Skeena backs TDG’s exploration efforts in BC
Toronto- and New York-listed Skeena Gold and Silver on Monday announced a strategic investment into TSX-V-listed TDG Gold to advance the Greater Shasta-Newberry project in British Columbia.
The Greater Shasta project is situated on the boundary of the recent discovery announced by Freeport-McMoRan and Amarc Resources on their new gold/silver/copper AuRORA target.
Skeena said the investment aligned with its strategy of supporting projects with significant geological potential.
“By providing early-stage funding to TDG, we aim to support TDG’s exploration efforts to validate the Greater Shasta project,” said executive chairperson Walter Coles.
“The exciting high-grade Freeport – Amarc AuRORA discovery is less than 200 m from the border of TDG’s claims. Also, importantly, both geochemical and geophysical data indicate the potential for the mineralised trend to continue over onto TDG’s 100% owned claims,” said Coles.
Upon closing, Skeena would have purchased 22-million TDG common shares in exchange for the sale of the Sofia property, and payment of C$7-million. Skeena would then hold about 13% of the issued and outstanding common shares on a post-closing non-diluted basis.
The investment is expected to close around February 14, and is subject to other customary conditions including exchange-approval.
The Sofia property consists of about 9 000 ha of mineral claims and is of particular interest to TDG as it borders the northern edge of the TDG concession boundary.
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