Canadian Mining Journal

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GOLD: Red Lake Gold acquires Clarence Stream North in NB, plans Alma spinout



Whirlwind Jack claims in Ontario Credit: Red Lake Gold

Whirlwind Jack claims in Ontario Credit: Red Lake Gold

NEW BRUNSWICK – Alma Gold, Red Lake Gold’s wholly owned subsidiary, has acquired the Clarence Stream North gold project, directly north of Galway Metals’ Clarence Stream property, ahead of its proposed spinout to the company’s existing shareholders.

According to Red Lake Gold, Clarence Stream North will be Alma’s flagship exploration asset and is made up of two mineral licences that cover 152 mining claims. The project grounds were acquired through a Crown grant.

“We are excited to add the Clarence Stream North project as we believe it advantageously positions our Alma Gold subsidiary as an early-mover in an emerging and up-and-coming gold exploration camp in North America,” Ryan Kalt, Red Lake Gold’s CEO, said in a release. “Alma Gold – which we are taking steps to spin out – now provides a robust multi-project gold exploration platform in Atlantic Canada, which we believe will benefit our shareholders in the years ahead.”

Kalt added that with the closing of a $750,000 private placement earlier this month, the company is looking to re-start its exploration work in the second half of this year.

In June, Alma Gold acquired a 100% interest in the Chambers Settlement gold project, also in New Brunswick.

Red Lake’s exploration-stage projects include the Whirlwind Jack property in Red Lake as well as Fenelon North in Quebec.

For more information, visit www.RedLakeGold.ca.