Snowline Gold Corp. Congratulates Fireweed Metals on Strategic Funding and Highlights Infrastructure Benefits for Region
- Fireweed Metals Corp., a base-metals exploration and development company with critical metals deposits located southeast of Snowline's flagship projects, has secured up to C$35.4M funding from the Government of Canada and the United States Department of Defense for regional infrastructure studies and project advancement.- Funding of up to C$12.9M from the Government of Canada will support road and power infrastructure planning along the North Canol Road corridor, with potential benefits to the broader minerals district including Snowline's Valley deposit.
- Funding awards dovetail with recent government announcements detailing studies into a Yukon-British Columbia power grid connection, showcasing a forward-looking commitment to responsible infrastructure development for the Yukon.
VANCOUVER, Dec. 16, 2024 - Snowline Gold Corp. (TSX-V:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") congratulates Fireweed Metals Corp. ("Fireweed") on securing significant Canadian and United States government funding in support of their critical minerals projects at Macmillan Pass, Yukon Territory, including funding towards regional power infrastructure and road improvements that could benefit multiple groups in the district.
"We are excited about the positive impact that this infrastructure funding could have on the broader minerals district, including Snowline's flagship assets, and we commend the Fireweed team for their effort and initiative," said Scott Berdahl, CEO & Director of Snowline. "In recent years, Macmillan Pass and the surrounding Selwyn Basin have demonstrated clear potential towards becoming an important foundation of the Yukon's economic future and an important contributor of responsibly sourced metals to the North American supply chain. A shared infrastructure corridor could maximize such benefits while minimizing cumulative impacts.
"And while Snowline's focus remains on our gold exploration targets and our Valley deposit, our mineral claims cover geology prospective for critical minerals, particularly for zinc and tungsten. We see additional potential for critical minerals biproducts from primary gold systems on our claims."
The funding announced by Fireweed comprises up to C$35.4 million total, including funding of up to C$12.9 million sourced from the Government of Canada's Critical Minerals Infrastructure Fund (CMIF) that will support road and power infrastructure planning along the North Canol Road corridor. The North Canol Road is a government maintained public road that runs from Ross River to Macmillan Pass, Yukon, roughly 75 km from Snowline's Valley gold deposit (Figure 1).
From Fireweed's December 13, 2024 release:
The CMIF funding will support Fireweed's implementation of the first phase (Phase I) of the "North Canol Infrastructure Improvement Project" ("NCIIP"), which includes developing preliminary designs for approximately 250 kilometers of road improvements, as well as upgrades to an existing transmission line between Faro and Ross River, and the construction of a new transmission line from Ross River to Macmillan Pass. The effort also includes seeking the consent of local Indigenous groups, completing necessary environmental assessment processes and facilitating multi-party project agreements necessary to advance NCIIP toward construction (Phase II).
The balance of the C$35.4 million funding awarded to Fireweed comes from the United States Department of Defense through a grant of up to US$15.8 million (~C$22.5M) for the advancement of Fireweed's Mactung tungsten deposit towards a final investment decision. Further details on both funding streams are available in Fireweed's news release.
YUKON ELECTRICAL GRID CONNECTION
In September 2024, the Government of Yukon announced receipt of a C$40M grant, also from the Government of Canada's Critical Minerals Investment Fund, to assess the feasibility of a grid connection from the Yukon into the existing electrical grid northern British Columbia. Such a connection would link the Yukon to the broader North American electrical grid, expanding available energy for the Yukon while also connecting to potential demand for future Yukon-based power generation. Snowline congratulates the Government of Yukon on this initiative and applauds the forward-looking commitment to responsible infrastructure development for the Yukon.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with an eight-project portfolio covering roughly 360,000 ha (3,600 km2). The Company is exploring its flagship 111,000 ha (1,110 km2) Rogue Project in the highly prospective yet underexplored Selwyn Basin. Snowline's project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits. The Company's first-mover position and extensive exploration database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Since its launch in 2021, Snowline has progressed the Rogue Project's Valley target from a greenfield prospecting discovery to a significant bulk tonnage gold resource, with 4.05 Moz gold indicated mineral resource at 1.66 g/t Au and an additional 3.26 Moz inferred mineral resource at 1.25 g/t Au within a pit-shell constraint. The resource estimate numbers are supported by the recent technical report for Rogue, prepared in accordance with NI 43-101 standards, entitled "Rogue Gold Project: NI 43-101 Technical Report and Mineral Resource Estimate," authored by Heather Burrell, P. Geo., Daniel J. Redmond, P. Geo., and Steven C. Haggarty, P. Eng., with an effective date of May 15, 2024.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by J. Scott Berdahl, M.Sc., P. Geo., CEO of Snowline Gold Corp, as Qualified Person for the purposes of National Instrument 43-101.
ON BEHALF OF THE BOARD
Scott Berdahl
CEO & Director
For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements regarding the future of infrastructure development in the region around the Company's claims, the potential for critical minerals discovery and critical minerals biproducts on the Company's claims, the discovery potential within the Valley intrusion and on other exploration targets, the potential for investors to participate in multiple future discoveries, the Rogue project having district-scale prospectivity, the creation of a new gold district and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE: Snowline Gold Corp.
