VANCOUVER, Dec. 31, 2019 /CNW/ - Dixie Gold Inc. (TSX VENTURE: DG) ("Dixie Gold" or the "Corporation) is pleased to announce that it has acquired a district-scale exploration project situated in the developing Dixie Gold District near Red Lake, Ontario. As a result, Dixie Gold has become one of the largest mineral claim owners in an emerging mining exploration camp with the new project being located contiguous to both Great Bear Resources Ltd. and BTU Metals Corp.
"We have established Dixie Gold Inc. as a leading player in the emerging Dixie Gold District. Our new project successfully positions Dixie Gold as a significant participant in one of Canada's newest exploration camps. Dixie Gold has a well-funded treasury and we are looking forward to commencing gold and VMS exploration work at our new project in the Dixie district during 2020," stated Ryan Kalt, Dixie Gold's Chairman & Chief Executive Officer.
The Red Lake Gold Project
The Red Lake Gold Project held by Dixie Gold represents a district-scale exploration opportunity. The project is approx. 21,258 ha (52,507 acres) in size and covers 1,044 mining claims.
A full-scale map of Dixie Gold's Red Lake Gold Project may be found at: https://dixiegold.ca/files/Dixie_Gold_DG_Map_HiRes.jpg
The Dixie Gold District is an emerging exploration camp with contiguous property holders having had recent exploration success involving both gold and base metal exploration. To this point, Dixie Gold's new project is immediately adjacent to projects being advanced by Great Bear Resources Ltd. and BTU Metals Corp., situated northeast and east thereof respectively.
The Corporation believes the new Red Lake Gold Project holds both gold and base metal (VMS) exploration opportunities.
Dixie Gold will be providing additional information regarding this new exploration project on its website in the upcoming weeks. The website can be accessed at: https://www.DixieGold.ca
The Red Lake Gold Project was acquired at a cost equal to claim staking fees paid to the Government of Ontario. A pre-existing two percent royalty on the claims was assumed by the Corporation.
About Dixie Gold Inc.
Ryan Kalt, Chairman & Chief Executive Officer
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
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.
SOURCE Dixie Gold Inc.
For further information: Ryan Kalt, Chairman & Chief Executive Officer, P. 604-652-1710, E. [email protected], W. www.dixiegold.ca