Upside Gold raises $5.14 million for B.C. gold-copper exploration – Resource World Magazine

Upside Gold raises $5.14 million for B.C. gold-copper exploration – Resource World Magazine

Upside Gold Corp. [UG-CSE, UGODF-OTCQB] said Friday it has raised $5.14 million from a brokered private placement financing. The company is focused on advancing the Kena Gold-Copper Project in southeastern British Columbia via systematic exploration and drilling programs. The company is advancing a multi-faceted strategy to support an updated NI-43-101-compliant mineral resource estimate targeted for 2027. Under the offering, the company issued 1.6 million non-flow-through units priced at $1.25 per NFT unit, 1.21 million flow-through units priced at $1.44 per FT unit, and 800,000 premium flow-through units at a price of $1.735 per Premium FT Unit. Each NFT unit consists of one common share and one-half of one common share purchase warrant. Each FT security consists of one common share and one-half of one warrant each of which qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each warrant entitles the holder to acquire one common share at a price of $1.80 for 36 months from the closing date of the offering. However, the company has the option to accelerate the expiry date of the warrants if the shares trades at $3.00 or above for 30 consecutive trading days, calculated on a volume weighted average basis. Kena holds an option to acquire a 100% interest in the Kena Project which is located approximately 7.0 kilometres south of Nelson, B.C.  It consists of 198 mineral claims covering 10,114 hectares, together with 11 crown grants covering 92 hectares. The Kena Project hosts an historical resource consisting of an indicated resource of 32.1 million tonnes at an average grade o f0.544 g/t gold or 561,000 ounces of gold and an inferred resource of 177.5 million tonnes at an average grade of 0.486 g/t gold or 2.77 million ounces of gold. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines. Upside shares were unchanged at 17 cents Friday and trade in a 52-week range of $1.63 and 49 cents. In a press release on June 3, Upside announced an operational update related to technical and exploration advancement at the Kena project. Earlier this year, the company completed a comprehensive compilation and interpretation program integrating historical drilling, geological, geochemical, and geophysical datasets across the project. It said this work produced an updated 3D geological exploration model and identified multiple priority drill targets guiding the 2026 and 2027 exploration programs. Key components of the exploration strategy include approximately 5,000 metres of historical drilling completed subsequent to the 2021 historical mineral resource estimate. It also includes a planned 2026 drill program of approximately 4,000 metres, starting this month (June 2026), combining step-out and target development drilling focused on near-resource mineralization and emerging copper-gold targets. Future plans include an assessment of copper and silver analysis not captured in the existing gold-only resource estimate, including metallurgical studies to evaluate its potential contribution across the broader Kena system.