Business
GGL Sells Lithium Project, Nevada
VANCOUVER, BC / ACCESSWIRE / July 20, 2023 / GGL Resources Corp. (TSXV:GGL) ("GGL" or the "Compa...
About this update from Ggl Resources Corp.
[{"type":"text","content":"GGL Sells Lithium Project, NevadaVANCOUVER, BC / ACCESSWIRE / July 20, 2023 / GGL Resources Corp. (TSXV:GGL) (\"GGL\" or the \"Company\") is pleased to announce that it has sold a lithium exploration project in Nevada to Blue Thunder Mining Inc.The Nevada Lithium Project comprises 85 US federal mineral lode claims, covering approximately 6.8 square kilometres (1,683 acres), in Esmeralda County, Nevada. The claims lie in the northern part of the larger Gold Point claim block, which GGL is exploring for vein gold and porphyry copper-molybdenum mineralization.The Nevada Lithium project area is underlain by Quaternary alluvium which is a prospective host for lithium mineralization. The Quaternary sediments are part of a basin that locally contains thick sections of lithium enriched claystone. The closest lithium bearing drill holes are located about 3.8 km to the north on Nevada Sunrise Metals Corp's Gemini property. Mineralization reported in drill holes on the Gemini property include 1,412 ppm lithium over 439 m, starting at 155.49 m below surface. GGL has sold Blue Thunder the right to explore for and develop lithium mineralization in the Quaternary alluvium but has retained all mineral rights in rock units that underlie the alluvium. None of the veins or porphyry mineralization known to occur at the Gold Point Project are located on claims that are part of this sales agreement. In return for the lithium rights, Blue Thunder has agreed to pay the annual maintenance fees for the claims comprising the Nevada Lithium Project and has granted GGL a 2% NSR royalty payable in the event of future lithium production.\"This transaction allows GGL to benefit from the current interest in lithium without diverting funds or energy from its planned exploration activities at Gold Point, which are focussed on high-grade gold-silver veins and a newly discovered porphyry target,\" states CEO Doug Eaton. \"This creative deal does not impede GGL's activities because it has retained the right to explore and develop veins or porphyry mineralization should they extend under the alluvial cover.\" About GGL Resources Corp.GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The Company has optioned and wholly owned cl...