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CanXGold Mining Corp. (GDMRD) has initiated its second drill hole at the Phoenix Property in Greenwood, BC, targeting a significant conductive anomaly identified in a 2022 airborne survey. The drill is currently at a depth of 59 meters, aiming for a total depth of approximately 150 meters. This area is believed to have potential for a copper-gold skarn deposit, with preliminary findings showing copper mineralization present in the core. The company's efforts in this region seek to verify historical geological records and enhance resource discovery.
Golden Dawn Minerals (OTCPink:GDMRD) has initiated a drill program at its Phoenix Property in British Columbia's Greenwood Precious Metals project. This program aims to test large anomalies identified in a recent airborne geophysical survey. The Phoenix area contains an extensive land package with historical production, including significant past gold and copper grades from previous drilling. The first drill site targets a 1 km diameter conductivity anomaly, while additional areas focus on magnetic anomalies indicative of mineralization potential. Shares are currently trading at $0.055.
Golden Dawn Minerals Inc. (GDMRD) announced ongoing corporate restructuring efforts, including potential board changes and a name change. The company aims to fully own the Phoenix Mine by completing a $1.7 million payment arrangement, with $750,000 paid so far. Upcoming drilling activities are planned on the Phoenix property following a successful airborne survey. Additionally, a $300,000 loan agreement has been finalized to support working capital and drilling activities at a 12% annual interest rate, along with 800,000 bonus shares for the lender.
Golden Dawn Minerals Inc. (GDMRD) reported successful drilling at the Lexington property, part of the Greenwood Precious Metals project in BC. All five holes drilled intersected mineralization, with significant findings including a 140-meter mineralized section located 450 meters from the known resource. The total depth drilled was 612.9 meters, with assays pending. This drilling indicates the potential for a large, disseminated-style gold deposit, expanding exploration opportunities beyond the existing deposit.
Golden Dawn Minerals has announced a non-brokered private placement comprising 2,333,333 units priced at $0.15 per unit, resulting in gross proceeds of $350,000. Each unit consists of a common share and a transferable warrant, exercisable for 18 months at $0.30 per share. The proceeds will be allocated for exploration and maintenance of the Lexington project and other mineral exploration projects in British Columbia. The offering requires approval from the TSX Venture Exchange and includes a potential finder's fee.
Golden Dawn Minerals Inc. (GDMRD) is nearing the completion of a drilling permit for its Tam O'Shanter Property in southeastern BC, which covers significant mineralization zones. The company anticipates acquiring the permit, requiring a $20,000 security bond, for the 2022 drilling season. The permit allows for 23 drill sites and up to 10,350 metres of drilling. Key targets include the Deadwood Zone, with an inferred resource of 874,000 tonnes at 0.66 grams per tonne gold, and the Bengal Zone. Initial drilling will focus on gold-copper anomalies.
Golden Dawn Minerals (TSXV:GOM) has entered into a Debt Reorganization Agreement with its senior lender, RIVI Opportunity Fund. This agreement addresses approximately US$5.3 million in total indebtedness. The company will make a cash payment of US$306,000 by December 29, 2021, and settle a US$1.70 million loan with structured payments, starting with CAD$500,000 by February 15, 2022. Additionally, RIVI's entitlement to gold production from its projects has been reduced from 15.0% to 10.0%. As long as the company adheres to the agreement, RIVI will waive interest and penalties.
Golden Dawn Minerals (GDMRD) provided an update on the impact of recent heavy rains and flooding in British Columbia on its operations. The company reported no material effects on its infrastructure, including the Greenwood Mill and the Lexington and May Mac mines. All facilities remain secure and operational, with 24-hour monitoring in place. The firm emphasizes the health and safety of its employees and communities as a priority. Additionally, the press release corrected previous disclosures regarding finder fees related to recent financial transactions.
