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Forge Resources Corp
Symbol FRG
Shares Issued 82,012,744
Close 2024-06-17 C$ 0.76
Market Cap C$ 62,329,685
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Forge Resources to extend phase 1 drilling

2024-06-17 18:12 ET - News Release

Mr. Cole McClay reports

FORGE RESOURCES ANNOUNCES PLANNING EXTENSION OF THE PHASE 1 DRILLING PROGRAM WITH FINANCING, COMPLETION OF DRILL HOLE ALT-24-003 WITH ADDITIONAL PORPHYRY STYLE MINERALIZATION

As a result of Forge Resources Corp. encouraging visual observations indicating a mineralized porphyry system, planning has begun for the extension of the phase 1 drilling program with a non-brokered flow-through private placement of flow-through units. Currently, ALT-24-003 and ALT-24-004 are exhibiting some of the most intense alteration and mineralization noted to date on the property.

Drill program progress

Hole ALT-24-003 azimuth 220/-50 degree finished at a final depth of 405 metres, is the first hole testing a large, induced polarization, chargeability anomaly associated an airborne radiometric anomaly and coincident molybdenite/gold/copper-in-soil anomalies in the area called the Severance zone. Hole ALT-24-003 is the first of a three-hole, fence planned to drill test across the anomalies using orientated core techniques to help in understanding of the various structural orientations for the company to be able to quickly understand the structural orientations related to and post mineralization.

  • Geological logging of recently completed drill hole ALT-24-003 indicates extensive potassic alteration followed by silicification, both of which are increasing with depth.
  • Late pervasive silicification hosts mainly pyrite and molybdenite mineralization with traces of chalcopyrite.
  • There is a significant increase in micro-quartz to quartz veining and associated mineralization with respect to observations to hole ALT-23-001 completed in November, 2023.
  • Several low-angle structures containing fault gouge in the upper sections of the drill hole. The intensity of the alteration has resulted in complete textural destructive with few relict quartz phenocrysts remaining.
  • Sections of potassic alteration typical host pyrrhotite/pyrite and minor chalcopyrite and molybdenite mineralization.

Hole ALT-24-004 azimuth 220/-50 degrees is currently drilled to a depth of 300 metres is the second hole of a three-hole, fence planned to drill test across the anomalies. Quick geological log observations indicate similar extensive alteration and associated mineralization to that in hole ALT-24-003.

Cole McClay, chief executive officer of Forge Resources, comments: "I am incredibly proud of the progress we have made to date. During my recent field visit last week, I witnessed firsthand the dedication and expertise of our team on the ground. Their commitment to safety, and innovative practices is driving our project forward. I am confident that our continued efforts will yield significant results for the company and our stakeholders. We remain focused on responsible project development and are excited about the potential this project holds."

New claim blocks staked

The company has continued to increase its current land position by recently completing a physical staking program of prospective areas. The company has now staked and filed for 29 new claim blocks, totalling 940.9 hectares north of the current claim blocks to cover areas with anomalous soil geochemistry. The Alotta property now consists of a total of 125 mineral claims that cover approximately 2,866.9 hectares that is located 50 km southeast of Western Copper's Casino deposit which is ranked as one of the top 10 largest, undeveloped, copper-gold porphyry deposits in the world.

Non-brokered flow-through private placement

The private placement of units will be comprised of up to 750,000 units at a price of 80 cents per unit for an aggregate gross proceeds of up to $600,000, with a 20-per-cent overallotment amount. Each unit will consist of one flow-through common share and one transferable non-flow-through share purchase warrant. Each warrant will enable the holder to acquire an additional non-flow-through common share of the company at a price of $1.10 per warrant share for a period of one year from the date of issuance.

The shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and the expenditures will qualify as flow-through mining expenditures (as defined in Subsection 127(9) of the Tax Act). The gross proceeds from the units will be utilized for incurring Canadian exploration expenses and flow-through mining expenditures (as defined in the tax act).

The gross proceeds from the sale of units will be used for general exploration expenditures on the Alotta project as described herein.

Qualified person

Lorne Warner, PGeo, and president of Forge Resources, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.

About Forge Resources Corp.

Forge Resources is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 kilometres southeast of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in the Yukon Territory of Canada.

In addition, the company holds a 40-per-cent interest in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. The project contains eight known seams of metallurgical and thermal coal.

We seek Safe Harbor.

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