Northstar to begin drilling at Miller Property west of Macassa next month
Northstar Gold Corp. has closed its second and final tranche of its previously announced $2.7 million non-brokered private placement of units for gross proceeds of CDN$287,568.
The Offering was over-subscribed and comprised of 22,088 flow through units ("Flow Through Units"), for a total of $7,068.15 and 1,122,000 non-flow through units, totalling $280,500 (the "Non-Flow Through Units"). The Flow Through Units were priced at $0.32 and comprised of one flow through common share and one-half of one non-flow through share purchase warrant. Each full warrant is exercisable for one non-flow through common at an exercise price of $0.45 for a period of 18 months. The Non-Flow Through Units were priced at $0.25 and were comprised of one common share and one-half of one share purchase warrant. Each full purchase warrant is exercisable into common shares at a price of $0.40 for a period of 18 months.
The Company paid a total of $7,160 in finders fees associated with the Offering and issued 28,640 finder warrants with an exercise price of $0.25, expiring18 months from the closing date of the Offering.
The gross proceeds from the sale of the Flow-Through Units will be used to incur eligible Canadian Exploration Expenses ("CEE") at the Company's 100%-owned flag-ship Miller Gold Property, situated 18 km southeast of Kirkland Lake, Ontario, and the Company's Bryce Gold Property, situated 35 km to the southwest. The Company will renounce CEE effective on or before December 31, 2021. The proceeds raised from the Non-Flow Through Component will also be used for exploration work on the Miller Gold Property and general working capital purposes.
Drilling to Commence at Miller Gold Property in March, 2021
Northstar also announces the Company has engaged More Core Diamond Drilling Services Ltd. to conduct a 2,200 metre Phase IIA diamond drill program on the Company's 100%-owned flagship Miller Gold Property, situated 18 km southeast of Kirkland Gold's Macassa SMC gold mine in northeastern Ontario. Drilling is scheduled to commence in mid-March, 2021 and will target:
-
Additional confirmatory drilling / step outs from 2020 near-surface high-grade gold No. 1 Vein results within the historic estimate area,
-
High-grade gold-telluride mineralization associated with the First Order Catharine Fault structure,
-
Strike extension drilling to enlarge the 2020 Allied Gold Zone discovery (1.2 g/t Au over 107.3m in Drill Hole MG20-47 and 1.4 g/t Au over 118.5m in Drill Hole MG20-49),
-
Test newly defined 3D gravity and magnetic inversion GoldSpot "gold in syenite" AI machine learning anomalies. (Click here to view Northstar News Release dated December 23, 2020).
Qualified Persons
Brian P. Fowler., P.Geo., a 'Qualified Person' (Q.P.) as defined under Canadian National Instrument 43-101, has prepared and reviewed technical aspects of this news release.
The Miller Gold Property - Tapping Kirkland Gold?
The Miller Gold Property and the Kirkland Lake Gold camp share several important geological similarities including similar age rock types, high-grade gold-telluride vein mineralogy, timing of gold mineralization and large-scale hydrothermal gold systems featuring multi-stage and long-lived alkalic magmatic gold deposition. Furthermore, Northstar's Miller Gold Property is structurally connected to the Main Kirkland / Cadillac-Larder Break by the first order Catharine Fault structure that branches off the Main Kirkland / Cadillac-Larder Break 25 km to the northwest. These similarities and structural connection strongly suggest that gold mineralization on the Miller Gold Property is tapping the same gold enriched alkaline magmatic-hydrothermal source as the Kirkland Camp. While both areas exhibit signature high-grade gold-telluride vein mineralization, an important difference is the Miller Property hosts at least two near-surface syenite-hosted low-grade bulk-tonnage zones, (Planet and Allied Syenites) and remains un-explored at depth.
Tags: Northern Ontario / Exploration / Gold / All Articles