|Red Pony Exploration Limited (“Red Pony” or the “Company”) is pleased to announce results from the 2021 exploration program on its Trout Lake Project located in southeast British Columbia, Canada. The results from the 2021 field program provide further support for the occurrence of high-grade precious and base metal mineralization along property to regional-scale northwest trending linear features.
Since the Company’s news release dated December 21, 2020, the Company is also pleased to announce it has completed three additional non-brokered private placements (the “Offerings”), the most recent closing on June 1, 2022. An aggregate of 4,580,830 common shares in the capital of the Company (each, “a Share”) were issued at prices between $0.09 and $0.12 per Share for gross proceeds of $445,400 in the Offerings. The Offerings included 2,437,500 Shares issued on a flow-through basis, the proceeds of which will be used to incur Canadian Exploration Expenses, will qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), and be renounced to the purchasers of such Shares. To date, including the Offerings, the Company has raised an aggregate of approximately $1.4 million by way of private placement.
Field work was completed on the Trout Lake Project from July to September 2021 with the aim to further define and extend known mineralization along the apparent northwest trending linear features. The four main tenure groups explored include Red Pony, Gus, Fidelity and Moly-Winslow resulting in a total collection of 100 rock grab samples and 139 soil samples. Work completed on Red Pony included the collection of 64 rock samples along the Black Warrior, Revelstoke, and Ophir Lade trends with assays showing anomalous gold, silver, lead, and zinc within quartz-sulphide veins and mineralized breccias. Work completed on Gus included 13 rock samples, and 18 soil samples which identified a silver-lead-zinc-in-soil anomaly along a northwest trend of the Gus #3 and #4 showings. The Fidelity sampling included the collection of 10 rock samples, however significant mineralization was not encountered. The Moly-Winslow sampling included the collection of 121 soils, and 13 rock samples surrounding the Moly showing which shows a downslope gold-silver-lead-zinc-in-soil anomaly.
Overall, the field program provides further evidence for downtrend mineralization surrounding known zones and the potential for further discovery on the Project.