Hemlo Explorers Inc., a Canadian mineral exploration company, has announced its acquisition of Rocky Shore Metals Ltd. The acquisition includes all of the issued and outstanding common shares of Rocky Shore in exchange for the issuance of Hemlo shares. This transaction will result in Hemlo owning 100% of six grass roots gold projects located in Newfoundland, Canada, with no underlying royalties.
The properties acquired by Hemlo were chosen for their potential to host widespread, high-grade gold mineralization in structurally complex geological environments. Notably, Rocky Shore’s flagship Gold Anchor Project is a district-scale asset in a significantly underexplored area, spanning over 2,100 claims and 533 square kilometers. The project features approximately 50 kilometers of strike length of favorable metasediments bounded by two crustal faults, hosting an interpreted ‘Major Fault and Splay Structural Corridor’ on trend to New Found Gold Corp’s significant gold discoveries at its Queensway Project in Central Newfoundland.
Hemlo’s President and CEO, Brian Howlett, expressed his excitement about the acquisition, stating that the combination of Hemlo’s gold projects and Rocky Shore’s early-stage gold properties in central Newfoundland will generate significant value for all stakeholders. He believes that advancing these projects forward will lead to potential discoveries.
Ken Lapierre, President and CEO of Rocky Shore, also expressed his enthusiasm for the opportunity to work with the Hemlo team and to advance the Gold Anchor Project. He highlighted the project’s strategic location on trend to significant high-grade gold discoveries in a potential emerging gold district.
As part of the transaction, Ken Lapierre will be appointed Vice President, Exploration of Hemlo. With over forty years of experience in exploration, mine geology, and financing in the precious and base metals sectors, Lapierre brings valuable expertise to the Hemlo management team.
The closing of the transaction is subject to regulatory approvals and the approval of Hemlo’s shareholders. The Company intends to rely on the exemption in CSE Policy 4.6(1)(b) to satisfy the CSE’s requirement for shareholder approval. Upon completion of the transaction, Hemlo will have 100,724,624 shares outstanding.
This acquisition marks an important milestone for Hemlo Explorers Inc., expanding its gold project portfolio and positioning the company for future growth in Eastern Canada. With the addition of Rocky Shore’s assets, Hemlo is well-positioned to continue its exploration and development activities, aiming to unlock the full potential of these promising gold projects.