November 7, 2024, Montreal, Quebec, Canada – TheNewswire – CBeauce Gold Fields (TSX Venture: BGF)also called “BGF” or the “Company,” is pleased to provide an update on its exploration activities following the recent completion of its geophysical survey of the gold property in Beauce, southern Quebec. The Company has identified significant new mineralized outcrops along the Saddle Reef structure, including a new mineralized stockwork zone observed to the north of the property, as well as additional information on the extension of the Grondin antiform structure.
Patrick Levasseur, President and CEO of Champs d’Or en Beauce, said: “The identification of mineralized outcrops along the axis of the antiform to the north of the Saint-Simon- les-Mines is another important milestone that will guide our future drilling efforts for the exploration of gold deposits. »
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Image: Rock samples L76, Tuffs, quartz and sulphides
The Company’s recent field observations have revealed significant outcrops north of Fraser Road, at IP Line L76, containing extensive stockwork mineralization. The new exposed outcrop of lapillis tuff blocks, as observed in the Grondin outcrop (see BGF press release of June 13, 2024), contains more than 40% sulfides, mainly pyrite and arsenopyrite, in quartz veins. This stockwork zone could exceed 30 meters in width and aligns with the axis of the antiform highlighted in the geophysical survey.
Located approximately 2.5 km northeast of the Fraser outcrop which showed a sample of 3.08 g/t Au (sample BE-10-01 from Fancamp Exploration, GM70597) at line IP L65, this zone extends towards the northeast, intersecting line IP 109+50E approximately 3 km further. The discovery of this new stockwork area could contribute to the vast placer deposits of Saint-Simon-les-Mines located to the south of the property.
35 rock samples were collected from three outcrops above the IP anomalies of the four northeast lines L65E, L76E and L109E. The samples, each weighing 500 grams, were sent to MSALABS for analysis. Rock sample results combined with IP data, soil geochemical results and structural mapping (BGF press release October 17, 2024) will guide the selection of targets for a drilling and bulk sampling program. This information will also allow the Company to file the “Authorization for Impact Works” (ATI) application with the Quebec Ministry of Natural Resources to obtain drilling authorization.
Jean Bernard, B.Sc. Geo., an independent qualified person as defined by NI 43-101, has reviewed and approved the technical information presented in this press release.
Private placement without the intermediary of a broker
The Company will conduct a non-brokered private placement of 5,000,000 flow-through units at a price of $0.04 per unit for gross proceeds of $200,000 and 5,000,000 common units at price of $0.03 per unit for gross proceeds of $150,000.
Each flow-through unit will be composed of one (1) flow-through common share and one (1) common share subscription warrant of the Company. Each warrant will entitle its holder to purchase one common share of the Company’s capital stock at a price of $0.08 for a period of 24 months from the closing date of the offering. Each common unit will consist of one common share and one common share purchase warrant of the Company, which will entitle its holder 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 closing date of the placement.
The Offer is conditional upon receipt of all necessary regulatory approvals, including the approval of the Canadian TSX Venture Exchange. The proceeds of the offering will be specifically used to: (i) finance exploration and (ii) for general business purposes.
The offering will be made to accredited investors in accordance with applicable securities laws. In connection with the offer, the Company may pay finder’s fees, as permitted by the policies of the stock exchange. Each share issued in the offering will be subject to a mandatory hold period of four months and one day from the closing date of the offering. The Company anticipates that insiders will subscribe for units in the offering and that their participation may exceed twenty-five percent (25%) of the offering.
No more than 10% of the proceeds of the offering will be used for investor relations activities and no amount of the proceeds are intended for payment to related persons of the Company or to persons carrying out investor relations activities.
About Champs d’Or en Beauce Inc.
Champs d’Or en Beauce Inc. (¨BGF¨) is a gold exploration company focused on exploration in the Beauce region of southern Quebec. The company’s flagship property is the site of the St-Simon-les-Mines gold project, site of Canada’s first gold rush, before the Klondike rush in the Yukon. The Beauce region was home to some of the largest historic placer gold mines in eastern North America which were active from 1860 to the 1960s. It produced some of the largest gold nuggets in the world. Canadian mining history (50 oz to 71 oz) (Source Sedar: Beauce July 4th 2018, Rapport 43-101)
The objective of Champs d’Or en Beauce is to trace the old gold placer workings to the bedrock source in order to discover an economic gold deposit.
Beauce Gold Fields is currently exploring recently discovered antiform systems that may have contributed to the development of the vast gold placers of Beauce. The Company’s geological model suggests that the placer gold in the Beauce Gold paleochannel, including the famous large nuggets of the 19th century, formed in pockets of energized quartz within laminated domed antiform axes, exemplified by Saddle Reef formations. Notable global Saddle Reef formations include the Bendigo goldfields in Australia (over 60 million ounces) and the high-grade Dufferin deposit in Nova Scotia.
Disclaimer:
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectations 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 with respect to natural and gold resource exploration. These statements reflect the Company’s current views 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 current filings with securities regulatory authorities. securities, which documents can be found at www.sedar.com. Actual results, future events and performance may differ materially from the expectations described. 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, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
CONTACT :
Patrick Levasseur, president and general manager: Tel. (514) 262-9239
www.beaucegold.com
