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
ProjectThe 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 Antelope Basin
area with highlights that include intercepts(1) of 1.85 grams of
gold per tonne (“g/t Au”) over 236.2 metres (“m”) hole length; 4.20
g/t Au over 77.7 m hole length; 2.08 g/t Au over 150.9 m hole
length and 0.82 g/t Au over 99.1 m hole length. In addition to the
outlined zones of mineralization, the Company believes that the
district is highly prospective and has outlined several
kilometre-scale greenfield targets that have never been drill
tested. These greenfield targets were generated from the Company’s
geophysical and geochemical programs and host strong similarities
to the North Stock and Antelope Basin systems.
(1) Gold intervals reported are based on a 0.20
g/t or 0.50 g/t Au cutoff. Weighted averaging has been used to
calculate all reported intervals. True widths are estimated at
60-100% of drilled thicknesses.
About GFG Resources Inc. GFG 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 operates three gold
projects, each large and highly prospective gold properties within
the prolific gold district of Timmins, Ontario, Canada. The
projects have similar geological settings that host most of the
gold deposits found in the Timmins Gold Camp which have produced
over 70 million ounces of gold. The Company also owns 100% of the
Rattlesnake Hills Gold Project, a district scale gold exploration
project located approximately 100 km southwest of Casper, Wyoming,
U.S.
For further information, please contact: Brian
Skanderbeg, President & CEOor Marc Lepage, Vice President,
Business Development Phone: (306) 931-0930 Email:
info@gfgresources.comWebsite: www.gfgresources.com
Stay Connected with UsTwitter:
@GFGResourcesLinkedIn:
https://www.linkedin.com/company/gfgresources/Facebook:
https://www.facebook.com/GFGResourcesInc/
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Qualified PersonsBrian
Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified
Person for the information contained in this press release and is a
Qualified Person within the meaning of National Instrument 43-101.
Mr. Skanderbeg has reviewed the sampling and QA/QC procedures and
results thereof as verification of the sampling data disclosed
above and has approved the information contained in this news
release.
Quality Analysis and Quality
ControlThe quality analysis and quality control measures
utilized by Evolving Gold Corp. in respect of the historical
drilling data disclosed above included the following: drill hole
intervals were weighted averages with each assay interval weighted
according to the core length. Rigorous quality assurance and
quality control procedures were implemented including routine
insertion of internal standard reference materials, certified
reference materials, blank material and duplicate samples from both
crush and pulp material. Gold assays were completed by SGS Canada
Inc. in Toronto, using a 30-gram charge, fire assay, with an ICP
finish. SGS Canada laboratory in Toronto is ISO accredited.
CAUTION REGARDING FORWARD-LOOKING
INFORMATION
All statements, other than statements of
historical fact, contained in this news release constitute
“forward-looking information” within the meaning of applicable
Canadian securities laws and “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 (referred to herein as “forward-looking
statements”). Forward-looking statements include, but are not
limited to, the Company’s future exploration plans with respect to
its property interests and the timing thereof, the prospective
nature of the projects, future price of gold, success of
exploration activities and metallurgical test work, permitting time
lines, currency exchange rate fluctuations, requirements for
additional capital, government regulation of exploration work,
environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as “plans”, “expects”
or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate” or “believes”, or the negative connotation thereof or
variations of such words and phrases or state that certain actions,
events or results, “may”, “could”, “would”, “will”, “might” or
“will be taken”, “occur” or “be achieved” or the negative
connotation thereof.
All forward-looking statements are based on
various assumptions, including, without limitation, the
expectations and beliefs of management, the assumed long-term price
of gold, that the Company will receive required permits and access
to surface rights, that the Company can access financing,
appropriate equipment and sufficient labour, and that the political
environment within Canada and the United States will continue to
support the development of mining projects in Canada and the United
States. In addition, the similarity or proximity of other gold
deposits to the Company’s projects is not necessary indicative of
the geological setting, alteration and mineralization of the
Rattlesnake Hills Gold Project, the Goldarm Property, the Pen Gold
Project and the Dore Gold Project.
Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of GFG to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
actual results of current exploration activities; environmental
risks; future prices of gold; operating risks; accidents, labour
issues and other risks of the mining industry; availability of
capital, delays in obtaining government approvals or financing; and
other risks and uncertainties. These risks and uncertainties are
not, and should not be construed as being, exhaustive.
Although GFG has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. In addition,
forward-looking statements are provided solely for the purpose of
providing information about management’s current expectations and
plans and allowing investors and others to get a better
understanding of our operating environment. Accordingly, readers
should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release
are made as of the date hereof and GFG assumes no obligation to
update any forward-looking statements, except as required by
applicable laws.
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