Boreal Gold Inc. has closed the first tranche of its non-brokered private placement, raising $215,100 through the issuance of 717,000 flow-through shares priced at $0.30 each.

The offering remains subject to customary conditions, including the receipt of all necessary regulatory approvals. All securities issued under this initial tranche carry a four-month statutory hold period in Canada ending on January 1, 2027. Each flow-through share consists of one common share issued within the meaning of the Income Tax Act (Canada).

Proceeds from the financing will directly fund active exploration programs across the company's mineral portfolio in Manitoba and Saskatchewan. At the Fay Lake property, funds will support ongoing drilling targeting the Redwin volcanogenic massive sulphide horizon and high-grade gold quartz veins found in trenches, alongside line cutting, prospecting, and detailed geological mapping and sampling on the grid extension heading east toward the former Puffy Lake Gold mine.

Drilling is currently underway at Fay Lake, where the company awaits assay results from a 1,000-metre drill program and trench sampling currently at SRC Laboratories in Saskatoon. The 2,719-hectare property comprises 17 contiguous claims located 25 kilometres northeast of Flin Flon, Manitoba, containing approximately 5 kilometres of mapped volcanogenic massive sulphide horizons. Fay Lake is contiguous to the south with Hudbay Minerals' Vamp Lake copper-zinc-gold property and to the northeast with the former Puffy Lake mine.

Financing proceeds will also support ongoing work at the North Star property, featuring prospecting, sampling, and detailed mapping of the under-explored one-kilometre intervening area between the North Star and Gold Rock deposits to outline additional drill targets. In Saskatchewan, exploration at the Melgurd Lake property will focus on evaluating airborne conductors near Cornell Bay, investigating anomalies in areas containing favorable felsic to intermediate volcanic rocks and volcanogenic massive sulphide-style alteration identified during 2023 to 2025 field campaigns.

Read the full announcement: Boreal Gold Closes the First Tranche Private Placement for $215,100.00