TSX-V-listed Dixie Gold has expanded its district-scale exploration project situated in the emerging Dixie gold district near Red Lake, Ontario.
The corporation has purchased 197 mining claims covering about 4 011 ha of additional exploration rights, all of which are contiguous to its recently announced Red Lake project.
As a result of the transaction, Dixie Gold has become the largest publicly-traded mineral claim owner in the developing Dixie gold district.
"The addition of nearly 10 000 acres of incremental exploration potential is of a scale that mirrors the standalone size of many junior exploration projects in their totality. In the case of Dixie Gold, we now have more than 62 414 acres of mineral rights in the area making us the largest tenure holder in the Dixie gold district,” said chairperson and CEO Ryan Kalt.
He added that, with a tight share structure of 25 662 187 shares currently outstanding, an investor gained exposure to the equivalent of one full acre of mining exploration rights in the Dixie gold district for about 411 common shares of the company
“. . . we believe [this] to be one of the most compelling ratios of underlying mining rights per share outstanding of any exploration company in any Ontario mining camp.”
Dixie’s Red Lake project represents a district-scale exploration opportunity. The corporation believes the project holds both gold and base metal exploration opportunities.