Montreal, Quebec — Beauce Gold Fields (Champs D’Or en Beauce) (TSXV: ¨BGF¨), (“BGF”): (“BGF” or the “Company”), 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.”
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.
Beauce Gold Fields is a gold exploration company focused on placer to hard rock exploration in the Beauce region of Southern Quebec.
