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Northstar Gold Secures $818,750 Private Placement to Advance Miller Copper-Gold Property

Nov 18, 2024


Northstar Gold Corp. has announced the closure of the first tranche of its non-brokered private placement, raising $818,750 in gross proceeds through the issuance of 19,850,000 units. This includes 14,900,000 Hard Dollar Units at $0.04 each and 4,950,000 Flow Through Units at $0.045 each, with additional orders expected to close a second tranche soon.

 

Each Hard Dollar Unit consists of one common share and one warrant, exercisable at $0.06 for 36 months. Flow Through Units include one common share and one warrant, exercisable at $0.08 for 24 months. The proceeds will support Northstar’s exploration and development initiatives at its Miller Copper-Gold Property and other strategic milestones.

 

“The strategic investor response to Northstar’s private placement is a positive endorsement of the Company’s Miller Copper-Gold Property exploration/development initiatives and growth potential,” said Brian Fowler, President, CEO, and Director of Northstar Gold Corp. “This financing allows us to pursue targeted drilling, advance scoping studies, and strengthen strategic partnerships to create long-term shareholder value.”

 

Exploration and Development Plans

 

Proceeds will fund drilling on a newly identified 350-metre Zone 2 Extension EM Conductor, located 600–900 metres southeast of the historic high-grade Cam Copper Mine. The target is believed to represent a continuation of copper-bearing volcanogenic massive sulphide (VMS) mineralization, with potentially broader near-surface mineralization.

 

The funds will also support:

Scoping Studies: Northstar is completing a Novamera Inc. scoping study on “Surgically Mine™” high-grade VMS copper mineralization at Cam Copper Mine.

Strategic Partnerships: A site visit by Hunan Nonferrous representatives, contingent on visa approvals, is expected to advance discussions on a potential cooperative agreement. Hunan Nonferrous may secure a minority stake in the Miller Intrusive Complex gold deposits through funding up to 10,000 metres of diamond drilling.

Acquisition Opportunities: Funds will be allocated to potential property option agreements to acquire neighboring Boston Creek Mines and Philip Properties, currently under LOI agreements.

 

Ongoing Initiatives

 

Drilling, slated to begin this month, will target the Zone 2 Extension EM Conductor, which coincides with magnetic anomalies suggesting the southeast expansion of previously drilled VMS mineralization. Previous results from the area include grades of 14.8% copper over 2.5 metres (drill hole CC03-23).

 

Flow Through funds will be used to meet Canadian Exploration Expenses (CEE) requirements, with a focus on critical minerals exploration at Miller.

 

Strengthening Partnerships

 

In addition to exploration, the first tranche enables Northstar to meet milestones for partnerships under its Memorandums of Understanding (MOUs) with Hunan Nonferrous and Novamera. Both agreements are pivotal to the Company’s long-term strategy of advancing copper and gold assets through non-dilutive funding mechanisms.

 

“The upcoming site visit by Hunan Nonferrous represents a critical step in securing collaborative development for our Miller Intrusive Complex deposits, while the scoping study with Novamera will help us assess innovative mining solutions to unlock value from high-grade zones,” Fowler said.

 

Path Forward

 

Northstar is committed to advancing its Miller Copper-Gold Property and pursuing growth through strategic exploration, partnerships, and acquisitions. With this financing, the Company is positioned to drive significant progress across its portfolio while reinforcing its vision of long-term shareholder value creation.



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