HomeMarket NewsMiningRob McEwen Increases Investment in Goliath Resources

Rob McEwen Increases Investment in Goliath Resources

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The latest financing totals about 2.6 million flow-through units of Goliath valued at C$1.155 per unit, yielding gross proceeds of C$3 million. Each unit comprises one common share and a share purchase warrant exercisable at C$0.85 per share.

As of 12:25 p.m. EDT Wednesday, Goliathโ€™s stock traded 2.6% higher at C$0.80 apiece, with a market capitalization of C$71.8 million.

In addition to the participation of Crescat Capital in the October funding, the firm will also exercise its pre-emptive right to acquire additional units upon completion, maintaining an 18.4% ownership. The firm is advised by Dr. Quinton Hennigh, recognized for his geologic and technical expertise in gold and silver exploration.

Roger Rosmus, founder and CEO of Goliath, expressed, โ€œWe are extremely thrilled to have Mr. McEwenโ€™s continued support through an increase in his personal ownership in Goliath within a few short months since his initial investment. Moreover, we value Crescat Capitalโ€™s continuous guidance and their involvement in our financings, ensuring its status as the largest long-term shareholder.โ€

The net proceeds from this financing will once again be utilized for exploration purposes, particularly drilling and related programs on Goliathโ€™s Golddigger and Lucky Strike properties situated in and around the Golden Triangle of northwestern British Columbia.

The Golddigger property spans 617 sq. km. in the southern Eskay Rift area, where Tudor Goldโ€ฏ(TSXV: TUD) is developing one of the biggest gold projects globally. To the north lie Seabridge Goldโ€™s (TSX: SEA; NYSE: SA) KSM property and the Brucejack mine operated by Newcrest Mining (TSX: NCM; ASX: NCM).

The project is distinguished by the Surebet discovery, an extensive new high-grade gold-silver shear zone with exceptional metallurgy, showcasing gold recoveries of 92.2%. Drilling to date has confirmed that the Surebet zone covers an area of 1.6 sq. km. and remains open.

Located outside and to the south of the Golden Triangle, the Lucky Strike property covers 315 sq. km. within the Skeena Arch, a belt-scale structural corridor associated with porphyry and related mineralization. Two targets โ€“ Goldsource and Bullseye โ€“ are fully permitted for drilling.

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