Beauce Gold Fields Discovers New Mineralized Outcrops that Align with Antiform Saddle Reef Structures
November 7 - Beauce Gold Fields (Champs D'Or en Beauce) (TSX Venture: "BGF"), referred to as "BGF" or the "Company," is pleased to provide an update on its exploration activities following the recent completion of its geophysical survey of the Beauce Gold property in southern Quebec. The Company has identified significant new mineralized outcrops along lengths of the antiform (Saddle Reef type) structure, specifically a newly observed mineralized stockwork zone north of the property, along with additional insights into the extension of the Grondin antiform structure. Patrick Levasseur, President and CEO of Beauce Gold Fields, stated, "The identification of mineralized outcrops along the anticline axis to the north of the Saint-Simon-les-Mines gold placers is one more important milestone that will guide our future drilling efforts for lode gold exploration."
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Image: Rock samples L76, Tuffs, quartz & sulphides
Recent field observations by the Company have revealed significant outcrops north of Fraser Road at IP line L76, containing extensive stockwork mineralization. The newly exposed outcrop of blocks of lapilli tuffs, similar to the Grondin outcrop (see BGF press release June 13, 2024) has been found to contain more than 40% sulphides, predominantly pyrite and arsenopyrite, in quartz veins. This stockwork zone may exceed 30 meters in width and is aligned with the axis of the anticline highlighted in the geophysical survey.
Located approximately 2.5 km northeast of the Fraser outcrop showing that sampled 3.08 g/t Au (Fancamp Exploration sample BE-10-01, GM70597) at IP line L65, this zone extends towards the northeast, intersecting with IP line 109+50E about 3 km further. The significance of this newly discovered stockwork zone suggests it may be contributing to the extensive placer deposits of Saint-Simon-les-Mines found to the south of the property.
35 rock grab samples were taken from the three outcrops over the IP anomalies of the four northeastern lines L53E, L65E, L76E and L109. The samples, each weighing 500 grams, were sent to MSALABS for assay analysis. The grab sample results combined with IP data, geochemical soil results and structural mapping (BGF press release October 17 2024) will guide the selection of drill hole targets for a follow-up drilling and bulk sampling program. This information will also enable the Company to file the necessary "Autorisation pour travaux à impact" (ATI) with the Quebec Ministry of Natural Resources for drilling authorization.
Jean Bernard, BSc. Geo., a qualified independent person as defined by NI 43-101, has reviewed and approved the technical information presented in this release.
Non-brokered private placement
The Company will proceed with a non-brokered private placement of 5,000,000 Flow-Through units at $0.04 per unit for gross proceeds of $200,000 and 5,000,000 Hard Dollar units at $0.03 per unit for gross proceeds of $150,000.
Each Flow-through unit will be comprised of one (1) Flow-through common share and of one (1) common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share of the capital stock of the company at a price of $0.08 for a period of 24 months from the date of closing of the placement and each Hard Dollar unit will be comprised of one common share and one common share purchase warrant of the company which will entitle the holder thereof to purchase one common share of the capital stock of the company at a price of $0.05 for a period of 36 months from the date of closing of the placement.
The offering is conditional upon the receipt of all necessary regulatory approvals, including the approval of the exchange. 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 in accordance with applicable securities laws. In connection with the offering, the company may pay finders' fees, as permitted by the policies of the exchange. Each share issued pursuant to the placement will have a mandatory four-month-and-one-day hold period from the date of closing of the placement. The company anticipates that insiders will subscribe for units and their participation could exceed 25 per cent of the offering.
No more than 10% of the proceeds of the placement can be used for Investor Relations Activities. No amount of the proceeds of the placement is for payments to Non-Arm's length parties of the company nor for payments to persons conducting Investor Relations Activities.
About Beauce Gold Fields
Beauce Gold Fields is focused on exploring and developing the largest placer gold district in eastern North America. The Company's objective is the trace old placer gold workings back to a bedrock source to uncover economic lode gold deposits. The Company's flagship property is the St-Simon-les-Mines Gold project, site of Canada's first gold rush that pre-dates the Yukon Klondike. The Beauce region hosted some of the largest historical placer gold mines in Eastern North America that were active from 1860s to the 1960s It produced some of the largest gold nuggets in Canadian mining history (50oz to 71oz). (Source Sedar: 43-101 Report - Beauce July 4th 2018, , Author B. Violette)
Beauce Gold Fields is currently exploring recently discovered antiform systems that could have contributed to the development of the extensive auriferous placers in Beauce. The Company's geological model suggests that placer gold within the Beauce Gold paleochannel, including the renowned large nuggets from the 19th century, formed in stressed quartz pockets within layered domed Axis of Antiforms, exemplified by Saddle Reef formations. Notable global Saddle Reef formations include the Bendigo gold fields in Australia (over 60 million ounces) and the high-grade Dufferin deposit in Nova Scotia.
Beauce Gold Fields website www.beaucegold.com
Disclaimers:
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding mineral exploration. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
For further information contact
Patrick Levasseur, President and CEO Tel: (514) 262-9239
www.beaucegold.com
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