Surrey, British Columbia--(Newsfile Corp. - May 22, 2024) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) (the "Company") is pleased to announce that it has closed its non-brokered private placement and issued a total of 13,456,000 units at a price of CAD $0.07 per unit (each, a "Unit" and collectively the "Units") raising gross proceeds of CAD $941,920 (the "Financing"). Securities issued pursuant to the Financing are subject to a statutory four month hold period. This Financing combined with its previously closed financing (see Company press release dated March 26, 2024) have secured a total of CAD $2,061,440 in aggregate proceeds for the Company.
Each Unit consists of one common share in the equity of the Company and one share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CAD $0.08 per common share for a period of three (3) years from the closing of the Financing.
The proceeds of the Financing will be used primarily to complete additional reverse circulation and air core drilling over the Mogoyafara South Deposit and the southeast extension of the Barani East Deposit. Drilling will also be completed over four nearby exploration target areas; Frikidi, Soa/Soa South, Kolon and Keniebandi. Holes drilled over the Mogoyafara South deposit (12.29 million tonnes containing 412,800 ounces of gold*) will focus on testing the extension of known gold zones and validation of the resource wire frame modes. Air core holes planned over the southeast extension of the Barani East Deposit will test the continuity of the oxide gold zones, which will in turn, support the Company's ongoing PEA**. Holes drilled over the exploration target areas will follow up on previously released drill intercepts (to 2.04 g/t Au over 30m at Soa***) and select gold-in-auger anomalies (See Figure 1 at the end of this release for zone locations).
The Financing is subject to final acceptance for filing by the TSX Venture Exchange.
This press release contains certain scientific and technical information. The Company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo. a director of Desert Gold and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.
On behalf of the board of directors,
"Jared Scharf"
______________________
Jared Scharf
President, CEO & Director
* Desert Gold news release Jan 17, 2022
** Desert Gold news release Feb 24, 2020
*** Desert Gold news release Feb 1, 2024, Intercept true width unknown
About Desert Gold Ventures Inc.
Desert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km2 SMSZ Project in Western Mali containing Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit www.sedarplus.ca under the company's profile. Website: www.desertgold.ca
Contact
Jared Scharf, President & CEO
Email: jared.scharf@desertgold.ca
The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that may constitute forward-looking statements. Forward-looking statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.
Figure 1. Planview of SMSZ Project with gold zone locations and select highlighted drill intercepts.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210044
