As announced on
The
This Spirit Loan constitutes a related party transaction (the 'Transaction') as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Transaction is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as no securities of the Company are listed on certain exchanges specified by MI 61-101, and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61- 101 as, at the time the Transaction was agreed to, neither the fair market value of the subject matter of the Transaction nor the consideration therefor exceeded 25% of the Company's market capitalization.
CEO
About the Wuo Land 2 License
Following the option agreement to acquire
An initial 5,000 metre drilling programme at Cascades in 2022 intersected significant mineralisation at the new TT13 target some 6km east of the Daramandougou and Wuo Ne resources areas. A follow-on 5,000 metre programme in 2023 outlined significant additional resource potential at newly defined
At Sina Yar, 1.7km north of TT13, DFR's 2023 first-pass reverse circulation drilling programme has discovered what appears to be a major new zone. Ten drill holes totalling 903m have been completed at the target and significant mineralisation was intersected in each hole drilled. In particular, three consecutive holes testing 250m of strike length of the main north-south trending structure intersected significant widths of mineralisation, including 34m (from 50m downhole depth) at a grade of 1.83g/t plus 6m (from 23m) at a grade of 1.14 g/t in hole CS23-RC077.
At Far East, some 2.5km east of Daramandougou, a wide mineralised zone was intersected, including 48 metres at 0.42g/t Au. Resource delineation step-out and down-dip drilling are part of the next planned drill programme at Sina Yar, Far East.
Notes to Editors:
In
Additional Mineral Resource Estimate Disclosures
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define this Inferred Resource as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in upgrading the Inferred Resource to an Indicated or Measured Mineral Resource category.
The Mineral Resource has been constrained by an open pit evaluation using a gold price of US$1900 per ounce, and then reported at a cut-off of 0.5 g/t Au.
Forward-Looking Statements: This release contains certain 'forward-looking information' within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact in this release that address activities, events or developments that DFR expects or anticipates will or may occur in the future are forward-looking statements or information. Often, but not always, forward-looking information can be identified by the use of words such as 'aim', 'aspire', 'strive', 'will', 'expect', 'intend', 'plan', 'believe' or similar expressions as they relate to DFR. Forward- looking information is subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking information.
There are a number of important factors that could cause DFR's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: the ability to obtain requisite regulatory approvals; the ability to finance the drilling campaign; commodity prices; the gold exploration and mining industry in general; the potential impact of the announcement on relationships; including with regulatory bodies, employees; suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statement prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
DFR cautions that the foregoing list of material factors is not exhaustive. When relying on DFR's forward-looking statements and information to make decisions, shareholders should carefully consider the foregoing factors and other uncertainties and potential events. DFR has assumed that the material factors referred to in the previous paragraph will not cause such forward looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this release represents the expectations of DFR as of the date of this release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While DFR may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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