The company is looking to raise gross proceeds of up to $670,000 from the placement of up to 2 million flow-through units priced at $0.335 per unit. The units consist of 1 flow-through share and one-half a warrant, with each full warrant exercisable at $0.35 for 12 months.
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Video Transcript:
I’m Cassandra Bolinski for Investmentpitch Media
Edgemont Gold Corp. has announced a non-brokered, flow-through private placement.
The company is looking to raise gross proceeds of up to $670,000 from the placement of up to 2 million flow-through units priced at $0.335 per unit.
The units consist of 1 flow-through share and one-half a warrant, with each full warrant exercisable at $0.35 for 12 months.
The shares are currently trading at $0.24.
Net proceeds will be used for exploration expenses on the company’s Dungate project.
The Dungate copper-gold porphyry project is located 6 km southeast of Houston and 26 km north of the Equity Silver Mine, in the Omenica Mining Division of British Columbia.
The initial property, acquired in 2018, consisted of two mineral claims covering 546 hectares, with an additional three minerals claims staked in 2020, bringing the total area to 1,582 hectares.
Edgemont commenced exploration in 2018 with a brief program, collecting six rock samples and eight soil samples as part of a brief orientation to the property, with the rock sampling confirming the presence of copper-gold mineralization.
In 2019, Edgemont contracted a ground magnetometer survey and subsequently conducted a property wide soil sample survey, geological mapping and prospecting.
Surface sampling and mapping in 2019 and 2020 showed anomalous gold and copper in soils and around the inferred area of the known intrusive.
Grab samples returned up to 0.54% copper and 1.7 grams per tonne gold.
Drill logs from 1975 report 142 metres of abundant copper mineralization at bottom of a 333 metre hole, the only deep hole ever drilled.
Management believes the hole in 1975 barely scratched the surface of a very large IP anomaly.
Drilling planned for 2021 will be comprised of 6 - 500 metre holes to comprehensively test all targets at depth.
For more information, please visit the company’s website at www.EdgemontGold.com, contact Stuart Rogers, CEO, at 778-239-3775 or for investor relations, contact Kevin Arias, VP Corporate Development at 778-773-4786 or by email at info@EdgemontGold.com.
I’m Cassandra Bolinski for Investmentpitch Media
