Solstice Gold Corp. has completed the acquisition of two patented mining claims totaling 35.6 hectares immediately east of the Red Cedar discovery at its Strathy Gold Project in northeastern Ontario. The newly acquired ground is directly contiguous with the company’s core claim block and covers an area adjacent to the large induced polarization anomaly where the Red Cedar discovery was made. The Red Cedar discovery previously returned an intercept of 8.52 grams per tonne gold over 3.5 metres, including 28.7 grams per tonne gold over 1 metre. Solstice stated the acquisition strengthens its land position around the discovery area and adds strategic control over ground that may host extensions of the same mineralized system.
The purchase was completed through a payment of $40,000 and the issuance of 307,692 common shares to an arm’s-length party, with the shares subject to a four-month hold period under Canadian securities regulations.
In addition to the land acquisition, the company reported that 9,011,780 warrants were exercised at a price of $0.05 per share, generating $450,589 in proceeds. Several warrants were exercised by company insiders. Solstice said the added capital supports continued exploration at the Strathy Gold Project, where drilling is underway to further test and expand the Red Cedar gold discovery.