Montreal, Quebec--(Newsfile Corp. - May 20, 2022) - Beauce Gold Fields (TSXV: BGF) (Champs D'Or en Beauce), ("BGF" or the "Company"): is pleased to announce it has geolocated and mapped the Prospector Paquette's collection (the Collection) of never-before-published historical exploration data and the 120 Consorminex physical gold samples throughout the southern Megantic region of Quebec.
Patrick Levasseur, President and CEO of Beauce Gold Fields said, "Compiling and geolocating the Collection's many historical sample points was an important endeavour." Mr Levasseur further stated, "The Collection has already allowed us to identify highly indicative targets and contributed to the recent discovery of the Ditton placer gold channel."
Image: Chesham Sand & Gravel Deposit, BGF Sample 798541, 5 Consorminex Samples and the Bella Fault Line
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The Prospector Paquette's collection is comprised of gold and rock samples, heavy mineral concentrates, numerous documents and maps compiled by Mr Paquette or by exploration companies with which he collaborated with (please read BGF press release February 23, 2022). The historical maps drawn in the 1980s indicating the sample point locations were plotted using Modified Transverse Mercator (MTM) coordinate system. BGF, assisted by Mr. Paquette, conducted in the field verification of the sample points and noted its GPS coordinates for further referencing and for upcoming exploration work.
To date, the Consorminex physical gold samples from Collection has allowed BGF to identify potential new gold zones on the Chesham Sand & Gravel Deposit (BGF press releases April 23, 2021 and November 9, 2021), contributed to the discovery of the Ditton placer gold channel (BGF press release April 21, 2022) and has lead to new highly indicative exploration targets in the townships of Newport and Emberton.
To cover the Collection's data set as well as historical reports, the Company has acquired through map staking, an additional 148 claims. The Megantic property now comprises a total of 335 claims throughout the municipalities of Chartierville, La Patrie, Newport, Notre-Dame-des-Bois, Piopolis, Saint-Augustin-de-Woburn, Saint-Isidore-de-Clifton and Val-Racine.
Although the Collection and the historical documentation demonstrates the exploration work and sampling was done with a high degree of professionalism, the work was done prior to the CIM reporting standards National Instrument 43-101 and therefore cannot not be relied upon until the Company proves otherwise. The Company does however; consider the historical Consorminex physical gold samples and data to be relevant to investors as it continues to indicate to the presence of gold mineralization.
Jean Bernard, B,Sc. Geo., is a qualified person as defined by NI 43-101 who has reviewed and approved the technical information presented in this release
Non-brokered private placement
The Company intends to complete a non-brokered private placement of up to 5 million units at a price of 6 cents per unit for gross proceeds of up to approximately $300,000.00.
Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the company at an exercise price of 10 cents for a period of three years from the date of closing of the placement.
The offering is conditional upon the receipt of all necessary regulatory approvals, including the approval of the exchange. The proceeds of the offering will be used: (i) to finance exploration and (ii) for general corporate purposes.
The offering will be offered to accredited investors in accordance with applicable securities laws. In connection with the offering, the company may pay finders' fees, as permitted by the policies of the exchange. All securities issued pursuant to the offering will be subject to a four-month hold period. The company anticipates that insiders will subscribe for units and their participation could exceed 25 per cent of the offering.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company focused on placer to hard rock exploration in the Beauce region of Southern Quebec. The Company's objective is the trace old placer gold workings back to a bedrock source to uncover economic lode gold deposits. The Company's flagship property is the St-Simon-les-Mines Gold project site of Canada's first gold rush that pre-dates the Yukon Klondike. The Beauce region hosted some of the largest historical placer gold mines in Eastern North America that were active from 1860s to the 1960s It produced some of the largest gold nuggets in Canadian mining history (50oz to 71oz). (Source Sedar: 43-101 Report - Beauce July 4th 2018, , Author B. Violette)
Beauce Gold Fields website www.beaucegold.com