Oh look Excerpt gold reportAll most a mention!!
Simon Ridgway's Rackla Metals Inc. (RAK) jumped 2.5 cents to 13 cents on 182,000 shares on word that it has defined a new reduced intrusion-related gold system (RIRGS) at the Peak target at its Astro Plutonic Complex project in Yukon. The identification is the result of preliminary work last year -- geophysics, stream, soil and rock sampling, prospecting, and mapping. As for drilling, well, Mr. Ridgway, CEO, says that he and his crew are planning a maiden program at Peak and more drilling at the HIT target, where assays last year returned 0.25 grams of gold per tonne across 130 metres.
With the Astro complex apparently hosting RIRGS targets in the most eastern reaches of the Tombstone gold belt, Mr. Ridgway is suitably enthused with the potential of the area. RIRGS deposits come in clusters, he cheers, adding that the western cluster hosts over 20 million ounces of gold across several deposits. And so, if the eastern cluster, which includes Rogue, being worked by Snowline Gold Corp. (SGD), proves to be as productive as the western cluster, "these will be exciting times for the company."
Snowline has been touting RIRGS targets on Valley, its portion of the Tombstone district, since the company went public in 2021, and its Rogue deposit has produced most of the area excitement. In early December, Snowline scored a 520-metre intersection grading 2.5 grams of gold per tonne, a hit bolstered by a near-surface zone that graded 3.6 grams per tonne over 266 metres. There have been plenty of other intersections with highly promotable grades at Rogue, and late in February, the company cheered a new RIRGS find on the property -- adding to the notion that an eastern cluster is present.
Snowline, a 25-center in 2021, has been gaining altitude since then thanks to Rogue and the enthusiasm has been adding to the company's treasury. Today, Mr. Berdahl, CEO, said that the company has received $12.5-million from the early and voluntary exercise of five million warrants held by one shareholder, Ana Maria Cox de Gubbins, who now becomes a 10-per-cent insider.
Ms. Cox says that she has had "confidence in the Berdahl family's initial exploration ideas" for the area since before the Valley discovery, and the results since then "only strengthen [her] conviction in Snowline." There is no doubt that Ms. Cox has done well, as she would have acquired 10 million shares in the summer of 2022 at $1.25 apiece to receive the five million warrants, which she has now exercised at $2.50. And so, her $25-million investment in Snowline gives her 15 million shares currently worth about $88-million. Snowline lost 14 cents to $5.89 on 87,000 shares today.
Mr. Berdahl naturally returned the applause, clapping that the continuing support of Ms. Cox from Snowline's early exploration efforts in 2021 through to today "has been a key component of Snowline's strength in a difficult capital markets landscape." And so, Mr. Berdahl beams, the company now has $46.3-million in its coffers, which will allow it to focus on exploration and project advancement in "what promises to be an exciting and potentially transformative 2024 field season."