Boreal Gold Closes Final Tranche of Private Placement

Manitoba, Boreal Gold Inc has successfully closed the third and final tranche of its non-brokered private placement, raising a total of $154,200. This brings the total amount raised over the three tranches to $964,299.80, with the first tranche raising $215,100, the second tranche $594,999.80, and the third tranche $154,200.

The third tranche included 14,000 Flow Through Shares at $0.30 per share, generating $4,200, and 750,000 Units at $0.20 per Unit, which brought in $150,000. Each Unit consists of one Class A Share and one-half of one share purchase warrant. These warrants will allow the holder to acquire one Class A Share at an exercise price of $0.30, expiring two years from the closing date.

In connection with the closing, Boreal Gold paid $44,699.99 in cash finders fees and issued 220,000 finder warrants. These warrants are exercisable to acquire one additional Class A Share at an exercise price of $0.20. The finder warrants from the second tranche are exercisable until September 9, 2028, while those from the third tranche are exercisable until October 15, 2028.

The funds raised will be used for exploration activities on Boreal Gold's properties. Specifically, the proceeds will be allocated to drilling both the Redwin volcanic massive sulfide horizon and high-grade gold quartz veins found in trenches, as well as high-grade gold quartz veins at Koscielny Lake. Additionally, the company plans to conduct assays, line cutting, prospecting, and detailed geological mapping and sampling to extend the grid to the east towards Puffy Lake.

On the North Star property, the company will continue exploration with additional prospecting, sampling, and detailed mapping of the underexplored area between the North Star and Gold Rock deposits. This is to locate additional drill targets. On the Melgurd property, the focus will be on evaluating airborne conductors near Cornell Bay, which contain alteration and favorable felsic to intermediate volcanic rocks. The company will also investigate conductors not below the lake for potential economic mineralization.

The Fay Lake property, consisting of 17 contiguous claims covering 2,719 hectares, is located 25 km northeast of Flin Flon, Manitoba. It is contiguous to the south with Hudbay Minerals' Vamp Lake Cu-Zn-Au VMS property and to the northeast with the former Puffy Lake Gold mine. The property contains approximately 5 km of mapped VMS horizons similar to Vamp Lake. West of the rail line, a 9 km shear structure is known to contain similar mineralization to the Puffy Lake Gold deposit, with samples assaying up to 14.33 g/t Au.

The Melgurd property, located northwest of Flin Flon, Manitoba, just north of the Shotts Lake copper-zinc VMS deposit in Saskatchewan, has shown promising results from the company's airborne magnetic and EM survey. The survey indicates EM conductors and gradient magnetic trends of the Shotts Lake horizon continuing north onto the Melgurd property in the area of a felsic volcanic package. Prospecting and mapping in 2023 and 2024 have outlined an area of significant garnet and anthophyllite alteration, locally associated with gossans.

The North Star Group property, covering 2,922 hectares in 21 contiguous claims and two mining leases, is located 50 km west of Snow Lake, Manitoba. The property consists of three contiguous properties: the North Star Gold Property, the Gold Rock Mining Lease, and the Sewell Lake Critical Metals Property, which is contiguous and within the same stratigraphy as HudBay Minerals' Rail Zone Copper Deposit to the south and the former Dickstone Copper Zinc Mine to the north.

Boreal Gold Inc, a Canadian junior mineral exploration company, has assembled a portfolio of base metal and precious metal prospects in strategic locations in the provinces of Manitoba and Saskatchewan. The company's exploration plans for 2026 include rigorous exploration programs on the Fay Lake, North Star, and Melgurd properties, with drilling, prospecting, and detailed geological mapping as key activities.