- Canadian gold explorer and near-term producer LaFleur Minerals recently completed a fully subscribed non-brokered private placement funding for gross proceeds of C$2.88 million, with additional offerings expected to be completed soon
- The company’s capital raises are designed to help it restart its fully permitted Beacon Gold Mill as well as advance exploration and drilling efforts in the heart of the renowned Abitibi Greenstone Belt at its district-scale Swanson Gold Project
- LaFleur anticipates its fully owned Beacon Gold Mill will deliver near-term revenues from processing mineralized material from neighboring gold deposits and potentially producing material sourced from its Swanson Gold Deposit only 60 km away
- LaFleur has already completed over seven diamond drill holes on its Swanson Gold Project close to the Val-d’Or, Quebec gold district with assay results still pending
Gold exploration and development company LaFleur Minerals (CSE: LFLR) (OTCQB: LFLRF) recently announced the completion of a non-brokered private placement valued at C$2.88 million, showing that its efforts to generate confidence in its advanced stage exploration Swanson Gold Project in Quebec, Canada is beginning to deliver results, along with its near-term producing Beacon Gold Mill once restart financing is secured.
LaFleur Minerals is a Canada-headquartered company developing approximately 18,304 hectares (45,230 acres) of the Swanson site it believes will yield gold, thanks to initial investigation and the amount of gold recovery nearby, along with extensive data and results from over 36,000 metres of historical drilling. It is also anticipating a near-term revenue stream to support its exploration through the milling of other nearby gold miners’ mineralized material at its wholly-owned Beacon Gold Mill.
The non-brokered private placement of “LIFE offering” share units is one facet of its initiative to capitalize its potential gold projects in the heart of the Abitibi Greenstone Belt, a globally renowned gold district, where the company began a 5,000-metre drill program at Swanson this summer with assay results expected within the next few weeks.
The company also intends to close its previously announced offering of up to 3.75 million charity flow-through units for gross proceeds of up to $2.59 million, and a non-brokered hard dollar private placement for proceeds of up to $700,000, according to a Sept. 10 news release (https://nnw.fm/5Cb2k), as it also seeks to secure the mill restart financing of C$5-6 million, a debt financing initiative led by FMI Securities Inc. and FMI Capital Partners Group.
LaFleur is also pursuing various strategic marketing and investor relations engagements with arms-length independent contractors and agencies to build the company’s strategy for communicating with a wider audience. A key element of that message is the variety of findings and high-grade targets at the Swanson site that indicate potential gold mineralization near other already established gold exploration sites at Val-d’Or, Quebec.
Core logging of recent drill holes completed at Swanson shows the consistent presence of pyrite and other sulfides that are classic pathfinder minerals for gold, with a 17.9-meter-wide sulphide-rich zone and fuchsite alteration in one of the drill holes that also is a classic pathfinder frequently associated with gold mineralization in the Abitibi.
“We are very encouraged by the early progress of the Swanson drilling program and the geological and mineralization similarities seen in the recent drill core to the known Swanson Gold Deposit,” LaFleur CEO Paul Teniere stated Aug. 7 (https://nnw.fm/LaiDO). “We look forward to releasing assay results in the near future.”
At the same time, LaFleur has the potential to benefit from the upside of restarting production operations and revenue generation from its fully permitted and recently refurbished Beacon Gold Mill, an asset valued over C$71 million replacement cost. As gold prices have skyrocketed in recent months, other miners have seen an incentive to get their ore processed as quickly as possible to take advantage of the market’s optimism, and LaFleur serves as a valuable conduit to surrounding, regional deposits that want to jump start into production without a processing facility.
The 100%-owned mill is capable of processing over 750 metric tons per day once an estimated C$5 million in restart upgrades take place, highlighting the low restart cost and immense upside potential at hand for this easily accessible and strategically positioned asset. The Beacon Gold Mill had received more than C$20 million in equipment and other upgrades by the former owner before LaFleur purchased it in bankruptcy proceedings for a small fraction of its value.
For more information, visit the company’s website at LaFleurMinerals.com.
NOTE TO INVESTORS: The latest news and updates relating to LFLRF are available in the company’s newsroom at https://nnw.fm/LFLRF
Qualified Person Statement:
All scientific and technical information contained in this article has been reviewed and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the company and considered a Qualified Person for the purposes of NI 43-101.
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