(TheNewswire)
Vancouver, British Columbia – August 23, 2024 – TheNewswire – Lake Winn Resources Corp.(TSXV: LWR, FSE: EE1A) (the “Company”) announces, further to its news release of July 30, 2024, that the Company has received an extension from the TSX Venture Exchange (the “TSXV”) to close its non brokered private placement (the “Offering”) on or before September 20, 2024.
The Offering has been reduced from 70,000,000 units of the Company (the “Units”) to 40,000,000 Units at a price of $0.05 per Unit for gross proceeds of up to $2,000,000. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant will be exercisable to purchase an additional Share (a “Warrant Share”) at an exercise price of $0.08 per Warrant Share for a period of 24 months after the date of issuance.
The Company closed tranche one of the Offering on June 25, 2024 (3,680,000 Units for gross proceeds of $184,000) and tranche two of the Offering closed on July 30, 2024 (1,200,000 Units for gross proceeds of $60,000). The Company expects to close one or more tranches of the Offering on or before September 20, 2024.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.
The Company may pay finder’s fees on the Offering within the amount permitted under the policies of the TSXV.
Updated Use of Proceeds
Assuming completion of the Offering in full, the Company has updated its use of proceeds and intends to use the net proceeds from Offering as follows: (i) up to $750,000 on exploration expenditures for the Company’s Cloud Project1 and (ii) up to $1,250,000 for general working capital and administrative expenses.
About the Cloud Project and Proposed Work
The Company acquired the Cloud Project on September 16, 2020 from W.S. Ferreira Ltd. The Company’s gold exploration Cloud Project is located in the province of Manitoba, in the Flin Flon Gold Belt approximately 40 kilometers northeast of the town of Flin-Flon. Access to the property is via Highway 10 to the all-weather Kississing Lake Road. Manitoba is a mining friendly jurisdiction with a long track record of gold production. The Cloud project is road accessible which greatly reduces the costs associated with exploration and development. The Project can be worked all year round. A current work permit is in place which includes mechanized disturbances (drilling and trenching).
The Cloud project is located within the Flin Flon Metallogenic gold belt. The gold belt contains orogenic gold deposits with the largest being Hudson Bay’s Snow Lake Mine.
Historic grab rock samples have returned high gold grades of up to 122 g/t Au. Historic channel sampling has returned grades of up to 88 g/t Au over 1.0 meters.
Highlights from the Company’s first drill program in 2020/21 are:
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Eight core drill holes for a total of 1,663 meters;
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Visible gold verified by assays;
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Best intercepts 1m @ 17.3g/t Au; 1m @ 10.2 g/t Au;2
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Au intercepts in drill holes spaced up to 175m apart;
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Drilling testing a 300m long prospect defined by surface pits containing gold;
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The gold package is hosted in a distinct mafic/magnetic unit with the gold hosted in structurally controlled veins;
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Geophysical surveys to date map the gold bearing rock units well and provide additional targets for testing under cover;
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The exposed geology in conjunction with the corresponding geophysical signatures indicating a 4 km strike length provide enough geographic distance to host a reasonable size gold deposit; and
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A significant new gold find in the Flin Flon Belt.
The Cloud Project is a project of merit and further drilling is required to expand the discoveries to date.
Corporate Update
On July 12, 2023, the Company announced a potential spin-out of the Company’s Cloud Project and Quartz Property. Given the Company’s current focus on the Cloud Project, the Company will not be proceeding with the proposed spin-out.
About Lake Winn
Lake Winn Resources Corp. is a mineral exploration company focused on advancing the 100% owned Little Nahanni Pegmatite project located in the Northwest Territories near the Yukon Border. The project covers 9682.5 hectares that includes a major portion of a 13 km-long, and up to 500 m wide, lithium, cesium, and tantalum pegmatite dyke swarm. The project has had historic drilling and channel sampling that confirm significant lithium, tantalum, cesium, and tin.
The technical information in this news release was prepared under the supervision of Buddy Doyle B.App Sc Geology, MAUSIMM. Mr. Doyle is a Qualified Person for the purposes of National Instrument 43-101 -Standards of Disclosure for Mineral Projects and has reviewed and approved the technical information disclosed in this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ON BEHALF OF THE BOARD OF DIRECTORS OF LAKE WINN RESOURCES CORP.
Patrick Power
President, CEO & Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
info@lakewinn.ca
www.lakewinn.ca
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.
Forward-looking Statements: Certain statements in this news release are “forward-looking statements” which reflect the Company’s current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as “may”, “might”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “indicate”, “seek”, “believe”, “estimates”, “predicts” or “likely”, or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, delays resulting from or inability to obtain applicable regulatory approval for the Offering, the Offering being fully subscribed, and completion of an exploration program on the Cloud Lake Project are forward-looking statements that involve various risks and uncertainties. Investors should not place undue reliance on forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations include actual exploration results, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
1Originally, the Company had proposed to use a portion of the net proceeds for exploration of the Company’s Little Nahanni Pegmatite Project.
2For further details, see the Company’s news release dated February 23, 2021, a copy of which is filed under the Company’s SEDAR+ profile at www.sedarplus.ca.
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