Dundee Corp – 11.4%
Corporate – 8.8%
Michael Gentile – 7.9%
Hecla Mining – 5.2%
Management ownership – 3.4%
Primarily to identify new equity investors, interested in both market purchases as well as participation in future equity financings. The Company has recently completed its third major drill program at site and expects to have significant news flow over the coming months.
In the near term, the Company is completing planning both for the commencement of the summer field program as well as developing targets in key areas of focus for future drilling programs in late Q3 and Q4. The Company will also commence the 2022 tailings re-processing operation in the near term, targeting 3,500 – 4,000 ounces of production by milling existing material on the tailings impoundment facility.
The Company expects to have additional drilling permitted and likely in process by the end of the third quarter, with the primary goal of advancing key target areas towards a new resource at site. The Company is also working to expand current land holdings in two key areas that have been identified as highly prospective.
Significant exploration within the Rice Lake belt will have occurred over this period, utilizing the funds from the recently completed $8M flow through financing as well as from the tailings operation which should run for approximately 5-6 months in 2022. Additional work will be done to assess the feasibility of exploring within the True North underground mine as well as texting extensions from that mine.
As noted above, 1911 represents an opportunity to invest in an overlooked company with a large land package that includes both significant infrastructure as well as a history of exploration success (True North produced over 2M ounces historically, 1M ounces remain in the resource). At this time the Company is valued at less than $16M enterprise value, with almost no value given to the property package – the discovery of a resource on this property will lead to a significant re-rating of 1911 given the extremely low risk associated with developing a resource once in place.
Rice Lake is truly a district scale opportunity, owning 100% of the over 90km of strike length along one of the clearest examples of an ancient plate margin Historically underexplored, with little to no drilling outside of historical mine workings and a fraction of the drilling which has occurred in the Red Lake district, 100km to the east and within the same greenstone belt. The property has historically been very fragmented, with over 5 different major land holders (including San Gold, at one point valued at over $1B on just the True North asset alone) and a number of small claim holders, this area has now been consolidated over the last 6 years with 1911 Gold now able to conduct a regional scale exploration program.