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MLK Gold Extends and Re-Prices Warrants and provides update on its flagship Caledonia Brook Gold Project in central Newfoundland
Windsor, Nova Scotia, CANADA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- MLK Gold Ltd. (CSE:MLK) (“MLK Gold” or the “Company”) announces that following its last Board o
About this update from Triple One Metals Inc
[{"type":"text","content":" Windsor, Nova Scotia, CANADA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- MLK Gold Ltd. (CSE:MLK) (“MLK Gold” or the “Company”) announces that following its last Board of Directors meeting that it had agreed to extend 23,724,285 warrants, that were due to expire on September 30, 2022, for a period of two years. In addition to setting a new expiry date to September 30, 2024, the Directors also elected to reset the price of each warrant from its original $0.10 each to $0.07 each. Insiders of the Issuer hold less than 10% of the warrants being amended. The Board of Directors expects to undertake a new round of financing in late September. Use of proceeds will be used for general operations and to follow up on several additional areas with anomalous geochemical data in rocks, tills, and soils at the Caledonia Brook property. MLK Gold’s immediate exploration focus is on the Viper Zone where the Company is close to drill-ready on its Newfoundland and Labrador permit-approved targets. The helicopter airborne Versatile Time-Domain Electromagnetic (“VTEM™ Plus, or “VTEM”) geophysical survey over MLK Gold’s flagship, Caledonia Brook gold property was flown by Geotech Ltd. of Aura, Ontario between February 27, and March 17, 2022. The program was designed to acquire important depth profile information that could be used to augment a 2004 Fugro Dighem(v) airborne geophysical survey carried out for Rubicon Minerals Corp. MLK’s 2022 airborne VTEM survey, which overlaps part of this earlier survey, was cut short after flying 621 kilometres of the planned 944 kilometres because of windy weather conditions and consequential budget constraints. The survey data is being further interrogated by a third-party geophysical expert. Results of this work is expected in October. A glacial till sampling program to identify gold grains across a portion of the property corresponding to the VTEMtm survey was completed by Overburden Drilling Management Limited (“ODM”) from Ottawa, ON, and MLK Gold, with subsequent geochemical analyses carried out on heavy mineral concentrates (“HMC”) from each till sample. The concentrates were provided by ODM to Activation Laboratories Ltd. (“ActLabs”) from Ancaster, ON where the analyses were completed. The maximum number of gold grains separated from the till survey was 17, with all being reshaped, however the next large...