Solstice Provides Updated Information on Private Placement
Not for Distribution to United States News Wire Services or for Dissemination in the United States
Solstice Gold Corp. (TSXV: SGC) ("Solstice", "we", "our" or the "Company") confirms in its October 31st private placement (the "Offering") it issued, for gross proceeds of $1.12M: 1,170,296 common shares (the "Ontario FT Shares") of the Company to residents in Ontario at a price of $0.085 per Ontario FT Share, each Ontario FT Share qualifying as a flow-through share for purposes of the Income Tax Act (Canada) (the "ITA"), 4,839,119 common shares (the "National FT Shares") at a price of $0.068 per National FT Share, each National FT Share qualifying as a flow-through share for purposes of the ITA; and 11,448,998 units of the Company ("Units") at $0.06 per Unit, each Unit comprised of one common share of the Company (each, a "Share") and one half warrant where one full warrant is exercisable for one Share at $0.10 for 12 months from the closing date of the Offering.
As per TSXV regulations, the total number of shares issued as part of the offering must be stated, and is provided above. The closing Press Release stated the gross proceeds and prices of each type of share issued, but not the total number of shares issued.
About the Strathy Gold Project
The Strathy Gold Project is an extensive 41 km2 land package in the Archean-age Temagami Greenstone Belt, which is the southernmost extension of the Abitibi Subprovince in Ontario. Solstice's first drill program on the Project intercepted the Red Cedar Discovery; an intercept of 8.52 g/t Au over 3.5m. The discovery hole is located in the largest IP anomaly on the Project which is open to the north and east. Located on the Trans Canada Highway, the Project has excellent access to infrastructure and mining expertise. In addition to the recent Red Cedar discovery, the Strathy Gold Project contains documented, widespread high-grade gold mineralization, hosting historic intercepts of 5.00 g/t Au over 7.28m and 7.66 g/t Au over 7.25m (core lengths)1 at vertical depths of approximately 50-100 metres below surface, and documented surface sample results of up to 62.7 g/t Au2. Despite this demonstrated prospectivity, the core claims at Strathy have not been systemically explored in the past.
For more detailed information on the Project, including a technical review of the project and plans for Phase II drilling, please visit www.solsticegold.com
References:
- OGS Assessment file No. 31M04SW0088
- Wabana Exploration Assessment Report, file No. 31M04SE2005
About Solstice Gold Corp.
Solstice is an exploration company with quality, district-scale gold projects in established mining regions of Canada. Our 41 km2 Strathy Gold Project hosts high grade gold mineralization over a wide area straddling two NE-SW-trending structures. It is located in the Abitibi Subprovince of the Superior Craton and has never been systematically explored in its history. A recent 17.5 line km Alpha IP survey defines 50 new targets on SGC claims. Large, continuous IP anomalies are structurally linked to areas of significant gold intercepts and are largely untested, presenting the opportunity for significant discovery.
Our Qaiqtuq Gold Project which covers 662 km2, hosts a 10 km2 high grade gold boulder field, is fully permitted and hosts multiple drill-ready targets. Qaiqtuq is located in Nunavut, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine Gold Mine owned by Agnico Eagle Mines Ltd..
Our district-scale Atikokan Gold Project is approximately 26 km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited. Our 194 km2 Red Lake Extension (RLX) and New Frontier projects are located at the northwestern extension of the prolific Red Lake Camp in Ontario and approximately 45 km from the Red Lake Mine Complex owned by Evolution Mining.
An extensive gold and battery metal royalty and property portfolio of over 80 assets was purchased in October 2021. Well over $2.5 million in value and three new royalties have been generated since the acquisition.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, our exploration projects and details on our recently acquired portfolio of projects please see our Corporate Presentation available at www.solsticegold.com.
Solstice's Chairman, David Adamson, was a co-award winner for the discovery of Battle North Gold Corp.'s Bateman Gold deposit and was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16 years of exploration in the Red Lake.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical disclosures of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements ("FLS") including, but not limited to the anticipated use of proceeds of the Offering, exploration programs qualifying as "Canadian Exploration Expenses" and "flow-through mining expenditures" and approval of the TSXV of the Offering. FLS can often be identified by forward-looking words such as "approximate or (~)", "emerging", "goal", "plan", "intent", "estimate", "expects", "potential", "scheduled", "may" and "will" or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These risks include, but are not limited to, that Company may not be able to obtain necessary regulatory approvals for the Offering, that the use of proceeds from the Offering may differ due to unforeseen circumstances, and general risks relating to the Company's business including there is no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit, the ability of the Company to continue exploration at its projects and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
All forward-looking statements are based on the Company's current beliefs as well as various assumptions made by Company management and information currently available to them including that the Company will be able to spend funds raised under the Offering as anticipated. There can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.
Historical Sampling and Drilling Data and Information
The sampling and drilling data and information presented in this news release (the "Historical Exploration Information") is historical in nature. The reader is cautioned that the Historical Exploration Information is based on prior data and reports previously prepared by third parties without the involvement of Solstice. Solstice has not undertaken any independent investigation, nor has it independently analyzed the results of the Historical Exploration Information in order to verify the results. The reader is cautioned not to treat Historical Exploration Information, or any part of it, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent quality assurance/quality control protocols are known for these historic samples and drill holes and therefore the Historical Exploration Information may be unreliable. Solstice considers these historical drill results relevant as the Company will use this data as a guide to plan future exploration and drilling programs. Solstice considers the data to be reliable for these purposes, however, the Company's future exploration work will include verification of the data through drilling.
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Contact
On Behalf of Solstice Gold Corp.
Pablo McDonald, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
info@solsticegold.com
