GT Resources Announces Completion of $1.84 million Non-Brokered Private Placement and Mobilization of Exploration Drill Rigs for the Canalask Nickel-Copper Project

Core Points - GT Resources Inc. has completed a non-brokered private placement financing of C$1.84 million to fund exploration drilling at the Canalask copper-nickel project in the Yukon [1][3] - The company plans to drill up to 2,000 meters to test the Electromagnetic Maxwell plate and conduct additional downhole EM surveys to locate massive copper-nickel sulphide mineralization [1][2] - The private placement involved the issuance of 26,666,667 common shares at a price of C$0.069 per share, which will qualify as flow-through shares for tax purposes [3][4] Financial Details - The gross proceeds from the private placement will be used for eligible Canadian exploration expenses, specifically for flow-through critical mineral mining expenditures, to be incurred by December 31, 2025 [3] - Glencore Canada acquired 26,666,667 common shares for C$1.2 million, increasing its ownership from 9.23% to 16.1% of the issued and outstanding shares [5][8] Historical Resource Estimate - The goal of the exploration is to locate the source of a historical footwall resource estimate of 400,000 tonnes at 1.35% nickel, with significant copper mineralization also present [2][9] - Historical samples collected in 2021 showed copper values as high as 6.1% Cu, alongside other valuable minerals [2] Company Overview - GT Resources focuses on discovering and producing critical Green Transportation Metals, including nickel, copper, palladium, platinum, and cobalt [11] - The company is advancing projects in Canada and Finland, with a commitment to achieving net-zero greenhouse gas emissions throughout its operations [11]