Metals Update 29/7/2020

Copper Fox plans magnetic survey for Sombrero Butte

Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have provided an update of compilation work and exploration plans for its 100-per-cent-owned Sombrero Butte porphyry copper project located approximately 70 kilometres northeast of Tucson, Ariz.

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Dolly Varden increases financing to $10-million

Dolly Varden Silver Corp., due to strong investor demand, has agreed with Mackie Research Capital Corp., co-lead agent and sole bookrunner, along with Eventus Capital Corp., co-lead agent, in connection with the previously announced best efforts private placement of units of the company at a price of 71 cents per unit, to increase the size of the offering for gross proceeds of up to $10-million. Continuing with his support of Dolly Varden, Eric Sprott is expected to subscribe into the offering to maintain his 19.9-per-cent interest.

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Tristar Gold receives $914,614 from warrant exercises

Tristar Gold Inc. has received proceeds of $914,614 from the exercise of 2,613,182 common share purchase warrants (including finders’ warrants). The warrants were issued in connection with a private placement financing (see press release dated Jan. 25, 2018) and had an exercise price of 35 cents and an expiry date of July 24, 2020.

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Freeman closes $10.35-million bought deal offering

Freeman Gold Corp. has closed the previously announced bought deal public offering of common shares of the company for aggregate gross proceeds of approximately $10.35-million. The Company issued 20,690,000 common shares, including common shares issued pursuant to the exercise of the over-allotment option.

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Highgold Mining closes $13.8-million bought deal

Highgold Mining Inc. has closed its previously announced upsized bought deal offering of 7,976,975 common shares at a price of $1.73 per offered share for aggregate gross proceeds of $13,800,166.75, which included the full exercise of the overallotment option granted to the underwriters (as defined herein).

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Galway Metals to buy back 1% NSR on Clarence Stream

Galway Metals Inc. has entered into an agreement dated July 27, 2020, with an arm’s-length third party royalty holder to buy back a 1-per-cent net smelter return royalty covering certain mineral claims at the company’s Clarence Stream property in southwestern New Brunswick. This is a separate royalty and is in addition to the royalty purchase announced on July 21, 2020. The mineral claims subject to the Royalty cover the Jubilee Zone, parts of the Richard Zone, the recently reported new discovery of 186.5 g/t Au over 0.6m located 950m SW of the Jubilee Zone and other prospective properties.

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Southern Silver Exploration offering fully subscribed

Southern Silver Exploration Corp.’s previously announced brokered offering of subscription receipts to be issued at the price of 20 cents per subscription receipt has been fully subscribed for aggregate gross proceeds of $10-million and it is anticipated to close on or about July 31, 2020.

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Troilus pegs Troilus at 4.96 million oz AuEq indicated

Troilus Gold Corp. has provided an updated mineral resource estimate from its 100-per-cent-owned Troilus property located 170 kilometres by road northeast of Chibougamau, Que. The updated mineral resource estimate is summarized in the mineral resource estimate table. For full cut-off sensitivities and background information please visit the Troilus website.

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Galway Metals private placement

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced June 3, 2020.

Number of shares:  17,877,300 flow-through shares and 13,636,400 common shares

Purchase price:  63.5 cents per flow-through share and 44 cents per common share

Number of placees:  33 placees

Total pro group involvement:  1,441,890 (three placees)

Brokers’ fees/finders’ fees:  Paradigm Capital Inc. and Laurentian Bank Securities Inc. received an aggregate of $1,041,126.09 in cash and 1,890,822 broker warrants. Each broker warrant is exercisable into one common share of the company at 44 cents for a period of two years.

Galway Metals drills 3.8 m of 4.3 g/t Au at Clarence

Galway Metals Inc. has released drill results from its Clarence Stream project. Hole CL20-65 contains abundant visible gold (VG) in a new massive quartz vein that is 14.4 metres (m) in core length, located 320 metres northeast of a previously reported new vein intersection of 11.4 grams per tonne gold over 2.0 m, including 43.5 g/t Au over 0.5 m in hole CL20-58. The intersection in hole 58 had been discovered 75 metres north of the George Murphy zone (GMZ) at the Clarence Stream gold project in southwestern New Brunswick.

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Steppe continues work on ATO bankable feasibility study

Steppe Gold Ltd. has provided an update on the bankable feasibility study (BFS) under way for the expansion of the ATO gold mine into fresh-rock ores, with a planned production profile of approximately 150,000 ounces of gold equivalent per year and an estimated 10-year mine life.

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Maple Gold increases private placement to $4.75-million

Maple Gold Mines Ltd. is upsizing the previously announced non-brokered HD financing (see press release July 23, 2020). The increased financing is for aggregate gross proceeds of up to $4.75-million through the issuance of up to approximately 27,941,175 common shares at a price of 17 cents per share.

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Brixton samples up to 68.8 g/t Au at Thorn project

Brixton Metals Corp. has provided an update on its Thorn project exploration activities. Ongoing soil geochemical surveys and rock sampling has returned gold values up to 68.8 grams per tonne gold from the West Outlaw target area where preparation for drilling has started.

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