This week marks the one year anniversary of the corporate changes to what has become EGR Exploration Ltd. This time one year ago, the new management gained the votes, the support and confidence that changed the path of the Company. Shareholders got a new management team, a new technical team, a fresh new look, and a new name but we kept the same vision of making a discovery on the Detour West Gold Property. EGR has come a long way in just a year and we have created a plan to execute on and we are just getting started.
Highlights and Achievements June 1, 2022 to June 1, 2023
- A new and enthusiastic board was overwhelmingly voted in via the support from shareholders and completely changed the management team. It became clear change was needed as we went through the proxy battle and we discussed past sins with our shareholders.
- Completed an audit, uncovered numerous debts and cleaned up the Company’s balance sheet with lots of sweat and tears (but no blood, thankfully). Management combed through many transactions and worked with creditors and vendors.
- Consolidated and repaid a large portion of debt into three parts: cash, shares and a convertible note.
- Claims management was improved to secure and transfer ownership to the Company.
- Claims Acquisition: Acquired the keyhole area in the centre of Detour West – and history will tell us if this was the important move, we think it was.
- Share consolidation completed, name change completed, and a refreshed look: Everywhere Good Results and we are EaGeR to make things happen!
- Completed two raises of $950K each.
- Insiders own over 10% of EGR and continue to show support in the market.
- The team has evolved:
- Addition of Directors: Dusty Nicol, Dave Stevenson
- Addition of QP and Advisor: Brian Atkinson
- Addition of Geologists: Rob Duncan, Jason Weber
- Claims manager appointed: Pam Sangster
- Geological consultants engaged: Overburden Drilling Management Limited (ODM)
- Since December, we have been collecting all historical data, communicating with previous operators and creating an exploration plan.
- Completed site visit (http://egrexploration.com/the-road-to-detour-west-site-visit)
- Market cap has increased along with share price even with the most recent selloff.
- We have completed flying airborne magnetics in May using Precision GeoSurveys Inc. run by Harmen Kaiser, to cover the majority of the property.
With a busy year behind us, I feel accomplished in what we have done. We remain eager to keep moving Detour West forward and continue our pursuit of making a significant gold discovery. With our airborne magnetics completed, we focus on compiling all our data and refining our targets for the upcoming fall/winter drill program. We have been studying our neighbours, Wallbridge and Agnico, and want to mirror their success along the Detour-Fenelon Gold Trend. We will continue to communicate with our shareholders and update our presentation and website as we refine our new data in the coming weeks. I am looking forward to the next year, and with some further hard work and good luck, we will have a new list of even greater achievements in 2024.
About EGR Exploration Ltd.
EGR Exploration Ltd. is exploring for gold in the Detour-Fenelon Gold Trend approximately 300 kilometres north of Timmins, Ontario. EGR’s 40,255 hectare Detour West gold project is contiguous to Agnico Eagle’s property which contains the Detour Lake Gold Mine and is approximately 20 kilometres from the mine, which is also hosted in the Abitibi Greenstone Belt.
For further information contact:
CEO & Director
Phone: (604) 353-4080
Forward‐Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company’s exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals. Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.