Golden Pursuit Announces Approval of NWT Grant

Rhea-AI Summary

Golden Pursuit Resources has announced the approval of a grant under the Mining Incentive Program (MIP) for its Gordon Lake project. The grant will cover 50% of eligible expenses up to $80,788.50 for the 2024-25 period. This funding will support geophysical services and geological mapping in preparation for drilling. The company also plans the construction of an all-season road to connect Gordon Lake to Yellowknife, which will facilitate exploration and development. Additionally, Golden Pursuit has retained Renmark Financial Communications for investor relations at a cost of up to $9,000 CAD per month from June 1, 2024, to December 31, 2024, with a renewable option. These developments are subject to TSX Venture Exchange approval.

Positive

• Approval of MIP grant covers 50% of eligible expenses up to $80,788.50.
• Funding supports essential geophysical services and geological mapping for 2024-25.
• Planned all-season road to connect Gordon Lake to Yellowknife will accelerate project development.
• Land and water use permits are in place, ensuring smooth start of exploration.
• Retaining Renmark Financial Communications can enhance the company's visibility in the financial community.

Negative

• Investor relations services cost up to $9,000 CAD monthly, which adds to operating expenses.
• Funding is to $80,788.50 and may not cover all project expenses.
• Dependence on further TSX Venture Exchange approval introduces regulatory uncertainty.

VANCOUVER, BC / ACCESSWIRE / June 11, 2024 / Golden Pursuit Resources Ltd. (the "Company") (TSXV:GDP) is pleased to announce that it has received approval for a grant under the Mining Incentive Program (MIP) for its Gordon Lake project. In its approval notice, the Northwest Territories Geological Survey stated that the Gordon Lake Project "was highly ranked and approved for funding at 50% of eligible expenses. The total value of your MIP funding for 2024-25 is $80,788.50."

This funding will cover part of our 2024 geophysical service and detailed geological mapping in preparation for drilling. Golden Pursuit is anticipating an announcement regarding the start of construction an all-season road that will connect Gordon Lake to Yellowknife via Tibbitt Lake which ends 30 kms south of Gordon Lake. The Company perceives that access will greatly assist and accelerate exploration and development at the Gordon Lake Project. Land and water use permits necessary for exploration are in place with work scheduled to start in the first week of July.

The Company is further pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities.

"We are pleased to announce that we have selected Renmark to reinforce Golden Pursuit Resources' profile in the financial community and enhance the visibility of our company. We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public," noted Brian McClay, President & Chief Executive Officer.

In consideration of the services to be provided, Golden Pursuit Resources Ltd.'s monthly fees will be a cash consideration of up to $9,000 CAD starting June 1st, 2024, for a period of seven months ending December 31^st, 2024, and renewable monthly thereafter.

Renmark Financial Communications does not have any interest, directly or indirectly, in Golden Pursuit Resources Ltd. or its securities, or any right or intent to acquire such an interest.

The foregoing is subject to the approval of the TSX Venture Exchange.

Golden Pursuit Resources Ltd.

Per: "Brian McClay"
Brian McClay, President

For further information, please contact:
Golden Pursuit Resources Ltd.
Tel: 604-730-6982
Email: info@goldpursuit.ca

Renmark Financial Communications Inc.
Ben Ozerkevich: bozerkevich@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com

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: Golden Pursuit Resources Ltd.

View the original press release on accesswire.com

FAQ

What is the value of the MIP funding approved for Golden Pursuit's Gordon Lake project?

The MIP funding approved for Golden Pursuit's Gordon Lake project is valued at $80,788.50.

What percentage of eligible expenses does the MIP grant cover for Golden Pursuit?

The MIP grant covers 50% of eligible expenses for Golden Pursuit's Gordon Lake project.

When is Golden Pursuit planning to start exploration work on the Gordon Lake project?

Golden Pursuit plans to start exploration work on the Gordon Lake project in the first week of July 2024.

What is the monthly cost for Golden Pursuit's investor relations services with Renmark Financial Communications?

Golden Pursuit's monthly cost for investor relations services with Renmark Financial Communications is up to $9,000 CAD.

What new infrastructure is planned to facilitate Golden Pursuit's Gordon Lake project?

An all-season road connecting Gordon Lake to Yellowknife via Tibbitt Lake is planned to facilitate Golden Pursuit's project.