manitoba mine, located within this
trend (Figure 2), is the second-largest historical producer
in the Rice Lake district, with among the highest head grades
(12.60 g/t Au) and total gold production of 160,000 oz.
- Ogama Rockland: With the model review now complete, 1911
Gold will look for opportunities to expand the existing gold
resource at Ogama Rockland.
Shaun Heinrichs, President and
CEO of 1911 Gold commented: "2024 was a pivotal year for 1911 Gold
with the delivery of a new mineral resource estimate, the
commencement of 1911's first-ever drill program within the existing
mine lease area, and the completion of a strategic financing led by
a new corporate investor. Building on this success, our 2025
exploration and development plans are fully funded and designed to
aggressively grow the resource potential at True North and advance
the project toward production. With one drill rig currently turning
and another planned soon, we aim to drill at least 15,000 m in 2025, making it a truly
transformative year for 1911 Gold. We have the team, the assets,
and the capital to deliver on our objective of building a
multi-million-ounce, high-grade gold camp at True North."
Grant of Stock Options and Restricted Share Units
The Company announces that, pursuant to the Company's Long-Term
Incentive Plan (the "LTIP"), a total of 5,700,000 incentive stock
options have been issued to directors, officers, employees, and
consultants. The options have an exercise price of $0.155 per common share, vesting as to one-third
immediately and one-third after the first and second anniversaries
of the grant date. The stock options expire on January 21, 2030, apart from 800,000 stock
options that expire on January 21,
2028.
The Company will also issue a total of 325,000 restricted share
units ("RSUs") to officers of the Company under the LTIP. Each RSU
entitles the holder to receive one share of the Company and vest as
to one-third after the first, second and third anniversaries of the
date of grant. In addition, the Company will issue a total of
500,000 deferred share units ("DSUs") to directors of the Company
under the LTIP. Each DSU entitles the holder to receive one share
of the Company, or in certain circumstances, a cash payment equal
to the value of one share of the Company, when the holder ceases to
be a director of the Company.
Qualified Person Statement
The scientific and technical information in this news release
has been reviewed and approved by Mr. Michele Della Libera, P.Geo, Vice President
Exploration of 1911 Gold, who is a "Qualified Person" as defined
under NI 43-101.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totaling more than 61,647 hectares within
and adjacent to the Archean Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba. 1911 Gold believes its land package is a prime
exploration opportunity, with the potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on
organic growth and accretive acquisition opportunities in
North America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
www.1911gold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements with respect to the terms of the
Offering, the use of proceeds of the Offering, the timing and
ability of the Company to close the Offering, the timing and
ability of the Company to receive necessary regulatory approvals,
the tax treatment of the securities issued under the Offering, the
timing for the Qualifying Expenditures to be renounced in favour of
the subscribers, and the plans, operations and prospects of the
Company, are forward-looking statements. Although 1911 Gold has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
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.
SOURCE 1911 Gold Corporation
