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Gama Explorations Inc. (OTCQB: GMMAF) has initiated its phase 1 exploration program for the Muskox Pegmatite Lithium Project in Northwest Territories, following a successful financing round exceeding $6 million. Key activities include a lidar and orthophoto survey in May, with prospecting and mapping scheduled for June, leading to drilling in July/August. The project aims to assess over 30 additional pegmatites identified via SPOT satellite imagery. The CM-1 pegmatite, previously sampled, showed lithium grades of 1.34% Li2O over 5 meters, highlighting the area's potential. Gama will utilize the detailed surveys to enhance target identification and advance exploration efforts, with updates expected post-survey.
Gama Explorations Inc. (OTCQB:GMMAF) has successfully closed a non-brokered private placement, securing approximately $1 million in gross proceeds for its 2023 exploration program. This funding will support exploration activities at its Muskox Lithium Project in the Northwest Territories and Tyee Nickel Project in Quebec. The Private Placement included the issuance of 568,182 flow-through shares at $0.88 and 543,478 Quebec flow-through shares at $0.92. The total proceeds will be allocated to Canadian exploration expenses, with a commitment to incur these by December 31, 2024. The company also reported a robust cash position following a prior oversubscribed placement in February 2023, indicating strong interest in its diversified battery metals portfolio.
Gama Explorations Inc. (OTCQB:GMMAF) announced promising exploration results from the Big Onion project in British Columbia. Grab samples show gold assays up to 5.84 g/t and indicate copper presence alongside tungsten and antimony. Notably, the highest copper and gold values were found over 2 km from previous drilling sites. The company plans further prospecting this summer to explore these new areas. Historical data indicates a resource of 87.1 million tonnes at 0.30% copper, however, this is not considered current. The project has potential for diverse mineralization styles beyond historical drilling.
Gama Explorations Inc. (OTCQB: GMMAF) announced key advancements in its exploration projects, including the Muskox Lithium Project, Tyee Nickel Project, and Big Onion Cu-Mo Project.
In Q1 2023, Gama secured $5.4 million in oversubscribed financing to fund Phase 1 exploration programs. Notable activities include a permitting application for drilling at the CM-1 pegmatite in the Muskox project, which showed promising lithium grades of 1.34% Li2O. The company also consolidated its dominant land position in Quebec's Tyee Nickel Project, covering 625.9 km². An upcoming SkyTEM geophysical survey aims to enhance target identification. Gama's recent OTCQB listing aims to increase visibility and trading volume in the U.S.
Gama Explorations Inc. (CSE:GAMA, OTCQB:GMMAF, FSE:N79) announced the acquisition of 78.8 km2 of mineral claims adjacent to its Tyee Nickel Project in Quebec, expanding its land position to 625.9 km2. The purchase, costing $50,000, is part of a strategy to enhance exploration capabilities with a planned SkyTEM airborne geophysical survey scheduled for May. This survey aims to identify prospective targets for follow-up exploration and a future drill program. The acquisition is classified as a related party transaction but is exempt from certain formalities due to the purchase price being under 25% of Gama's market capitalization.
Gama Explorations Inc. (CSE:GAMA) announced positive results from XRD analysis of the Muskox Lithium Property, confirming that spodumene is the dominant lithium-bearing mineral in the CM-1 pegmatite, which has a strike length of 700 m and a width of 11 m. Analysis revealed spodumene content between 8.0% and 13.8% by weight across samples. The company plans to commence groundwork in June and has permitting underway for an initial drill program expected to begin late summer. This analysis indicates a promising outlook for additional pegmatites on the property, which is linked to the demand for lithium in green technology.
Gama Explorations Inc. (OTCQB: GMMAF) announced its commencement of trading on the OTCQB Venture Market as of March 6, 2023. This move aims to enhance visibility and attract investment interest, especially from U.S. institutional and retail investors. Gama continues trading on the Canadian Securities Exchange and Frankfurt Stock Exchange. The OTCQB provides transparency and improved trading experiences, along with DTC eligibility, which facilitates cost reduction and faster settlement for U.S. investors. Gama focuses on mineral properties related to green technologies, recently adding the Muskox Pegmatite Lithium Project to its portfolio.