Beauce Gold Field: Grondin Outcrop Gold Grains Average 15% Silver 85% Gold

Patrick Levasseur, President and CEO of Beauce Gold Fields, states, "With the recent significant rise in the price of silver, the discovery of silver in the gold grains and in drill cores marks a major milestone in our exploration efforts. The positive correlation of bedrock silver to silver in gold placers also provides valuable insights into the origins of our historic placer gold deposit."

Click Image To View Full Size

Image: Grondin Outcrop Gold Grains, Axis of Antiform,

GEOX Inc. was commissioned by the Company to characterize the chemistry of several gold grains recovered from a bulk sample of the Grondin antiform outcrop (BGF press release March 20, 2024).

The gold grains were mounted on a polished thin section by VanPétro / Vancouver Petrographics Ltd. The grains were observed with a petrographic microscope and analyzed with a scanning electron microscope (SEM) and Energy Dispersive X-ray (EDS) at IOS Services Géoscientifiques Inc. Each EDS analysis contains 2 million effective counts, a process time aimed at the best spatial resolution, and a dead time of less than 55%.

The SEM-EDS analyses indicate that the gold grains averaged 85.05% gold (Au), 14.74% silver (Ag) with a fineness of the gold grains (calculated as 1000 * Au / (Au + Ag)) ranging between 820 and 870. The silver content is relatively homogeneous. Half the samples contained trace elements of Cd and Hg. The grains contained no copper and no electrum. The 15% silver content is typical of orogenic environments however the absence of detectable copper points to a source with a particular chemistry.

Table 1. Analytical results (by weight%)

Click Image To View Full Size

The 14.75% silver content of the Grondin grains from the bedrock outcrop is comparable to the silver recovered from past placer gold mining operations 3 km to the southeast. Historical receipts from the Royal Canadian Mint for the 1960s Beauce Placer Mining dredging operation indicated an average silver to gold content of 13%. An 1863 Geological Survey of Canada report by T. Sterry Hunt recorded a silver to gold content of 12.54%.

Mineralized zones from the Grondin diamond drill cores (hole GR 23-01, BGF Press Release January 18, 2024) reported anomalous silver levels averaging 0.79 ppm. By consolidating the silver content with the gold zone intersects, which averaged 3.33 g/t of gold, we achieve a silver to gold ratio of 23.68%. The lower silver content in the Grondin outcrop gold grains and in the historical placer production, compared to the silver disseminated in Grondin drill cores, suggests loss attributed in part to weathering and dissolution of the metal during transport.

The similar in situ silver content in Grondin gold grains to the placer gold suggests detrital transport of gold particles, adding support to the idea that mineralized antiform structures are the genesis of the historic placer gold deposits.

According to the GEOX study, compared to grains from different mineralized zones, the gold in the Grondin sample has an silver content similar to that of gold from alkaline porphyry-type mineralizations. This sample likely comes from an orogenic gold-type mineralization.

Epigenetic gold deposits formed in an orogenic context offer a wide variety of lithological hosts. Orogenic-type gold deposits account for more than 30% of the world's gold production. These deposits show a significant spatial association with dilation structures. These structures, which serve for the precipitation of economic substances from hydrothermal fluids, are varied and include anticline fold hinges, fractures associated with competency contrasts between units, and fault intersections.

Jean Bernard, B,Sc. Geo., is a qualified person, as defined by NI 43-101, who has reviewed and approved the technical information presented in this release.

Close of Non-Brokered Private Placement

Beauce Gold Fields Inc. is closing a non-brokered private placement of 2,475,000 flow-through units at four cents per unit for gross proceeds of $99,000.00 and 5,335,714 units at 3.5 cents per unit for gross proceeds of $186,750.00.

Each flow-through unit will comprise one flow-through common share and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share of the capital stock of the company at a price of 8 cents for a period of 24 months from the date of closing of the placement and each unit will comprise one common share and one common share purchase warrant of the company which will entitle the holder thereof to purchase one common share of the capital stock of the company at a price of five cents for a period of 36 months from the date of closing of the placement. Securities issued under the financing are subject to a four-month hold period, in accordance with applicable Canadian securities laws. The placement is subject to standard regulatory approvals including the approval of the TSX Venture Exchange. The proceeds of the placement will be used: (i) to finance exploration and (ii) for general corporate purposes.

In connection with the placement, the company will pay as finder's fees $2,800 to StephenAvenue Securities Inc. of Toronto, Ont., $2,240 to Jean-David Moore of Quebec and $5,600 to Glores Securities Inc of Toronto, Ont. The company will also issue 80,000 warrants to StephenAvenue Securities, 32,000 warrants to Jean-David Moore and 160,000 to Glores Securities. Those warrants will entitle the agent to purchase one common share of the capital stock of the company at a price of five cents for a period of 36 months from the date of closing of the placement. Also, the company will issue to Jean-David Moore 28,000 warrants entitling the agent to purchase one common share of the capital stock of the company at a price of eight cents for a period of 24 months from the date of closing of the placement.

Patrick Levasseur, President & CEO of the company, through Ice Age Gold, a company wholly owned by Mr Levasseur, subscribed for one million units. Following the completion of the private placement, Mr. Levasseur will beneficially own or exercise control or direction over, directly or indirectly, 8,181,622 shares representing 9.03 per cent of the issued and outstanding common shares of the company.

The participation of Mr. Levasseur in the private placement constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, and TSX Venture Exchange Policy 5.9 -- Protection of Minority Security Holders in Special Transactions. In connection with this related party transaction, the company is relying on the formal valuation and minority approval exemptions of subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the portion of the private placement subscribed by insiders does not exceed 25 per cent of the company's market capitalization.

About Beauce Gold Fields

Beauce Gold Fields is focused on exploring and developing the largest placer gold district in eastern North America. The Company's objective is the trace old placer gold workings back to a bedrock source to uncover economic lode gold deposits. The Company's flagship property is the St-Simon-les-Mines Gold project site of Canada's first gold rush that pre-dates the Yukon Klondike. The Beauce region hosted some of the largest historical placer gold mines in Eastern North America that were active from 1860s to the 1960s It produced some of the largest gold nuggets in Canadian mining history (50oz to 71oz). (Source Sedar: 43-101 Report - Beauce July 4th 2018, , Author B. Violette)

Beauce Gold Fields is currently exploring recently discovered antiform systems that could have contributed to the development of the extensive auriferous placers in Beauce. The Company's geological model suggests that placer gold within the Beauce Gold paleochannel, including the renowned large nuggets from the 19th century, formed in stressed quartz pockets within layered domed Axis of Antiforms, exemplified by Saddle Reef formations. Notable global Saddle Reef formations include the Bendigo gold fields in Australia (over 60 million ounces) and the high-grade Dufferin deposit in Nova Scotia.

Beauce Gold Fields website www.beaucegold.com

Disclaimers:

This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding mineral exploration. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact

Patrick Levasseur, President and CEO Tel: (514) 262-9239

www.beaucegold.com

Copyright (c) 2024 TheNewswire - All rights reserved.