(TheNewswire)
June 13, 2024 – TheNewswire – Montreal, Quebec, Canada – Beauce Gold Fields (Champs D’Or enBeauce) BBGF, referred to as”BGF” or the “Company,” ispleased to announce chemistry results from a scan electron analysis ofgold grains recovered from the bulk sampling ofthe Grondin antiform outcrop on the Company’s Beauce Gold property,located in the Beauce region of southern Quebec. The analysisindicates that the gold grains contain 15% silver and 85% gold.
Patrick Levasseur, President and CEO of Beauce GoldFields, states, “With the recentsignificant rise in the price of silver, the discovery of silver inthe gold grains and in drill cores marks a major milestone in ourexploration efforts. The positive correlation of bedrock silver tosilver in gold placers also provides valuable insights into theorigins of our historic placer gold deposit.”
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Image: Grondin Outcrop Gold Grains, Axis ofAntiform,
GEOX Inc. was commissioned by the Company to characterize thechemistry of several gold grains recovered from a bulksample of the Grondin antiform outcrop (BGF press release March20, 2024).
The gold grains were mounted on a polished thin section by VanPétro /Vancouver Petrographics Ltd. The grains were observed with apetrographic microscope and analyzed with a scanning electronmicroscope (SEM) and Energy Dispersive X-ray (EDS) at IOS ServicesGéoscientifiques Inc. Each EDS analysis contains 2 millioneffective counts, a process time aimed at the best spatial resolution,and a dead time of less than 55%.
The SEM-EDS analyses indicate that the gold grains averaged 85.05%gold (Au), 14.74% silver (Ag) with a fineness of the gold grains(calculated as 1000 * Au / (Au + Ag)) ranging between 820 and 870. The silver content is relatively homogeneous. Half the samplescontained trace elements of Cd and Hg. The grains contained nocopper and no electrum. The 15% silver content is typical of orogenic environments however the absenceof detectable copper points to a source with a particular chemistry.
Table 1. Analytical results (by weight%)
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The 14.75% silver content of the Grondin grains fromthe bedrock outcrop is comparable to the silver recovered from pastplacer gold mining operations 3 km to the southeast. Historicalreceipts from the Royal Canadian Mint for the 1960s Beauce PlacerMining dredging operation indicated an average silver to gold contentof 13%. An 1863 Geological Survey of Canada report by T. Sterry Huntrecorded a silver to gold content of 12.54%.
Mineralized zones from the Grondin diamond drill cores(hole GR 23-01, BGF Press Release January 18, 2024) reported anomaloussilver levels averaging 0.79 ppm. By consolidating the silver contentwith the gold zone intersects, which averaged 3.33 g/t of gold, weachieve a silver to gold ratio of 23.68%. The lower silver content inthe Grondin outcrop gold grains and in the historical placerproduction, compared to the silver disseminated in Grondin drillcores, suggests loss attributed in part to weathering and dissolutionof the metal during transport.
The similar in situ silver content in Grondin goldgrains to the placer gold suggests detrital transport of goldparticles, adding support to the idea that mineralized antiformstructures are the genesis of the historic placer golddeposits.
According to the GEOX study,compared to grains from different mineralized zones, the gold in theGrondin sample has an silver content similar to that of gold fromalkaline porphyry-type mineralizations. This sample likely comes froman orogenic gold-type mineralization.
Epigenetic gold deposits formed in an orogenic contextoffer a wide variety of lithological hosts. Orogenic-type golddeposits account for more than 30% of the world’s gold production.These deposits show a significant spatial association with dilationstructures. These structures, which serve for the precipitation ofeconomic substances from hydrothermal fluids, are varied and includeanticline fold hinges, fractures associated with competency contrastsbetween units, and fault intersections.
Jean Bernard, B,Sc. Geo., is a qualified person,as defined by NI 43-101, who has reviewed and approved the technicalinformation presented in this release.
Close of Non-Brokered PrivatePlacement
Beauce Gold Fields Inc. is closing a non-brokeredprivate placement of 2,475,000 flow-through units at four cents perunit for gross proceeds of $99,000.00 and 5,335,714 units at 3.5cents per unit for gross proceeds of $186,750.00.
Each flow-through unit will comprise one flow-throughcommon share and one common share purchase warrant of the company.Each warrant will entitle the holder thereof to purchase one commonshare of the capital stock of the company at a price of 8 cents for aperiod of 24 months from the date of closing of the placement and eachunit will comprise one common share and one common share purchasewarrant of the company which will entitle the holder thereof topurchase one common share of the capital stock of the company at aprice of five cents for a period of 36 months from the date of closingof the placement. Securities issued under the financing are subject toa four-month hold period, in accordance with applicable Canadiansecurities laws. The placement is subject to standard regulatoryapprovals including the approval of the TSX Venture Exchange. Theproceeds of the placement will be used: (i) to finance exploration and(ii) for general corporate purposes.
In connection with the placement, the company will payas finder’s fees $2,800 to StephenAvenue Securities Inc. of Toronto,Ont., $2,240 to Jean-David Moore of Quebec and $5,600 to GloresSecurities Inc of Toronto, Ont. The company will also issue 80,000warrants to StephenAvenue Securities, 32,000 warrants to Jean-DavidMoore and 160,000 to Glores Securities. Those warrants will entitlethe agent to purchase one common share of the capital stock of thecompany at a price of five cents for a period of 36 months from thedate of closing of the placement. Also, the company will issue toJean-David Moore 28,000 warrants entitling the agent to purchase onecommon share of the capital stock of the company at a price of eightcents for a period of 24 months from the date of closing of theplacement.
Patrick Levasseur, President & CEO of the company,through Ice Age Gold, a company wholly owned by Mr Levasseur,subscribed for one million units. Following the completion of theprivate placement, Mr. Levasseur will beneficially own or exercisecontrol or direction over, directly or indirectly, 8,181,622 shares representing 9.03 per cent ofthe issued and outstanding common shares of the company.
The participation of Mr. Levasseur in the privateplacement constitutes a related party transaction within the meaningof Multilateral Instrument 61-101 — Protection of Minority SecurityHolders in Special Transactions, and TSX Venture Exchange Policy 5.9– Protection of Minority Security Holders in Special Transactions. Inconnection with this related party transaction, the company is relyingon the formal valuation and minority approval exemptions ofsubsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as thefair market value of the portion of the private placement subscribedby insiders does not exceed 25 per cent of the company’s marketcapitalization.
About Beauce Gold Fields
Beauce Gold Fields is focused on exploring anddeveloping the largest placer gold district in eastern North America.The Company’s objective is the trace old placer gold workings backto a bedrock source to uncover economic lode gold deposits. TheCompany’s flagship property is the St-Simon-les-Mines Gold projectsite of Canada’s first gold rush that pre-dates the YukonKlondike. The Beauce region hosted some of the largest historicalplacer gold mines in Eastern North America that were active from 1860sto the 1960s It produced some of the largest gold nuggets in Canadianmining history (50oz to 71oz). (Source Sedar: 43-101 Report – BeauceJuly 4th 2018, , Author B. Violette)
Beauce Gold Fields is currentlyexploring recently discovered antiform systems that could havecontributed to the development of the extensive auriferous placers inBeauce. The Company’s geological modelsuggests that placer gold within the Beauce Goldpaleochannel, including the renowned large nuggets from the 19thcentury, formed in stressed quartz pockets within layered domed Axisof Antiforms, exemplified by Saddle Reef formations. Notable globalSaddle Reef formations include the Bendigo gold fields in Australia(over 60 million ounces) and the high-grade Dufferin deposit in NovaScotia.
Beauce Gold Fields website www.beaucegold.com
Disclaimers:
This press release contains certainforward-looking statements, including, without limitation, statementscontaining the words “may”, “plan”,”will”, “estimate”, “continue”,”anticipate”, “intend”, “expect”,”in the process” and other similar expressions whichconstitute “forward-looking information” within the meaningof applicable securities laws. Forward-looking statements reflect theCompany’s current expectation and assumptions, and are subject to anumber of risks and uncertainties that could cause actual results todiffer materially from those anticipated. These forward-lookingstatements involve risks and uncertainties including, but not limitedto, our expectations regarding mineral exploration. Such statementsreflect the current views of the Company with respect to future eventsand are subject to certain risks and uncertainties and other risksdetailed from time-to-time in the Company’s on-going filings with thesecurities regulatory authorities, which filings can be found atwww.sedar.com. Actual results, events, and performance may differmaterially. Readers are cautioned not to place undue reliance on theseforward-looking statements. The Company undertakes no obligation topublicly update or revise any forward-looking statements either as aresult of new information, future events or otherwise, except as required byapplicable securities laws.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
For further informationcontact
Patrick Levasseur, President and CEO Tel: (514)262-9239
www.beaucegold.com
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