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Golden Dawn announces flow-through private placement and planned airborne survey

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The company plans to raise gross proceeds of up to $350,000 from the placement of up to 1,750,000 flow-through units priced at $0.20 per unit. Each unit consists of 1 share and 1 warrant with the warrant exercisable at $0.25 for 24 months.

Additional Information:

Company: Golden Dawn Minerals
Website: http://www.GoldenDawnMinerals.com
Stock Symbol: TSXV: GOM
Date Published: Dec 16, 2020
Transcript: Available

Video Transcript:

I’m Ashton Addison for Investmentpitch Media

Golden Dawn Minerals has announced a non-brokered flow-through private placement.

The company plans to raise gross proceeds of up to $350,000 from the placement of up to 1,750,000 flow-through units priced at $0.20 per unit.

Each unit consists of 1 share and 1 warrant with the warrant exercisable at $0.25 for 24 months.

The proceeds will be used for continued exploration on the company’s Greenwood Precious metals projects in southeastern British Columbia.

The shares are trading at $0.15.

The company’s extensive land package in the Greenwood Mining Camp includes several past producing mines.

The company recently announced that it intends to fly an airborne geophysical survey over its Phoenix property in early January.

The area planned to be covered by the initial survey will include the area surrounding the historic Phoenix mine and the focus of the program is to explore for the roots of the hydrothermal system that formed the Phoenix copper-gold deposit.

Golden Dawn is currently reviewing proposals for the survey and expects to sign a contract within the next few days.

The historic Phoenix copper gold mine was the largest producer in the Greenwood mining camp.

Total production from Phoenix is documented as 26,956,525 tonnes of ore containing 30,715 kilograms of gold; 192,055 kilograms of silver and 930,050 tonnes of copper.

The calculated grades are 3.45% copper, 1.02 grams per tonne gold and 7.12 grams per tonne silver.

Starting in 2021, Golden Dawn is planning a staged approach to search for a depth continuation of the Phoenix deposit, as limited exploration has been done to test the Phoenix deposit footprint at depth.

The program is expected to include:
• Airborne magnetic and electromagnetic geophysical survey.
• Ground Geophysics (IP/Resistivity) in Selected Target Areas
• Compilation of Extensive Database of Exploration Data
• Drill Test High-Quality Targets

Approximately 2 kilometers east-northeast of Phoenix there is a 2.4-kilometre-long northerly trending corridor of skarn deposits that includes the Oro Denoro, Emma, Jumbo and Cyclops / Lancashire Lass, all hosted by the Brooklyn limestone.

Production from the historic Oro Denoro mine for the period 1903 to 1917 totalled 124,001 tonnes containing 117 kilograms of gold, 954 kilograms of silver, and 1,691 tonnes of copper.

Calculated grades are 1.36% copper, 0.94 grams per tonne gold and 7.7 grams per tonne silver.

These grades are lower in copper but otherwise similar to those at the Phoenix deposit.

In the early 1970's several thousand tonnes were extracted from the Oro Denoro and processed at the Phoenix mill.

Viewers are cautioned that these historical records have been examined but not verified by a Qualified Person.

For more information on these and the company’s other projects, please visit www.GoldenDawnMinerals.com, contact Christopher Anderson, CEO, at 604-488-3900 or email office@GoldenDawnMinerals.com.

I’m Ashton Addison for Investmentpitch Media