(via TheNewswire)
“We are looking to advance our properties with a drilling program and an Induced Polarization (IP) survey”commented CEO,
Financing Terms and Use of Proceeds
The Offering is comprised of up to 3,000,000 units (“Units”) at a price of
If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the Closing Date of the Offering, the closing sales price of the common shares (or the closing bid, if no sales were reported on a trading day) as quoted on the Canadian Securities Exchange is greater than
In connection with the issue and sale of the Units under the Offering, the Company may pay finder fees and finder warrants to eligible finders at the discretion of the board of directors.
The gross proceeds will be used for the hard dollar costs for spring exploration as well as for general working capital purposes. Flow-through was raised in 2023 will be used in conjunction to this financing as well as a possible future Flow-Through financings in 2024.
The Existing Shareholder Exemption and Investment Dealer Exemption
The Offering will be made available to existing shareholders of the Company who, as of the close of business on
The Company has also made the Offering available to certain subscribers pursuant to B.C. Instrument 45-536 - Exemption Form Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.
The Offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside
Technical Use of Proceeds
Proceeds will be used to advance the technical programs highlighted below for the Howie, Burnthut, and Tabor-Sakoose Projects.
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Figure 1 – Howie Gradient IP survey line locations, proposed drill locations, and Katisha stripping and trenching area.
Howie Property
Figure 1 shows the exploration permiting elements at the Howie Property. Ashley has applied for a Gradient IP survey across the known surficial mineralization at Howie including, Katisha, Kawi, Fije, Howie, and
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Figure 2 – Location of proposed drilling at the Burnthut Property
Burnthut Property
Sampling in 2023 has identified a 10-30m carbonate altered deformation zone at surface which has never been drilled. Samples returned up to 71 g/t Au with multiple grab samples grading over 50 g/t Au. A minimum of three shallow holes will test this zone, planned in May, with permit application of up to 5 additional subject to budget. Airborne geophysics are planned for later this year.
Tabor-Sakoose Property
Permit application for the Tabor and Sakoose area will be submitted within the next 30 days which will include drilling locations at Sakoose and Tabor. To help with the finalization of locations a compilation of geological data and inversion of existing geophysical data will be performed by a third party to determine priority locations for drilling. This will include the high-resolution drone magnetics Ashley acquired last year as well as 2023 Tabor drill information. A soil sampling program is planned this summer between the Tabor and Sakoose mines to determine additional potential mineralized zones along the fold-hinge trend.
Click Image To View Full SizeFigure 3 – Overview of Tabor and Sakoose Area
The Qualified Person responsible for the technical content of this press release is
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DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information,
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