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Loyalist Exploration Announces Letter of Intent for Gold Property Acquisition in the Timmins Mining District and $600,000 Concurrent Financing
Toronto, Ontario – TheNewswire - February 12, 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 12, 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 dated February 12, 2025 (the “LOI”) to option (the “Option”) a 100% interest in the Gold Rush property (the “Gold Rush Property” or the “Property”), located approximately 30 kilometres (“km”) west of Timmins, Ontario from a prospector in Timmins (the “Optionor”). The Property is composed of 41 contiguous mineral claims and is located within the “Timmins Gold Camp”. Mineralization within the Timmins Gold Camp is not necessarily indicative of mineralization at the Property. 15 drill holes were completed between 2021-24 for approximately 1,650 meters. Historical Gold Rush Property Highlights: 1. Location. 30 kilometres (“km”) west of Timmins, Ontario, located within the Timmins Gold Camp. 2. Historical drilling. 15 completed drill holes with best assay 2.08 g/t Au and 11.5 g/t Ag over 1 m (Sanatana Resources Inc Assessment report dated January 22, 2022, page 113). 3. Accessibility. Road access & trails. Property less than 30 km drive from Timmins, Ontario. 4. Environmental, social concerns. No lakes, homes, camps, surface rights owners nearby. 5. Three high priority prospects, North Shaft Zone, North Vein Area & Mid Point Area. Additional property prospects merit future exploration. 6. Size. 41 contiguous cells, composing an aggregate size of approximately 2026 acres. 7. Potential for future growth, additional gold-silver mineralization and property expansion. 8. Attractive geological location for additional discoveries such as Cu, Zn, Ni, PGE etc. 9. Assessment reserve. Approximately $513,000 worth of credits in reserve to distribute across the 41 mining cells. Information on the property has been provided by the Optionor in addition to assessment reports located on the Ontario Government’s Mining Lands Assessment System (MLAS). Errol Farr, Loyalist’s President & Chief Executive Officer commented, “We are very pleased to make the strategic acquisition in the prolific Timmins Gold Camp. The optioning of the Gold Rush Project aligns with Loyalist’s strategy of acquiring low-cost, high-upside exploration projects and gives the Company and its shareholders exposure to the prolific gold district. We will continue to lo...