Golden Dawn Minerals is looking to raise gross proceeds of up to $350,000 from the placement of up to 2,333,333 units priced at $0.15 per unit. The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.30 for 18 months.
Additional Information:
Video Transcript:
I’m Ebony North for Investmentpitch Media
Golden Dawn Minerals Inc. has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $350,000 from the placement of up to 2,333,333 units priced at $0.15 per unit.
The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.30 for 18 months.
The shares are currently trading at $0.165.
The net proceeds will be used for continued exploration and maintenance of its Lexington project and other BC mineral exploration projects, as well as for general working capital purposes.
Golden Dawn, a near term gold producer, has an extensive land package, located east of Greenwood in southeastern, British Columbia.
It is now the 2nd largest landholder in the prolific Greenwood mining camp, after Kinross Gold, which is the 5th largest gold producer in the world.
The Lexington property is part of the company’s extensive Greenwood Precious Metals Project in southeastern BC, which covers approximately 15,400 hectares within which are numerous mineralized zones and 34 historic mines including the large-scale historic Phoenix copper-gold mine located 10 kilometers north of the Lexington property.
Lexington has a Multi-Year Area Based permit for a total of 25 drill sites, from which multiple holes can be drilled from each of the sites, so the permit allows for approximately 20,000 meters.
The Lexington property has a long history of exploration completed by at least 12 companies.
In 2008, 54,237 tonnes were mined from the underground Lexington mine and processed through the Greenwood gravity-flotation plant, producing 5,486 ounces gold, 3,247 ounces silver and 860,259 pounds of copper.
The operation was placed on care and maintenance in 2009 due to low metal prices, with only a small portion of the Lexington-Grenoble Deposit mined in that time.
An updated PEA dated May 2017 reported 96,300 ounces of gold in the measured and indicated categories at a 3.5 grams per tonne cut-off.
Over at the company’s Phoenix area, the company has an exploration permit in place that includes trenching and drilling for a total of 25 drill sites.
An exploration permit is also in place for the Golden Crown property for a total of 35 drill sites.
Multiple holes can be drilled from each of the sites, so the current permits allow for a total of up to approximately 21,000 metres.
I don’t have time here to cover the work happening on the company’s other projects so please visit www.GoldenDawnMinerals.com, contact Christopher R. Anderson, CEO, at 604-488-3900 or email office@GoldenDawnMinerals.com.
I’m Ebony North for Investmentpitch Media
