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GFG Resources Provides Update on Rattlesnake Hills Gold Project Option Agreement with Group 11 Technologies
SASKATOON, Saskatchewan, Sept. 11, 2023 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces the termination of
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, Sept. 11, 2023 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces the termination of its option and earn-in agreement (the “Agreement”) with Group 11 Technologies Inc. (“Group 11”), a privately-owned corporation, to advance GFG’s Rattlesnake Hills Gold Project (the “Project”) in Wyoming, United States. Under the terms of the Agreement, Group 11 had the right to acquire, in multiple stages, up to 70% of the Project by completing a series of exploration and development expenditures and making staged cash and equity payments to GFG. The Project remains 100% owned and controlled by GFG. Brian Skanderbeg, President and CEO of GFG commented, “Through our Agreement and the positive metallurgical results from Rattlesnake Hills, Group 11 demonstrated the real potential for In-Situ Recovery application to be used in the gold industry. We remain an equity holder in Group 11 and wish them the best as they continue to advance the development and application of this innovative technology. Moving ahead, GFG owns 100% ownership in this district-scale gold property and will undertake a strategic review to evaluate the best path forward to advance the Project and maximize shareholder value.” “We remain fully committed and well-funded to continue our exploration efforts in the Timmins belt, where we hold three district-scale land positions and are launching an aggressive drill program at Montclerg and advancing regional targeting efforts across Goldarm, Pen and Dore land positions.” As GFG advances its strategic review of the Project, the Company will provide an update to the market. The Rattlesnake Hills Gold Project The Rattlesnake Hills Gold Project is a gold exploration project located in central Wyoming approximately 100 km southwest of Casper. The Project is centrally located within a roughly 1,500-kilometre-long belt of alkalic intrusive complexes that occur along the eastern side of the Rocky Mountains from Montana to New Mexico. The Project has approximately 95,000 m of drilling which has outlined three significant zones of alteration and precious metal mineralization that are associated with Eocene age alkalic intrusions at North Stock, Antelope Basin and Blackjack. The majority of the drilling has focused on near surface, open pit targets in the North Stock and ...