VANCOUVER, British Columbia, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Canadian Gold Resources Ltd. ("Canadian Gold" or the "Company") (TSXV: CAN) (formerly “Amseco Exploration Ltd.”) is pleased to announce a non-brokered private placement (the “Offering”) of: up to 7,500,000 flow-through units (each, an “FT Unit”), at $0.30 per FT Unit, for aggregate gross proceeds of up to $2,250,000; and up to 1,000,000 non flow-through units (each, an “NFT Unit”), at $0.25 per NFT Unit, for aggregate gross proceeds of up to $250,000. Each FT Unit shall be comprised of one (1) flow-through share in the capital of the Company (each, an “FT Share”) and one-half (1/2) common share purchase warrant (an “FT Warrant”). Each whole FT Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at a price of $0.40 per share for a period of 24 months from the date of issuance. Each NFT Unit shall be comprised of one common share in the capital of the Company (each, an “NFT Share”) and one (1) common share purchase warrant (an “NFT Warrant”). Each NFT Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at a price of $0.35 per share for a period of 24 months from the date of issuance. The FT Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada). Proceeds from this Offering will be used by the Company primarily for bulk sampling and exploration at the Company’s Lac Arsenault property and other high-grade gold projects in the Gaspé Gold Belt of Quebec and general working capital. Proceeds from the sale of FT Units will only be used by the Company for eligible exploration expenditures. In connection with the Offering, the Company may pay cash finder’s fees and finder’s options to eligible arm’s length parties. All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance. Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. For more information, visit www.cdngold.com . About Canadian Gold Resources Ltd. Canadian Gold Resources Ltd. (TSXV: CAN) is a Canadian exploration company focused on developing high-grade gold projects in the Gaspé Gold Belt of Quebec. The Company targets under-explored, past-producing properties with significant growth potential, leveraging modern exploration techniques to unlock value. With a team of experienced professionals and a commitment to sustainability and community engagement, Canadian Gold Resources is well-positioned to capitalize on opportunities within this historic and promising gold region. For more information, visit www.cdngold.com. For further information, please contact: Ronald Goguen Chairman, President & CEO of Canadian Gold Resources rongoguen@cdngold.com 506-383-4274 Investor Relations Caroline Sawamoto investors@cdngold.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Offering and use of proceeds from the Offering. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
VANCOUVER, British Columbia, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Canadian Gold Resource Ltd. ("Canadian Gold" or the "Company”) (TSX.V: CAN) is pleased to announce the expansion of its Lac Arsenault property with the addition of 64 new claims, increasing its size by 36.62 square kilometres (3,662.2 hectares), nearly doubling the size of the existing property. This strategic acquisition targets key structural features associated with high-grade epithermal gold and silver mineralization. Expansion and Exploration Potential The newly staked claims encompass additional interlinking fault zones, providing excellent targets for further exploration. These areas, which have seen little prior exploration, are expected to contain further high-grade gold and silver mineralization, similar to the Baker vein discovery. "We’re excited to expand our footprint at Lac Arsenault and explore these critical structural features that have the potential to host significant gold-silver deposits," said Ronald Goguen Chairman, President & CEO of Canadian Gold Resources. "This expansion positions us to build on our discoveries and unlock the full potential of the property."
VANCOUVER, British Columbia, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Canadian Gold Resources Ltd. ("Canadian Gold" or the "Company") (TSXV: CAN) (formerly “Amseco Exploration Ltd.”) is pleased to announce that the common shares of the Company will officially commence trading on the TSX Venture Exchange (“TSXV”) under the trading symbol “CAN” and new CUSIP #13585U109, as of market open today, Thursday, December 12, 2024. “The listing marks a significant milestone for Canadian Gold, providing the Company with greater access to capital markets, increased visibility, and enhanced opportunities for growth, and development,” said Ronald Goguen Chairman, President & CEO of Canadian Gold. “This listing aligns with Canadian Gold’s strategy to advance its exploration and development projects in Canada, further solidifying its position in the growing resource sector.” Key Investment Highlights: Near-Term Cash Flow & Dividends Flagship Lac Arsenault project is expected to generate CAD $9 million(1) from bulk sampling activities with cash flow projected in 2025, with a significant portion of proceeds planned to be distributed as dividends to shareholders. (1) This is forward-looking information. Readers are advised to the full forward-looking statement at the end of this news release for important details regarding assumptions, risks and uncertainties associated with such information. High-Grade Gold Projects Canadian Gold’s portfolio includes high-grade assets like Lac Arsenault (up to 15.43 g/t Au(2) – explored by Imperial & Esso Minerals in the mid 1970’s), Robidoux (up to 92.0 g/t Au(2)) and VG Boulder (up to 75.7 g/t Au(2)), offering strong exploration upside. (2) These estimates are historical and has not been verified – it is not NI 43-101 compliant –additional work is required to confirm this estimate Strategic Location The Company controls 15,838 hectares and more than 34 km of strike along the mineral-rich Grand Pabos Fault, known for hosting significant gold deposits. Experienced Leadership Led by Ronald Goguen, founder of Major Drilling, the team brings over 40 years of experience in advancing exploration projects to development. Growth & Exploration Plans Ongoing exploration activities in 2025, including drilling and bulk sampling, aim to expand resources, and generate non-dilutive capital for further development. About Canadian Gold Resources Ltd. Canadian Gold Resources Ltd. (TSXV: CAN) is a Canadian exploration company focused on developing high-grade gold projects in the Gaspé Gold Belt of Quebec. The Company targets under-explored, past-producing properties with significant growth potential, leveraging modern exploration techniques to unlock value. With a team of experienced professionals and a commitment to sustainability and community engagement, Canadian Gold Resources is well-positioned to capitalize on opportunities within this historic and promising gold region. For more information, visit www.cdngold.com. For further information, please contact: Ronald Goguen Chairman, President & CEO of Canadian Gold Resources rongoguen@cdngold.com 506-383-4274 Investor Relations Caroline Sawamoto investors@cdngold.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains forward-looking statements and forward-looking information (collectively, "FLI") within the meaning of applicable Canadian securities legislation. FLI is based on the current expectations, estimates, projections, and assumptions as of the date of this news release. All statements, other than statements of historical fact, included herein are FLI and involve various risks, uncertainties, and assumptions. Generally, FLI can be identified by terminology such as "expects," "anticipates," "believes," "estimates," "plans," "intends," "predicts," "projects," "seeks," "potential," "targets," or similar expressions suggesting future outcomes or statements regarding an outlook. FLI includes, but is not limited to, statements regarding the Company's exploration activities, anticipated economic assessments, projected production, operating costs, capital costs, potential revenues, and other forward-looking metrics related to the Lac Arsenault Project. Specifically, FLI contained in this news release includes statements regarding the revenue projections from a proposed bulk sample program at the Lac Arsenault Project. These projections are based on the extraction of an estimated 10,000 tonnes of material with an average grade of 15.55 grams per tonne ("g/t") gold, translating to approximately 5,000 ounces of contained gold. Applying a metallurgical recovery rate of 80%, this yields an estimated 4,000 ounces of gold production. At an assumed gold price of USD $1,800 per ounce and a USD/CAD exchange rate of 1.25, the anticipated revenue is approximately CAD $9,000,000. The associated costs for the bulk sample program, including drilling, transportation, and processing, are projected to total approximately CAD $2,500,000, based on existing fixed contractual agreements. FLI is provided to help readers understand management's current expectations and is not a guarantee of future results. FLI is subject to various known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such FLI. These risks include, but are not limited to, the accuracy of mineral grade estimates, metallurgical recovery rates, gold price fluctuations, foreign exchange rate volatility, unforeseen technical or operational challenges, regulatory changes, environmental risks, community and governmental actions, and the ability of the Company to secure required funding and approvals. While management believes the assumptions and expectations reflected in the FLI are reasonable as of the date of this news release, no assurance can be given that such expectations will prove correct, and actual outcomes may vary materially. Readers are cautioned not to place undue reliance on FLI. The Company will only update or revise any FLI in accordance with applicable law, whether as a result of new information, future events, or otherwise and may even withdraw such FLI if it feels that such action is warranted. Such updates, revisions or withdrawals of FLI will be disclosed in such manner as required by law. The assumptions upon which the FLI is based include, but are not limited to, geological data, historical exploration results, economic conditions, market demand for gold, and the accuracy of fixed contractual cost estimates. Additional risks and uncertainties regarding the Company's business are outlined in the Company's public disclosure documents available at www.sedarplus.ca .
MONTREAL, June 3, 2024 /CNW/ - AMSECO EXPLORATION LTD. (TSXV: AEL.H) ("Amseco"), a mineral exploration company listed on the NEX board of the TSX Venture Exchange (the "Exchange"), is pleased to announce that further to its press release dated December 19, 2023 it has entered into a share exchange agreement with Canadian Gold Resources Ltd. ("Canadian Gold") and the shareholders of Canadian Gold (the "Canadian Gold Shareholders"), dated May 31, 2024 (the "Agreement") in respect of a proposed share acquisition of Canadian Gold (the "Transaction"). It is anticipated that the Proposed Transaction will constitute a "Reverse Takeover" of Amseco in accordance with Policy 5.2 – Changes of Business and Reverse Takeovers of the Exchange and is considered an arm's length transaction. All currency references herein are in Canadian currency unless otherwise specified. About Canadian Gold Canadian Gold is a private company existing under the laws of Canada with gold projects in the Gaspé gold belt in the Province of Québec. Immediately prior to closing of the Transaction, Canadian Gold shall have 20,000,000 common shares (the "Canadian Gold Shares") outstanding, excluding any securities issued pursuant to the Concurrent Financing (as defined herein). Canadian Gold's material asset consists of its 100% interest in three gold exploration projects: (i) the Lac Arsenault property; (ii) the VG Boulder Property, and (iii) the Robidoux property (collectively, the "Properties") along the Grand Pabos Fault on the Gaspe Peninsula of Quebec. Gold mineralization in the region is known to be hosted by structures related to the Grand Pabos Fault, a major regional structure that can be traced across the entire Gaspe Peninsula and into Newfoundland where major gold discoveries have been made recently. Canadian Gold holds the Robidoux property (1,940 hectares), the VG Boulder property (5,787 hectares), and the Lac Arsenault property (4,118 hectares. The Properties combine to cover 34km along the Grand Pabos Fault system, gold is associated with major structural systems such as strike-slip faults, breccia zones, and swarm structures. Canadian Gold considers only the Lac Arsenault property to be material in accordance with National Instrument 43-101 – Standard of Disclosure for Mineral Projects ("NI 43-101"). Subject to confirmation from the Exchange, concurrent with the completion of the Transaction and the listing of common shares of the resulting entity (the "Resulting Issuer") on the Exchange, the Resulting Issuer will file a technical report in accordance with NI 43-101 for the Lac Arsenault property. The Properties are located in the province of Québec, Gaspé Peninsula, southwest of Gaspé Municipality accessible by logging road approximately twenty-five kilometers north of the village of Paspebiac. They are situated in a sequence of Palaeozoic (Era) metasedimentary rocks, located near the eastern end of the Aroostook-Matapedia Anticlinorium a major structural unit of the Appalachians that extends from Matapedia to Percé in Quebec. Mineralization occurs within the Honorat Group rocks, is vein type, characterized by brittle deformation and occurs in competent Ordovician (Period) Honorat Group sandstones and greywackes. Lac Arsenault In 1946 Walter Baker, a prospector, discovered boulders containing gold, silver and the sulphides sphalerite, galena, arsenopyrite and pyrite. This property was explored by Imperial & Esso Minerals in the mid 1970's who identified 40,000 tonnes at 15.43 g/t Au, 197.00 g/t Ag, 6.6% Pb, and 3.5% Zn in three veins exposed on surface (Baker vein, Mersereau vein, and L4W vein) (this estimate is historical and has not been verified – it is not NI 43-101 compliant –additional work is required to confirm this estimate). Historic assays of up to 1.4 oz Au/ton and 25 oz Ag/ton have been recorded. Base metal ranges from traces up to 15 percent combined Pb-Zn. Best results include 32.83 g/t Au over 0.27 m at the Baker vein. Best results from the southern part of the L4W vein include 13.5 g/t Au over 0.75m. Best results at the Mersereau vein include 39.7 g/t Au on surface. In 1986 an exploration program discovered a new Au bearing zone, Marleau vein, with an assay of 0.36 oz Au/t over 5.2 feet. The Lac Arsenault property has 93 historic drill holes totaling 7269.41m. Summary of Financial Information The following table presents selected financial information on the financial condition and results of operations of Canadian Gold. Such information is derived from the audited financial statements of Canadian Gold for the period of incorporation (January 22, 2023) to the year ended December 31, 2023. The interim financial statements of Canadian Gold for the three-month period ended March 31, 2024 are currently being generated and will be provided in a subsequent press release, once available. The information provided herein should be read in conjunction with Canadian Gold's financial statements, which will be contained in the filing statement to be filed on SEDAR+ in connection with the Transaction.
