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Trans Canada Gold Advances Phase 2-Drilling at the Harrison Lake District Scale Gold Project and Awaits PhotonAssay Results From Phase 1-Drilling
Trans Canada Gold Corp. said it raised over $2.2 million and proposes to spend about $1,700,000 of that on Phase 2 underground drilling and exploration at its Harrison Lake Gold Project, subject to timing, with drilling expected to begin in mid-November.
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What happened
Trans Canada Gold Corp. said it raised over $2.2 million and proposes to spend about $1,700,000 of that on Phase 2 underground drilling and exploration at its Harrison Lake Gold Project, subject to timing, with drilling expected to begin in mid-November.
Proposed
Global impact / market context
The financing gives the small gold explorer cash to test untested gold-in-soil targets south of known zones, which means soil samples showing gold. Results could change how investors value the project, because drilling success or failure affects future spending and revenue prospects.
Analyst inference
Junior mining companies often depend on outside financing to fund exploration, so cash raised now supports planned work without borrowing. Investors typically watch assay results, which are lab measurements of gold content, because they show whether targets hold enough metal to justify more spending.
Analyst inference
What to watch
- Phase 1 core samples are being analyzed for gold using the Photon Assay method, and those lab results have not yet been reported by the company. Confirmed
- The company proposes Phase 2 underground drilling and exploration work on Bear Mountain, using about $1,700,000 of the offering proceeds, with drilling expected to begin in mid-November. Proposed
- Watch whether drilling tests the untested gold-in-soil anomalies south of the Jenner and Portal Zones, since results there could support or weaken the case for further spending. Analyst inference