ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement (the “Private Placement”) announced June 13, 2018.
Proceeds of the closing of the Private Placement are $1,624,000. The Private Placement consisted of the issuance of 12,737,500 non flow-through units (the “NFT Units”) at a price of $0.08 per NFT Unit and 6,050,000 flow-through units (the “FT Units”) at $0.10 per FT Unit.
Each NFT Unit at $0.08 is comprised of one common share in the capital of the Company (each, an “NFT Share”) and one full non-transferable share purchase warrant (the “NFT Warrants”). Each NFT Warrant is exercisable into one common share at a price of $0.12 for a period of two years.
Each FT Unit at $0.10 is comprised of one flow-through common share (an “FT Shares”) and one half of one non-transferable share purchase warrant (the “FT Unit Warrants”). Each full FT Unit Warrant is exercisable into one NFT Share at a price of $0.14 for a period of two years.
The NFT Shares and FT Shares, including any NFT Shares issuable upon exercise of FT Warrants and NFT Warrants, all are subject to a hold period expiring on Oct 27, 2018.
A total of $38,160, in cash, 357,000 NFT broker warrants and 296,000 FT broker warrants were issued as finder’s fees on the Private Placement.
The net proceeds from the Private Placement will be used for general working capital purposes and exploration of the Company’s Stars Property.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
For additional information please visit the Company’s website at www.mlgoldcorp.com. You may also email
ML GOLD CORP.
“Adrian Smith”
Adrian Smith
President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) has provided an update to the terms of the financing it announced on May 10, 2018. The Company is now using its best efforts to raise an aggregate of up to $1,600,000. The total is an increase of $600,000 from that originally announced.
The flow-through offering will now be comprised of up to 5,000,000 flow-through units, at a price of $0.10 per flow-through unit, for gross proceeds of up to $500,000. Each flow-through unit will be comprised of one flow-through common share and one half of one non-transferable non-flow-through common share purchase warrant, each full warrant being exercisable for the purchase of one additional common share, at a price of $0.14 per share, for a period of 24 months.
The offering of non-flow-through units will now be comprised of up to 13,750,000 units, at a price of $0.08 per unit, for gross proceeds of up to $1,100,000. Each unit will be comprised of one common share and one non-transferable common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of $0.12 per share, for a period of 24 months.
The proceeds from the sale of the flow-through units will be expended on the Company’s properties located in British Columbia. The proceeds from the sale of non-flow-through units will be used for working capital purposes and as additional working capital on the Company’s properties.
Certain directors and officers of the Company may participate in the private placement. Any such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to or the consideration paid by such persons will not exceed 25% of the Company’s market capitalization. Finders’ fees may be payable in connection with the private placement.
The Company also reports the granting of 2,500,000 stock options (the “Options”) to certain consultants of the Company. The Options have a term of 5 years and are exercisable at a price of $0.10 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian company listed on the TSX Venture Exchange, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
For additional information please visit the Company’s website at www.mlgoldcorp.com. You may also email
ML GOLD CORP.
“Adrian Smith”
Adrian Smith
President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
ML Gold Corp. (TSX-V: MLG) (“ML Gold” or the “Company”) announces it has received permits to conduct step-out drilling at the Stars Project in Central BC. The fully permitted drilling will continue to test the newly identified copper-molybdenum-gold-silver porphyry system under-cover at the Stars Property. Drilling will be dual purposed, focusing on expanding the high grade copper mineralization identified within the recently announced DD18SS004 (“Hole 4”) area (or “Zone 4”), and separately testing multiple targets within the wide Central Target area.
The Company is also pleased to announce it has expanded the area of visible copper mineralization in DD18SS008 (“Hole 8”) which is a 50 metre step-out to the west of Hole 4. Hole 8 has encountered visible copper veining with increasing intensity down hole and is currently stopped in visible copper mineralization at 294.7 metres. The copper mineralization observed occurs as chalcopyrite only, and chalcopyrite-quartz veins with minor pyrite and quartz-sericite to potassic alteration halos. The Company has left the drill set up on Hole 8 while it goes on a short break and plans to continue drilling deeper in Hole 8 until it has passed through the zone of visible copper mineralization.
ML Gold’s understanding of the Stars Property geology is rapidly evolving. ML Gold geologists have now recognized coarse mica (muscovite) alteration, occurring with chalcopyrite-bornite veining in a rare outcrop 150m east of Hole 4, to be part of a high temperature potassic alteration phase. This alteration has also been recognized as part of the potassic alteration footprint within the ore zones of the Highland Valley Copper deposits in south central BC (operated by Teck Resources Ltd.). This new recognition not only validates the potential at the Stars Project, but indicates that there may be multiple porphyry centers present on the Stars Property. ML Gold will prioritize additional step-out drilling to the east, northeast, and southeast of Hole 4 as part of the 2018 drilling program.
Adrian Smith, President of ML Gold comments “All indications are that the copper porphyry system at the Stars Property is at or near surface, where the most prospective zones could be within the first 300 – 400 metres from surface. This is truly an ideal situation for low cost development, recognizing that discovering a large copper resource, close to surface, in a stable jurisdiction is practically unheard of in the past decade. We are extremely excited to continue drilling and expand on this copper endowed porphyry system that has been hiding just under the surface.”
The Company is in the process of logging, sampling, and shipping the Stars core samples to MS Analytical in Langley, BC for assaying. Results will be made available as soon as possible.
The Stars project is ideally located in central British Columbia in the heart of the province’s prolific porphyry belt. Drilling to date by ML Gold has identified a previously unrecognized porphyry system under glacial cover, the full extent of which is still unknown. Based on the extremely positive results encountered by the company on the Stars Project to date, ML Gold will continue to focus its exploration efforts at the Stars Property while evaluating opportunities with its new Palmetto gold resource in Nevada and its 7 Billion tonne Block-103 Iron deposit in Newfoundland and Labrador, Canada.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian company listed on the TSX Venture Exchange, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
For additional information please visit the Company’s website at www.mlgoldcorp.com. You may also email
ML GOLD CORP.
“Adrian Smith”
Adrian Smith
President
NEITHER THE 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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
ML Gold Corp. (TSX-V: MLG; FSE: X0VN.F) (“ML Gold” or the “Company”) is pleased to announce the filing on SEDAR of a technical report supporting its maiden resources estimate for its 100% owned Palmetto Gold Project originally announced October 2, 2017.
The Technical Report is entitled “Palmetto Resource Estimation and Technical Report” effective April 26, 2018 (the “Technical Report”). The Technical Report was authored by an independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure.
The Report is available on SEDAR under the Company’s profile and is also available on the Company’s web site www.mlgoldcorp.com.
Highlights from the report:
- Total maiden inferred resource of 353,435 AuEq ounces.
- 10.1 million tonnes grading 0.95 g/t Au, and 7.29 g/t Ag (1.05 g/t AuEq) containing 310,000 ounces of gold, and 2.4 million ounces of silver for a total of 342,000 AuEq ounces in a pit constrained shell.
- Beneath the pit constrained resource, there is an initial underground inferred resource, completely open to depth and along strike, at 3.6 g/t Au and 10.8 g/t Ag (3.74 g/t AuEq) for an additional 11,753 AuEq ounces.
- The deposit remains open at depth and along strike and in both directions.
Adrian Smith, President of ML Gold comments “The Palmetto project remains open with significant potential to greatly expand the resource. Almost all the gold identified on the property occurs under cover where all drilling to date has only tested a very small area.”
ML Gold Corp. has an option to acquire a 100% right, title and interest to the Palmetto Gold Project (see news release dated October 18, 2016). The Palmetto Project is located in Esmeralda County, Nevada, within the southern portion of the Walker Lane Gold Trend.
Adrian Smith, P.Geo., is the qualified person for the Company as that term is defined in the National Instrument 43-101, and has supervised the technical information presented within this news release.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
For additional information please visit the Company’s website at www.mlgoldcorp.com. You may also email
ML GOLD CORP.
“Adrian Smith”
Adrian Smith
President
NEITHER THE 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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.