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GFG Resources Finalizes Montclerg Gold Project Acquisition and Initiates Aggressive Exploration Program
SASKATOON, Saskatchewan, Oct. 25, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces that the Company has
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, Oct. 25, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces that the Company has completed its initial obligations pursuant to its previously announced definitive agreement (the “Agreement”) with International Explorers and Prospectors Inc. (“IEP”) to acquire a 100% interest in the Montclerg Gold Project (and/or the “Project”) (see news release: “GFG Expands Presence in Timmins - Acquires the Montclerg Gold Project East of the Prolific Timmins Gold District”). Under the terms of the Agreement, GFG has the right to acquire 100% of the Project by completing a series of staged equity payments, transferring assessment credits and spending C$1.0 million in exploration expenditures over the next 24 months. The Montclerg Gold Project is located 48 kilometres (“km”) east of the prolific Timmins Gold Camp (See Figure 1) and consists of five patented mining claims and 110 unpatented mining claims. The land tenure includes 10 km of the highly prospective Pipestone Deformation Zone (See Figure 2) which hosts multiple gold deposits and mines in one of the most prolific gold districts in the world. “This acquisition fits our strategy of exploring in top tier jurisdictions, leverages our skill set and local Timmins team, lowers our exploration risk and encompasses a system with scale and numerous advanced drill targets”, stated Brian Skanderbeg, President and CEO of GFG. “Before year-end, we plan to complete a resampling program of historic core, drone geophysics and approximately 3,000 metres of drilling from our current cash on hand. With the combination of our Timmins exploration programs and the on-going advancements at our Rattlesnake Hills Gold Project with our partners Group 11 Technologies, we anticipate an exciting and catalyst-rich news flow for the remainder of this year and 2022.” Montclerg Gold Project Details The Montclerg Gold Project overlaps the Pipestone Deformation Zone, a major northern splay of the Porcupine Destor Deformation Zone, approximately 8.5 km east of Grace Gold’s Clavos gold deposit and 37 km west of Mayfair Resources’ Fen-Gibb gold deposit. The two gold prospects at the Montclerg Gold Project, MC and CX, occur north of and within the Pipestone Deformation Zone, respectively, and are associated with east-northeast trending fault zon...