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Dixie Gold Inc. Provides Fiscal Summary for the Red Lake Gold Project

Dixie Gold Inc.

Vancouver, British Columbia – April 17, 2024 – TheNewswire – Dixie Gold Inc. (TSX VENTURE: DG)(“Dixie Gold” or the “Corporation”) provides a fiscal summary to recap certain completed efforts related to its gold project in Ontario (the “Red Lake Gold Project”).

As outlined, during the past 24 months, the Red Lake Gold Project has received more than $600,000 of expenditures (the “Third-Party Expenditures”), which the Corporation views to be a significant amount relative to its listed-market capitalization, as well as in terms of a greenfield expenditure at a grass-roots exploration project.

Almost exclusively, recent expenditures at the Red Lake Gold Project have occurred without the Corporation needing to fund those exploration-related expenses, i.e. they were third-party incurred during a project-level earn-in (since discontinued). As such, the Corporation achieved capital structure benefits by avoiding the share dilution that such expenditures would likely have otherwise necessarily required had a similar project-level expense been comparably funded on a internal basis. Dixie Gold believes that its management approach and risk strategy to address the speculative nature of exploration has been prudent considering both market conditions for junior equities and the high degree of risk inherent in early-stage exploration.

Third-Party Filing

As previously disclosed by the Corporation, resulting assessment report (as pertains to the Third-Party Expenditures) was publicly filed, by the third-party, with the relevant provincial authority.

Interested parties may continue to find that third-party assessment report through the applicable provincial authority website.

As described in that third-party report, no further work at the Red Lake Gold Project was recommended by that third-party.

For convenience purposes only, a direct link to the third-party report, as is externally hosted by the Government of Ontario, using third-party link, may be accessed by way of:

The Corporation cautions that it does not assume responsibility for the accuracy and/or opinions and/or findings contained within third-party documents, including but not limited to, third-party assessment reports filed with provincial authorities and/or hosted on third-party and/or external websites.

Fiscal Overview of Project and Risks

Following the subsequent resolution of certain third-party litigation related to the Corporation’s Red Lake Gold Project during the middle of 2023 (as disclosed and detailed by past news releases issued by the Corporation), Dixie Gold has been engaged in claim management activities related to the Red Lake Gold Project, including but not limited to applying assessment credits at the project, including those generated by the Third-Party Expenditures, and other tenure-related activities.

As fiscal recap, since assembly of the Red Lake Gold Project was completed in early 2020, more than $1 million of project-level exploration work has been undertaken and completed, and such financial expenditures have either been funded directly by Dixie Gold (as detailed in the Corporation’s financial statements and past news releases, available through SEDAR+,, or as otherwise funded indirectly by third-party.

Despite this level of material direct and indirect financial expenditure, the Corporation is not aware of any drill targets having been identified to-date at its Red Lake Gold Project that would otherwise justify or enable inaugural drilling to be based around at the present time.

From a fiscal perspective, and despite project-level work in excess of $1m at the Red Lake Gold Project, including the aforementioned summary of expenses incurred by both the Dixie Gold and a senior gold company, it is not known or determinable by the Corporation as to what amount of expenditure may ultimately be required to define one or more drill targets, if such targets exist, and/or if such undertaking would be made.

The Corporation notes that to the extent it purses substantial forward-moving exploration at the Red Lake Gold Project, on a direct basis, it would likely require sourcing additional and material amounts of capital, to the extent a funding market exists, which it believes may carry a significant cost of capital within the speculative part of the early-stage exploration funding curve (due in part to the Corporation’s listed-market capitalization and expenditures at the Red Lake Gold Project to-date). The Corporation advises that a material amount of forward work at the Red Lake Gold Project, to the extent then-deemed to be of merit by the Corporation and/or then-retained third-party consultants, may involve material risk of dilution given the listed-market capitalization of Dixie Gold (see also the "Risks and Uncertainties" sections of the Corporation's financial reports available on SEDAR+).

The Corporation continues to review its project portfolio on an ongoing basis and may vary forward-focus within or through addition where, without limitation, it believes market and/or project conditions warrant.

About Dixie Gold Inc.

Dixie Gold Inc. (TSXV: DG) is a publicly traded exploration company holding a portfolio of exploration projects in Canada.

The Corporation is subject to various risks and uncertainties, including those risks and uncertainties set out in public filings made by the Corporation, such public filings and other important disclosures available through SEDAR+ (, as well as by way of other publicly accessible filings.

For more information, please also visit


Ryan Kalt
Chief Executive Officer
Dixie Gold Inc.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Canadian securities laws. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggest," "plan," "believe," "intend,", “intention” "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, including, but not limited to statements related to the Corporation’s business in general and/or matters related to future exploration work at or expenditures on or viability of the Corporation’s Red Lake Gold Project and/or as related to projects held by the Corporation elsewhere.

Without limitation, these statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business and transactions, or if our estimates or assumptions turn out to be inaccurate.

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.

Contact Info:

Ryan Kalt
Chief Executive Officer
Dixie Gold Inc.

T: 604.687.2038