TDG Gold Corp. [TDG-TSXV] said it has upsized a non-brokered private placement financing which is expected to generate gross proceeds of $2.2 million, up from the earlier $2 million target. It said the offering is likely to close in early June, and the final tranche will include charity flow-through units priced at 20 cents each.
TDG is a major mineral claim holder in the historical Toodoggone Production Corridor of north-central B.C. with over 23,000 hectares of brownfield and greenfield exploration assets under ownership or earn-in agreements.
Its flagship assets are the former high-grade gold-silver Shasta, Mets and Baker mines, which produced intermittently between 1981 and 2012 and have over 65,000 metres of historical drilling.
TDG said it plans to used net proceeds of the offering for continued exploration on its mineral properties in the Toodoggone mining district and for general working capital. Potential exploration plans for 2024, include prospect drilling at TDG’s 100%-owned Mets mining lease, which is part of an identified, road-connected mineralized trend in the Toodogone. The Mets mining lease is located 23 kilometres northwest of TDG’s former producing Baker mine.
In 2023, TDG’s diamond drill program intersected multiple intervals of high-grade gold from near surface in the Mets A-Zone, including 20.0 metres of grade 10.4 g/t gold from 19.0 metres depth and 8.3 metres of grade 16.4 g/t gold from 50.5 metres depth. Modern geophysics conducted by TDG has identified multiple additional targets on Mets that merit drilling within this mineralized corridor.
“The opportunity for additional high-grade, near surface ounces of free-gold at Mets could be transformative for TDG, given our existing infrastructure including our mill, permits and tailings storage facility,’’ said TDG CEO Fletcher Morgan.
“Last year, we completed high-resolution geophysics demonstrating the potential extension of anomalies to the south and north of the high-grade Mets ZAZone, and two new parallel target zones,” he said. “Our goal is for further exploration success similar to the mineralization in the A-Zone at Mets.’’
The mineralization in the A-Zone is comprised of free-gold hosted in quartz-barite breccia(s) at or near the disrupted lithological contact between volcanic cycles. Historically, 350 metres of underground development work was completed around the A Zone, which is defined as 150 metres of strike and was the focus of 8,800 metres of historical diamond drilling.
In 2022, TDG received an completed the historical archive of exploration and development work undertaken at Mets between 1986 and 1992, including original assay certificates (third party), underground development schematics, historical mine calculations and progress reports.
In December, 2022, TDG published an exploration target range for Mets of 593,000 to 642,000 ounces of gold at between 14.29 and 18.59 g/t gold.
In 2023, TDG conducted a 5.0-drill hole program to confirm historical grades and an extensive geological survey.
On Wednesday, TDG Gold shares were unchanged at 11 cents and currently trade in a 52-week range of 32.5 cents and 11 cents.
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