Business
GFG Resources Significantly Expands Presence East of the Prolific Timmins Gold District by Adding 13,300 Hectares
SASKATOON, Saskatchewan, Feb. 24, 2022 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce that it
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, Feb. 24, 2022 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with International Explorers and Prospectors Inc. (“IEP”) to acquire a 100% interest in the 6,500-hectare WWCC property, subject to certain pre-existing encumbrances. In addition, the Company has staked a contiguous 6,800-hectare land package that is adjacent to the WWCC property, and collectively with the Montclerg Gold Project, will be referred to as the Goldarm Property (the “Property”). The consolidated Goldarm Property consists of approximately 15,000 hectares and covers over 30 kilometres (“km”) of the prospective Pipestone and North Pipestone deformation zones which hosts multiple gold deposits and mines in one of the most prolific gold districts in the world (See Figures 1-2). The geological setting is analogous to many of the Timmins gold deposits however due to the lack of outcrop and complexity of land ownership, the Project has seen very little exploration. In addition, the Property encompasses other promising structural settings, including those associated with the Carr Porphyry, that host high-grade gold occurrences on adjacent properties. Brian Skanderbeg, President and CEO of GFG, commented, “The consolidation of these properties reflects our vision to find the next Timmins gold mine. We are pleased to expand our partnership with IEP that supports our drive to consolidate a regional scale land position that leverages our skill set and our early success at the Montclerg Gold Project. Consolidation opportunities in a proven gold district are rare and despite the limited historic exploration efforts, we strongly believe this region is highly prospective. The Property is strategically located along major structural corridors, with four mills and multiple producing gold mines within a 30 km radius. With control of over 30 km of strike, we are well positioned to implement our regional exploration strategy and are well financed to execute aggressive exploration programs in 2022.” Terms of the Agreement Under the terms of the Agreement, GFG has a right to earn 100% interest in the WWCC property, subject to a net smelter return royalty of up to maximum of 2% (the “IEP royalty”) and other encumbrances on ce...