Dixie Gold's shares soar on Red Lake acquisition

Red Lake District, northwestern Ontario, Canada. Photo by P199, Wikimedia Commons.

Shares in Dixie Gold (TSX V: DG), formerly Clean Commodities Corp. skyrocketed 80% Tuesday, following the announcement that it had acquired a district-scale exploration project in the developing Dixie Gold District near Red Lake, Ontario.

As a result, Dixie Gold has become one of the largest mineral claim owners in the emerging mining exploration camp with the new project located adjacent to both Great Bear Resources' and BTU Metals' properties.

The Red Lake Gold project is approximately 21,258 hectares and covers 1,044 mining claims

The Red Lake gold project held by Dixie Gold represents a district-scale exploration project at approximately 21,258 hectares (52,507 acres) and covers 1,044 mining claims.

"Our new project successfully positions Dixie Gold as a significant participant in one of Canada's newest exploration camps," chairman and CEO Ryan Kalt said in the media release. "We are looking forward to commencing gold and VMS exploration work at our new project in the Dixie district during 2020."

At market close Tuesday, Dixie Gold's shares had been tradedover 3.6 million times. The average daily trading volume is 96, 987. Thecompany has a C$4.6 million market capitalization.