TDG Gold Raises $3.4 Million to Advance High-Grade Gold Prospects in B.C.’s Golden Horseshoe

British Columbia has a rich history of gold exploration and production. The first gold discoveries were reported in the 1830s, with more significant discoveries coming much later in the second half of the twentieth century. Between 1858 and 2013, about 32 million ounces of gold were produced from the region.

British Columbia has seen a resurgence in exploration activities, hitting a 10-year expenditure high in 2022. One company contributing to this uptick is TDG Gold Corp. (TDG), a major mineral claim holder in the historical Toodoggone Production Corridor within the Golden Horseshoe in north-central B.C.

Some of the prominent mines producing gold in B.C.’s Golden Horseshoe include:

1. Ranch Gold Project: Owned by Thesis Gold Inc
2. Stallion Project: Located in the Golden Horseshoe, the Stallion project is in a proven and profitable mining jurisdiction.
3. Kemess Gold-Copper Mine: Located 45 kilometers away from the Golden Horseshoe, the Kemess mine is known for its world-class gold and copper deposits.
4. Lawyers Gold-Silver Trend: Owned by Benchmark
5. Red Chris Mine: Located inside the Golden Triangle and just 18 km southeast of Iskut, the Red Chris mine is known for its gold deposits.

TDG Gold recently raised $3.4 million for exploration at its mineral properties, including its flagship assets, the former high-grade gold-silver Shasta, Mets, and Baker mines. These mines, which produced intermittently between 1981 and 2012, have over 65,000 meters of historical drilling.

The financing was achieved through the closure of the final tranche of a private placement, which was initially announced on June 19, 2023. The final tranche consisted of 3.83 million charity flow-through units priced at 45 cents per unit, 43,000 common shares issued on a flow-through basis under the Income Tax Act (Canada) priced at 35 cents per share, and 495,334 hard dollar units priced at 30 cents each. The final tranche proceeds amounted to $1.88 million.

Prior to this, the company had completed the first tranche of the offering, generating gross proceeds of $1.54 million. TDG CEO Fletcher Morgan and director Michael Kosowan both participated in the final tranche of the offering, subscribing for 33,500 hard dollar units and 400,000 charity flow-through units respectively.

The Shasta deposit, a former producing gold-silver mine, is located within the Baker-Shasta permitted mine area. The Shasta mining lease has been extended with First Nation support to 2050, and the Baker-Shasta area is permitted for exploration off-lease. The Shasta deposit area has been the focus of TDG’s 2021-2022 diamond drilling, covering more than 13,250 meters in the Greater Shasta exploration target area.

The Shasta deposit hosts an inferred resource of 709,200 ounces of gold equivalent (AuEq) at 1.00 g/t or (0.79 g/t gold and 26.7 g/t silver). This estimated resource, accessible to open-pit mining, is specific to the central zone of the Shasta deposit.

The Greater Shasta-Newberry area, covering 3.1 square kilometers, is a major focus for the Company. This area, which includes multiple satellite exploration zones, appears thematically similar to the Shasta deposit. The exploration targets are identified based on several factors including magnetic susceptibility, VLF corridors/conductors, steep magnetic gradients, gold in soil anomalies, and the attitude/orientation of structures in the area.

TDG is targeting mineral resource growth at Shasta in several ways. This includes developing a geological and geochemical model, relogging and re-assaying historical drill core, focusing drilling adjacent to the existing mineral resource to expand known zones, drilling between Cayley-Rainier and Creek/Shasta and JM Zones, utilizing larger diameter (HQ) core to more accurately represent gold grade, and targeting work for outlying zones that could transform Shasta into a bigger project.

The company’s drilling efforts have intersected quartz-carbonate vein and stockwork zones, which are similar to Shasta. However, these areas have not been adequately drill-tested. The company’s exploration program for 2023 aims to confirm the historical resource on the 100%-owned Mets mining lease, unlock the potential of Greater Shasta-Newberry, and execute regional programs across TDG’s gold-silver-copper projects to develop a pipeline of drill targets.

TDG CEO Fletcher Morgan expressed his confidence in the company’s direction, stating, “We are pleased with the support received from investors in this financing, which will allow us to continue to advance our exploration activities in British Columbia.”

British Columbia’s historical and ongoing gold production is a testament to the province’s rich mineral resources and its role in the global gold mining industry. The recent financing and advancement of exploration activities by companies like TDG Gold Corp. underscore the continued potential of the region.