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Vancouver, British Columbia – August 23, 2024 – Lake Winn Resources Corp. (TSXV: LWR, FSE: EE1A) (the “Company”) announces, further to its news release of July 30, 2024, that the Company has received an extension from the TSX Venture Exchange (the “TSXV”) to close its non-brokered private placement (the “Offering”) on or before September 20, 2024.
The Offering has been reduced from 70,000,000 units of the Company (the “Units”) to 40,000,000 Units at a price of $0.05 per Unit for gross proceeds of up to $2,000,000.
Each Unit will consist of:
- One common share in the capital of the Company (a “Share”)
- One Share purchase warrant (a “Warrant”)
Each Warrant will be exercisable to purchase an additional Share (a “Warrant Share”) at an exercise price of $0.08 per Warrant Share for a period of 24 months after the date of issuance.
The Company closed tranche one of the Offering on June 25, 2024 (3,680,000 Units for gross proceeds of $184,000) and tranche two of the Offering closed on July 30, 2024 (1,200,000 Units for gross proceeds of $60,000).
The Company expects to close one or more tranches of the Offering on or before September 20, 2024. Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.
The Company may pay finder’s fees on the Offering within the amount permitted under the policies of the TSXV.
Updated Use of Proceeds
Assuming completion of the Offering in full, the Company has updated its use of proceeds and intends to use the net proceeds as follows:
- Up to $750,000 on exploration expenditures for the Company’s Cloud Project
- Up to $1,250,000 for general working capital and administrative expenses
About the Cloud Project and Proposed Work
The Company acquired the Cloud Project on September 16, 2020 from W.S. Ferreira Ltd. The Company’s gold exploration Cloud Project is located in Manitoba, in the Flin Flon Gold Belt, approximately 40 kilometers northeast of the town of Flin-Flon.
- Access to the property is via Highway 10 to the all-weather Kississing Lake Road
- Manitoba is a mining-friendly jurisdiction with a long track record of gold production
- The Cloud Project is road accessible, reducing exploration and development costs
- The Project can be worked all year round
- A current work permit is in place, including mechanized disturbances (drilling and trenching)
- Located within the Flin Flon Metallogenic Gold Belt, which contains orogenic gold deposits, including Hudson Bay’s Snow Lake Mine
Historic results:
- Grab rock samples: up to 122 g/t Au
- Channel sampling: up to 88 g/t Au over 1.0 meters
Highlights from the first drill program (2020/21):
- Eight core drill holes, total 1,663 meters
- Visible gold verified by assays
- Best intercepts: 1m @ 17.3 g/t Au; 1m @ 10.2 g/t Au
- Au intercepts in drill holes spaced up to 175m apart
- Drilling tested a 300m long prospect defined by surface pits
- Gold hosted in structurally controlled veins within a mafic/magnetic unit
- Geophysical surveys map gold-bearing rock units and provide targets under cover
- Exposed geology + geophysical signatures indicate a 4 km strike length
- Significant new gold find in the Flin Flon Belt
The Cloud Project is a project of merit, and further drilling is required to expand discoveries.
Corporate Update
On July 12, 2023, the Company announced a potential spin-out of the Company’s Cloud Project and Quartz Property. Given the Company’s current focus on the Cloud Project, the proposed spin-out will not proceed.
About Lake Winn
Lake Winn Resources Corp. is a mineral exploration company focused on advancing the 100% owned Little Nahanni Pegmatite project located in the Northwest Territories near the Yukon Border.
The project covers 9,682.5 hectares, including a 13 km-long, up to 500 m wide, lithium, cesium, and tantalum pegmatite dyke swarm
Historic drilling and channel sampling confirm significant lithium, tantalum, cesium, and tin
Technical information was prepared under the supervision of Buddy Doyle, B.App Sc Geology, MAUSIMM, a Qualified Person under National Instrument 43-101.
Forward-Looking Statements
Certain statements in this release are forward-looking and reflect expectations about future events. Forward-looking statements can be identified by words such as may, might, will, expect, anticipate, estimate, intend, plan, indicate, seek, believe, estimates, predicts, likely, or similar expressions.
These statements are subject to risks and uncertainties, including:
Delays in regulatory approvals
Offering being fully subscribed
Completion of exploration programs
Investors should not place undue reliance on forward-looking information. The Company is not obligated to update any forward-looking statements except as required by applicable securities laws.
ON BEHALF OF THE BOARD OF DIRECTORS OF LAKE WINN RESOURCES CORP.
Patrick Power
President, CEO & Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
Email: info@lakewinn.ca
Website: www.lakewinn.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
