Canadian Mining Journal


GOLD: Battle North raising $55M in upsized bought deal

Visible gold from the McFinley zone Credit: Battle North

Visible gold from the McFinley zone Credit: Battle North

TORONTO – Battle North Gold (previously Rubicon Minerals) is raising $55 million in an upsized bought deal (from $45 million previously) co-led by Cormark Securities and Stifel GMP for exploration, pre-development and development work at the Bateman gold project in Red Lake.

In addition, the proceeds may be used for working capital and repayment of the company’s $14.2-million loan with Sprott Private Resource Lending, which matures on Dec. 31, 2021.

The offering includes 27 million common shares, sold at $1.85 each, as well as 1.9 million flow-through shares, at $2.68 each, for gross proceeds of $55 million. The underwriters have the option to purchase up to an additional 3.2 million common and 279,855 flow-through shares for 30 days following closing, which is expected around Aug. 27.

Earlier this month, Battle North released drill and chip sample results from the McFinley zone, approximately 420 metres west of the F2 gold deposit at Bateman.

Notable intercepts include 1.6 metres of 7.36 g/t gold; 0.2 metres of 191 g/t gold; and 0.3 metres of 134 g/t gold.

According to the company, these initial results suggest potential to derive future incremental mill feed from this zone, to supplement the production profile at Bateman.

Additional work is underway to better understand the mineralization at the McFinley zone. McFinley features a historic (non NI 43-101 compliant) resource estimate of 303,000 tonnes grading 6.86 g/t gold, which extends down to a depth of 122 metres. The results to date from this area support the historical drill intercepts.

A feasibility study for the Bateman project is expected in the second half of this year.

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