Scottie Resources to Raise C$27 Million to Advance Canadian Gold Mine Project

en.Wedoany.com Reported - On September 11, Scottie Resources announced the launch of a non-brokered private placement of up to C$27 million, with proceeds to be used primarily for technical studies, permitting advancement, and follow-up exploration work at its Scottie Gold Mine project in British Columbia. The financing includes up to 8,965,500 common shares at C$2.90 per share, and up to 322,600 flow-through shares at C$3.10 per share.

Proceeds from the common share offering will be used for working capital and general corporate purposes, including the technical studies and permitting work currently underway at the Scottie Gold Mine project; proceeds from the flow-through shares will be used for eligible mineral exploration expenditures under Canadian tax law. The financing remains subject to relevant regulatory and exchange procedures.

Scottie Resources is currently carrying out the largest exploration program in its history. The 2026 program plans to complete 50,000 meters of diamond drilling at Scottie Gold Mine and approximately 2,000 meters of drilling at the Cambria project, for a combined annual drilling total of approximately 52,000 meters. The 2026 exploration budget for the Scottie Gold Mine project is approximately C$26 million, with drilling focused on the Blueberry Contact Zone, the historic Scottie gold mine, and targets including Bend, C, D, Serac, and Domino.

As of August 18, the company had completed more than 25,000 meters of drilling and over 100 drill holes, approximately half of the full-year 50,000-meter plan, with seven drill rigs operating at Scottie Gold Mine at that time and one additional rig deployed at Cambria. The project drilling also supports resource upgrading, orebody extension, engineering geology, and environmental baseline data collection, and is planned to support completion of a feasibility study in the first half of 2027.

The Scottie Gold Mine project currently hosts approximately 3.6 million tonnes of inferred resources at an average gold grade of 6.1 g/t, containing approximately 703,000 ounces of gold. A previously completed preliminary economic assessment proposed a direct shipping ore (DSO) development scenario, with estimated initial capital expenditure of approximately C$128.6 million, average annual gold production of approximately 65,400 ounces, and a designed mine life of approximately 7 years. The company is also evaluating a toll-processing option using spare capacity at the nearby Premier mill, though no related processing agreement has yet been signed.

On September 9, the company announced the first batch of 2026 drilling assay results, with the Blueberry Contact Zone returning intervals including 18 meters at 9.7 g/t gold and 2.45 meters at 26.2 g/t gold. The 2026 drilling objectives include upgrading inferred resources to indicated resources, expanding known high-grade mineralized zones, and testing new peripheral targets.