Welcome to our dedicated page for Route 109 Resources news (Ticker: MRIRF), a resource for investors and traders seeking the latest updates and insights on Route 109 Resources stock.
Route 109 Resources Inc. reports mineral-exploration developments for gold and base-metal projects in Quebec, Canada. The company is focused on its 100% interests in the Dunlop Bay and King Tut projects in the Abitibi greenstone belt, with recent updates centered on drilling, geophysical work, and assay results from Dunlop Bay.
Recurring company news includes VMS, gold, copper, molybdenum, and silver mineralization targets, porphyry-style geological interpretations at the Dunlop Bay intrusion, and technical disclosure reviewed under Canadian NI 43-101 standards. Corporate updates also include shareholder meeting results, director elections, the completed name change from BMEX Gold Inc., and capital-structure actions such as share consolidation and private-placement disclosure.
Route 109 Resources (OTCQB: MRIRF) announced that Robert Pryde has resigned as a Director and President. The board expressed appreciation for his service and contributions.
The Board of Directors will conduct a search for a new CEO and plans to provide updates on any material developments in line with applicable securities laws.
Route 109 Resources (OTCQB: MRIRF) has confirmed the presence of a gold-copper-molybdenum porphyry-style mineralized system at its Dunlop Bay property through its 2025 winter drilling program. The program included two drillholes (BD-25-31 and BD-25-32) that intersected intrusive rocks with notable mineralization, including peaks of 7.05 g/t Au, 11.60 g/t Ag, and 569 ppm Cu over 0.5 meters in drillhole BD-25-31.
The drilling results revealed two distinct mineralization styles: a Mo-Cu-Au enrichment near the intrusion contact and within the Dunlop Bay intrusion, and a VMS-related base metal enrichment in areas more distant from the intrusion. The company has identified a prospective N-S trending mineralizing system extending over 2km, which remains largely untested by drilling.
Route 109 Resources (TSXV: RTE) (OTCQB: MRIRF) has initiated a 3,000 to 4,000 m drill program at its Dunlop Bay project, targeting both Volcanic Massive Sulphide (VMS) and gold mineralization. The winter exploration program includes an electromagnetic borehole survey to model additional conductive plates for new VMS discoveries.
The program will test the Dunlop Bay North historical VMS showing, where previous drilling revealed zinc-copper mineralization, including intersections of 6.55 m at 1.08% Zn and 0.18% Cu, and 4.57 m at 1.15% Zn and 0.11% Cu. Additionally, the program aims to extend the Dunlop Bay West Cu-Au-Mo-Ag showing, which historically returned 18.29 m at 1.24% Cu, 1.32 g/t Au, 1032 ppm MoS2, and 14.36 g/t Ag.
The program will also explore the area around trench NW-2, which showed significant surface gold assays that expanded the Marcelle-Edith gold trend to 2.5 km by 500 m.
Route 109 Resources announced the results of its 2024 Annual General Meeting held on October 31, 2024. Shareholders approved all management resolutions outlined in the Company's Notice of Meeting and Management Information Circular from September 26, 2024. Robert Pryde, Wanda Cutler, and Verlee Webb were re-elected as directors. Marc Bustin and Jeremi Fournier did not seek re-election as directors.
BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M00) has announced a name change to Route 109 Resources Inc., effective October 4, 2024. The company's trading symbol will change from 'BMEX' to 'RTE' on the Effective Date, with new CUSIP and ISIN numbers. This change does not affect shareholders' rights, and no action is required from shareholders. Issued securities will remain valid without the need for exchange.
The company also disclosed that an insider acquired 170,000 units in a recent private placement, constituting a related party transaction. BMEX relied on exemptions from valuation and shareholder approval requirements as per Multilateral Instrument 61-101.
BMEX Gold Inc. is initiating a non-brokered private placement financing, aiming to raise up to $1,250,000 through the sale of flow-through and non-flow-through units. Each unit will include a common share and a warrant. The proceeds will be used for exploring the Dunlop Bay project in Quebec and general working capital. The Offering is subject to regulatory approvals and does not involve US securities.
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