Projects
Isoneva
The Isoneva Gold Project, located in central Finland in the Bothnian region, comprises three contiguous exploration permits and one Reservation, held by a 100% owned subsidiary of Gemdale. The properties were acquired by free staking, based on historical occurrences of high-grade gold in boulders and panned from till, and historical exploration by a number of previous companies and the GTK. Gemdale has carried out significant BOT (Base of Till) drilling, diamond drilling, geophysics and other exploration on the properties. The project area is almost entirely covered by deep glacial deposits, with only one known outcrop. Consequently, boulder hunting, geochemistry and geophysics are important aspects of a successful exploration strategy on the property.
Please see press release dated 23rd May 2025 for full details of drill results and sources of boulder data.
Gemdale has previously undertaken several exploration programs on Isoneva, with drilling generally testing shear-zone hosted gold mineralization in the Uunikangas and Tiaskuru zones. High grade gold mineralization was intersected in several holes, but follow up drilling is required.
The Project is currently under option in a deal with Nordique Resources Inc, whereby Nordique can earn-in to full ownership over time by making certain financial commitments. On 26th June 2025 the Corporation signed a definitive agreement with Nordique Resources Inc (“Nordique”), which gives an option to Nordique to earn a 100% interest in the Isoneva Property over a period of three years (the “Option Period”) in consideration for:
a) CAD$100,000 cash consideration;
b) CAD$3,000,000 in exploration expenditures during the Option Period, with minimum expenditures of $600,000 during the first calendar year; and
c) On notification of the exercise of the option, and at Gemdale’s sole discretion either: a. CAD$1,000,000 cash consideration and a further additional milestone and success payments up to an aggregate of CAD$3,000,0000 (total of CAD$4,000,000); or b. CAD$4,000,000 of common shares in Nordique (based on volume weighted average trading price of the previous 20 trading days.
In addition, upon exercise of the option, Gemdale will retain a 2.0 % net smelter returns (“NSR”) royalty on the property. Nordique will have a one time option (“First Repurchase Option”) to reduce the NSR to a 1.5% NSR royalty by making a cash payment of CAD$2,000,000 to Gemdale at the time of exercise of the option. In addition, Nordique will have an option to reduce the NSR to a 1% NSR (or to a 0.5% NSR if Nordique has already exercised the First Repurchase Option) by making a cash payment of CAD$3,000,000 to Gemdale.
Qualified Persons statements can be found on the Legal page.