Business
Loyalist Exploration and STLLR Gold Announce Letter of Intent for Major Mineral Property Acquisition in the Timmins Mining District
Toronto, Ontario – TheNewswire - February 27, 2025 – Loyalist Exploration Limited. (CSE: PNGC) (“Loyalist” or the “Company”) is pleased to announce that the Com
About this update from Loyalist Exploration Limited
[{"type":"text","content":"Toronto, Ontario – TheNewswire - February 27, 2025 – Loyalist Exploration Limited. (CSE: PNGC) (“Loyalist” or the “Company”) is pleased to announce that the Company has entered into a binding letter of intent with STLLR Gold Inc. (“STLLR”) to acquire a 100% interest in the Loveland Nickel/Copper/Gold property (the “Property”), approximately 45 kilometres (“km”) northwest of Timmins, Ontario. The Property includes the Hollinger and Cominco zones, both with historical mineral resources of nickel and copper noted below. Together they are open along strike and at depth and form a 10 km prospective exploration corridor within the Property. The Property also includes significant historical surface and underground assays of gold on the Property. Property Highlights: 292 contiguous mineral claims for a total area of 6,244 hectares. Hollinger Zone, historical estimate of 422,350 short tons grading 0.71% Ni and 0.42% Cu.(1) Cominco Zone, historical estimate of 130,000 short tons grading 0.73% Ni and 0.68% Cu.(2) Open along strike and at depth, forming an exploration corridor with a 10 km strike length. Gold assays include 6.37 g/t Au over 8.55 m (383.25 m to 391.8 m down-hole). Additional intervals from the hole included 6.17 g/t over 3.0 m from 403.0 m to 406.0 m and 10.39 g/t over 3.1 m from 410.30 m to 413.4 m.(3) Surface gold grab samples about 400 m southeast of the historical Cominco Zone containing 8.98 g/t Au and 11.48 g/t Au.(3)(7) Errol Farr, Loyalist’s President & Chief Executive Officer commented, “We are very excited to announce the acquisition of the highly prospective Loveland Nickel property, which hosts the Cominco and Hollinger zones along with gold assays on surface and at depth. Upon closing of the property acquisition and concurrent financing (see press release dated February 12, 2025), the Company will consolidate its understanding of the property with the goal of publishing an NI 43-101 technical report and commencing additional exploration programs.” Completion of the purchase agreement will result in the acquisition of a 100% ownership interest in one leased mining claim and 292 unpatented mining claims (283 single-cell claims, 6 boundary cell (i.e., partial cell) claims and 3 multi-cell claims). These contiguous claims total 6,244.28 ha in area. The consideration to ...