Lodge Resources Acquires Lower 48 Resources, Lehmi Gold Project

Lodge Resources (CSE: LDG) announced this morning that it has completed the acquisition of the parent company of Lower 48 Resources Ltd, and as a result, that of Lower 48 as well. As a result, Lodge has now acquired the Lemhi Gold project, which is located in Lemhi County, Idaho.

The Lemhi Gold project consists of 99 unpatented claims and 11 patented claims, which collectively have over 10,000 meters of historic drilling. 53 of the unpatented claims are owned directly by Lower 48, and now Lodge, while 46 claims are held subject to an option agreement. The project, located in the Prolific Salmon region of Idaho, significantly expands Lodge’s exploration portfolio.

Currently, there are plans for a work program to occur this year. There are also plans for Lodge to complete a work program on its Comstock property which is located in the Nicola Mining District near Merritt, BC.

In connection with the acquisition of the parent company of Lower 48, Lodge has issued 33,740,000 common shares to the shareholders of Lower 48 in exchange for the shares of Lower 48. These shares are subject to a voluntary lockup agreement, which sees 17.5% of the shares being released on closing, 22.5% released six months after closing, and 30% to be released nine months after closing. The final remaining portion will then be released on the anniversary of the closing of the transaction.

Lodge Resources has also agreed to complete a financing of a minimum of $3.5 million as a post-closing agreement on the transaction. The funds from which will be used to fund exploration on the Lehmi project and working capital.

Lodge Resources last traded at $0.42 on the CSE.


FULL DISCLOSURE: Lodge Resources Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Lodge Resources Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

One Response

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Precious Metals: Canaccord Comments On Record Capital Returns From Producers

Recently, Canaccord put out a note titled, “Record return of capital and building cash.” Within,...

Tuesday, September 7, 2021, 04:47:00 PM

i-80 Gold Reports Revenue Of $10.3 Million For Q2 2021

i-80 GOLD CORP. (TSX: IAU) late last night posted its financial results for the second...

Wednesday, August 11, 2021, 08:37:35 AM

Magna Gold Produces 11,713 Gold Ounces In Q2 2021

Magna Gold Corp. (TSXV: MGR) today released production results for the month of June 2021,...

Wednesday, July 14, 2021, 10:26:00 AM

Gold Is A Key Way To Store Value, Not Speculate – The Daily Dive feat John-Mark Staude

Today on the Daily Dive, we see the return of regular guest John-Mark Staude, CEO...

Thursday, April 22, 2021, 01:30:00 PM

Treasury Metals Expands Drill Program To 60,000 Metres

Treasury Metals (TSX: TML) this morning announced that it is increasing its 2021 drill program...

Thursday, March 25, 2021, 07:24:19 AM