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GT Resources Announces Completion of $1.84 million Non-Brokered Private Placement and Mobilization of Exploration Drill Rigs for the Canalask Nickel-Copper Project
Toronto, Ontario--(Newsfile Corp. - June 13, 2024) - GT Resources Inc. (TSXV: GT) (OTCQB: CGTRF) ...
About this update from Gt Resources Inc
[{"type":"text","content":"GT Resources Announces Completion of $1.84 million Non-Brokered Private Placement and Mobilization of Exploration Drill Rigs for the Canalask Nickel-Copper ProjectToronto, Ontario--(Newsfile Corp. - June 13, 2024) - GT Resources Inc. (TSXV: GT) (OTCQB: CGTRF) (FSE: 7N1) (the \"Company\" or \"GT Resources\") is pleased to announce that, further to GT's news release dated May 15, 2024, it has completed a C$1,840,000 non-brokered private placement financing (the \"Private Placement\"). Starting immediately, proceeds of the Private Placement are to be used for exploration diamond drilling at the Company's Canalask copper-nickel project in the Yukon.The Company plans to drill up to 2,000 meters to test the Electromagnetic (\"EM\") Maxwell plate that was defined in the 2023 field season and to conduct additional downhole EM surveys to locate massive copper-nickel sulphide mineralization. Locating the source of the historical footwall resource estimate (400,000 tonnes at 1.35% nickel) is the goal. Note, copper values were not reported in the historical resource estimate, but significant copper mineralization occurs on the property. Massive sulphide samples collected by the Company in 2021 from near the historic Footwall deposit assayed up to 6.1% Cu, 0.15% Ni, 0.06% Co, 1.6 g/t Au, 28.1 g/t Ag (see news release November 17, 2022).To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6502/212840_1aa2140fa45bc870_001full.jpgTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6502/212840_1aa2140fa45bc870_002full.jpgPursuant to the Private Placement, the Company issued 26,666,667 common shares in the capital of the Company (\"Common Shares\") that will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the \"Flow-Through Shares\") at a price of C$0.069 per Flow-Through Share. The gross proceeds from the Private Placement will be used by the Company to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through critical mineral mining expenditures\" as both terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") on or before December 31, 2025 (or such other period as may be permissible under applicable tax legislation), and to renoun...