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Loyalist Exploration and Fulcrum Metals Announce Letter of Intent for Major Gold Property Acquisition in the Timmins Mining District and Upsize to Non-brokered Private Placement
Toronto, Ontario – TheNewswire – April 9, 2025 – Loyalist Exploration Limited (CSE:PNGC) (“Loyalist” or the “Company”) is pleased to announce that on April 8, 2
About this update from Loyalist Exploration Limited
[{"type":"text","content":"Toronto, Ontario – TheNewswire – April 9, 2025 – Loyalist Exploration Limited (CSE:PNGC) (“Loyalist” or the “Company”) is pleased to announce that on April 8, 2025, the Company entered into an arm’s length binding letter of intent with Fulcrum Metals Plc (“Fulcrum”) to acquire (the “Acquisition”) the Tully Gold property (the “Property”), located approximately 25 kilometres (“km”) northwest of Timmins, Ontario. The Property includes a historical mineral resource of 107,000 ounces (144,000 ounces gold uncapped reported by Francis Minerals Ltd., 2013). The Company also announces the upsizing of it previously announced (February 12, 2025) non-brokered private placement, now consisting of the sale of up to 150,000,000 units of the Company (each, a “Unit”), at a price of $0.01 per Unit, for gross proceeds of up to $1,500,000 (the “Offering”) (see below). Tully Property Highlights: 458 hectare mining lease 25 km northeast of Timmins Historical resource estimate of: indicated 358,000 tonnes grading 6.56 g/t gold for 76,000 ounces inferred 184,000 tonnes 5.17 g/t gold for 31,000 ounces total 107,000 ounces (uncapped 144,000 ounces) (see table 1) potential for expansion Completion of the purchase agreement will result in the acquisition of a 100% ownership interest in 1 leased mining claim and 11 unpatented mining claims. These contiguous claims total 458 ha in area. The consideration to Fulcrum of the acquisition of the Property consists of a cash payment of $500,000, the issuance of approximately 89,255,000 of Loyalist common shares (“Loyalist Shares”) (subject to adjustment, as more fully described below), and Fulcrum retaining a 2.0% Net Smelter Royalty (“NSR”), providing Loyalist with an option to buy-back one-half of the NSR for $1 million. Loyalist will also make additional payments to Fulcrum, upon the achievement of certain milestones, totaling $100,000 and 30,000,000 Loyalist Shares or the cash equivalent (as more fully described below). Errol Farr, Loyalist’s President & Chief Executive Officer commented, “We are very excited to announce the acquisition of the Tully property, which hosts a significant historical gold resource, numerous high grade drill intersection and is open and along strike. The acquisition of Tully along with the Gold Rush Gold property and the Loveland Nickel/C...