GOLDREA UPDATE AND $200,000 PRIVATE PLACEMENT ANNOUNCEMENT
Goldrea Resources Corp. will conduct a field program to evaluate three targets identified by previous airborne surveys of the Cannonball project. Subject to financing, the company intends to carry out this work program this summer.
Accordingly, Goldrea is announcing a non-brokered private placement to raise up to $100,000 through the sale of 1.6-cent flow-through units and up to $100,000 through the sale of 1.4-cent units. Each 1.6-cent FT unit will be composed of one flow-through common share and half of a non-flow-through common share purchase warrant with an exercise price of five cents for a period of three years. Each 1.4-cent unit will be composed of one common share and one full common share purchase warrant with an exercise price of five cents for a period of three years. Proceeds from the private placement will be used to finance the exploration program as well as to finance general administration expenses. Finders’ fees may be paid in connection with the offering.
Goldrea’s Cannonball project is located between Seabridge Gold’s 22,800-hectare Iskut project and Enduro Metals’ 68,800-hectare, northeast-trending claim group called the Newmont Lake project. Kingfisher Metals controls an 84,900-hectare, northeast-trending claim group called the Highway 37 project to the northeast of the Newmont Lake project. Northeast of Kingfisher Metals, Newmont Gold controls the Red Chris mine and GT Gold’s Saddle discovery, purchased by Newmont in 2021 for approximately $400-million, which form part of an 71,000-hectare land package. Collectively, these claims cover a 150-kilometre-long, northeast-trending series of porphyry and epithermal gold occurrences having significant potential for new discoveries.
An 8,000-metre drilling program, announced on June 3, 2025, is under way at Seabridge’s Snip North project. Kingfisher Metals announced the commencement of a 7,500-metre drill program at the Highway 37 project on July 2, 2025, and on July 23, 2025, Enduro announced it has commenced a field program potentially to include drilling of its promising Andrei porphyry prospect. The total cost of these exploration programs is estimated at $25-million for 2025.
Jim Elbert stated: “The intense interest Seabridge, Newmont, Kingfisher Metals and Enduro are showing in this part of the Golden Triangle supports the potential of Goldrea’s mineral claims. Fieldwork by Goldrea’s geological team since 2020 has identified porphyry and epithermal style copper and gold mineralization, and preliminary IP surveys have delineated significant chargeability anomalies. These targets exhibit circular magnetic response similar to known area mineralization. The current drill programs are expected to generate even more industry interest in this emerging corridor, and we continue to be very encouraged as we build on Goldrea’s resource potential.”