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GFG Resources and Newcrest Mining Complete 2018 Drill Program at Rattlesnake Hills Gold Project
SASKATOON, Saskatchewan, Nov. 15, 2018 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) and its partner, Newcrest Res
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, Nov. 15, 2018 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) and its partner, Newcrest Resources Inc., a wholly-owned subsidiary of Newcrest Mining Limited (ASX: NCM) (“Newcrest”), have elected to suspend the 2018 drill program due to deteriorating field conditions on its Rattlesnake Hills gold property. The Company completed approximately 1,000 metres of drilling in two drill holes. The drill holes did not reach their intended target depth and will be left open for completion in 2019. Brian Skanderbeg, President and CEO commented, “The decision to suspend the Phase 1 drill program was based on challenging field conditions moving into the winter season. Our timeline to complete drill testing of the deep porphyry and greenfield targets during the option period with Newcrest remains intact. We look forward to working with Newcrest over the winter months to strengthen our understanding of the North Stock system as well as the entire district and to re-start the drill program in July 2019.” For the remainder of 2018 and 2019, the Company and Newcrest will continue to work together on re-modeling the district and deposit-scale geological and geophysical data, including VTEM, CSAMT, gravity and magnetic data, to drive both deep and greenfield drill targets. The program will also include the application of Corescan technology to historic deep drill holes and innovative machine-learning technology to constrain geochemical and mineralogical vectors related to gold mineralization and further refine deep drill targets. Drilling is expected to re-commence in early July of 2019 with a minimum budget of approximately US$1.8 million. About GFG Resources Inc.GFG Resources is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions, Ontario and Wyoming. In Ontario, the Company owns 100% of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold projects have the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp which have produced over 70 million ounces of gold. In Wyoming, the Company controls 100% of the Rattlesnake Hills Gold Project, a district ...