01:41 PM EDT, 07/02/2024 (MT Newswires) -- Forge Resources ( FRGGF ) said Tuesday it completed the phase 1 diamond-drilling program at the Alotta Project in the Yukon.

The company said it completed six holes, each ranging between 420 meters to 502 meters in length.

The company said geotechnical and geological data from the program have now been collected. Forge encountered significantly higher molybdenum and some chalcopyrite concentrations and more quartz veining, micro-veining, and stockworks this year than in 2023.

Assay results are pending.

Additionally, the company said it has completed its non-brokered flow-through private placement.

The company issued 687,500 units at $0.80 apiece for $550,000. Each unit consists of one flow-through common share and one transferable non-flow-through share purchase warrant.

Each warrant will be exercisable for one non-flow-through common share at $1.10 apiece for one year from the date of issuance.

The company will use the proceeds from the sale of units for general exploration expenditures on the Alotta Project.

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