Saskatoon, Saskatchewan, April 6, 2022 (GLOBE NEWSWIRE) — GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“”GFG” or “society“) Is a binding statement of intent (“”agreement“) Private arm length vendor (“vendor”) Acquire 100% interest in 14 unpatented mining claims (“Coulson’s claimAdjacent to the Gold Arm Property (“)See Figure 1).
Brian Skanderbeg, President and Chief Executive Officer of GFG, commented: The value of high-grade gold and the fact that gold mineralization exists in different geological settings and directions show the potential of this asset and its adjacent Goldarm assets. “
The Alho mine was the focus of underground exploration and development in the early 1900s and included two shafts at depths of 400 feet and 575 feet. Limited intermittent production took place throughout the 1940s. Most recently, Kingswood Exploration completed surface exploration and drilling between 1988 and 1992. This historic excavation returned the high-grade gold mineralization associated with the quartz-carbonate veins of highly carbonated mafic volcanic rocks ().See Table 1). Gold mineralization has also been recorded in adjacent ultramafic and porphyry felsic intrusive rocks, with the presence of expansion and shear vein systems across multiple mineralization zones and their regions. Supports high outlook.
Table 1: Highlights of historic drill intercepts on Coulson claims (1)
|Hall ID||From (m)||To (m)||Interval (m)||Au g / t|
(1)Drill intercepts are a thing of the past, and GFG’s QP has not validated the lab certifications, analysis methods, sample sizes, or QA / QC procedures used for past drill results. The true width is not estimated.
Potential quantities and grades are conceptual in nature. So far, sufficient research has not been conducted to define the mineral resources of Coulson claims, and further research reveals whether Coulson claims are defined as mineral resources.
Under the terms of the agreement, GFG will acquire a 100% stake in Coulson Claims in the following manner:
- Issued 700,000 shares of GFG common stock (“Consideration share”) At the time of concluding the contract.
- Make a cash payment of $ 50,000 to the vendor.
- Grants the vendor a 2% NSR of Coulson claims and the right to buy back half (1%) of the NSR for C $ 1,000,000.When
- Successful payment of C $ 1 million in cash within 60 days of the announcement of 1 million ounces of gold NI43-101 compliant mineral resources in Coalson Claims.
Completion of the Agreement shall be subject to certain customary termination conditions, including approval of the TSX Venture Exchange. Consideration shares are subject to the normal four-month holding period.
In 2022, we will complete drilling approximately 10,000 m in Timmins’ portfolio and the Montclerg Gold Project will be well on its way to a 4,000 m Phase 1 drill program. In addition to the 2022 drilling program, GFG will continue additional exploration activities to drill target development throughout the Goldarm Properties and Pengold projects. Regional programs include aerial geophysics, sonic til sampling programs, and data editing. Meanwhile, analysis of the remaining five holes in the 2021 Maiden Drill Program is pending, and we plan to report these results in the coming weeks.
Following the success of the initial testing work that exceeded expectations of recovery in the Rattlesnake Hills Gold Project (“RSH project“) (SDate ee news release March 15, 2022), Our optional partner Group 11 Technologies Inc. (“”Group 11”), And then carry out on-the-spot recovery analysis and data reviews. The technical review further evaluates the comfort and recovery rate for extracting gold using eco-friendly water-based solutions. The next steps to advancing the RSH project include additional lab tests, additional drill tests, and permission for related projects.
Figure 1: Coulson’s alleged Gold Arm Property Timins East Regional Map It is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c705cb22-52c2-4567-9f87-a6dccd29766e.
About GFGResources Inc.
GFG is a North American precious metal exploration company focused on district-wide gold projects in Tier 1 mining jurisdictions in Ontario and Wyoming. In Ontario, we operate three gold projects, each of which is a large and highly promising gold asset within the prolific gold district of Timmins, Ontario, Canada. The project has a similar geological setting that hosts most of the gold deposits found at Timins Gold Camp, which produced over 70 million ounces of gold. We also own 100% of the Rattlesnake Hills Gold Project, a district-wide gold exploration project located approximately 100km southwest of Casper, Wyoming, USA. The company’s Rattle Snake Hills Gold Project with technology that could revolutionize the gold mining industry.
All scientific and technical information contained in this press release was produced under the supervision of Brian Skanderbeg, P. Geo. GFG President, CEO, and Director, qualified within the meaning of National Instrument 43-101.
For more information, please contact:
Brian Skanderbeg, President and CEO
Marc Lepage, Vice President of Business Development
Phone number: (306) 931-0930
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Attention regarding information regarding future prospects
All statements except historical facts contained in this news release are “forward-looking information” in the sense of applicable Canadian securities law and “forward-looking information” in the sense of the Private Securities Litigation Reform Act. Configure the description. 1995 (referred to as “forward-looking statements” in this book). Forward-looking statements include the acquisition of Coulson claims proposed by us, future exploration plans regarding GFG’s asset profits and their timing, the future of Coulson claims and other GFG’s asset profits. Not limited. Future gold prices, successful exploration activities and metallurgical testing operations, timeline permits, exchange rate fluctuations, additional capital requirements, government regulations for exploration operations, environmental risks, unexpected rehabilitation costs, title disputes or insurance claims And restrictions on insurance coverage. In general, these forward-looking statements refer to forward-looking terms such as “plan,” “expect,” “not expect,” “expected,” “budget,” “plan,” and “estimate.” Can be identified using. , “Predict”, “Intention”, “Expect”, “Unexpected”, “Believe”, or their negative implications, or variations of such words or phrases, or specific actions, events, As a result, “possible”, “done”, “would”, “do”, “may”, “taken”, “occur”, “achieved”, or their denial Meaning.
All forward-looking statements include, but are not limited to, management expectations and beliefs, availability of regulatory approvals, and expected long-term prices for gold, to the permits and surface rights we require. It is based on various assumptions that you will receive access to. , Our access to funding, adequate equipment and sufficient workforce, and the political environment in 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 our projects indicates the geological setting, alteration, and mineralization of the Rattlesnake Hills Gold Project, Goldarm Properties, Pen Gold Project, and Dore Gold Project. No need to.
Forward-looking statements are not limited to known and unknown risks, uncertainties, and actual GFG results, activity levels, performances, or outcomes: actual results of current exploration activities. Environmental risks; Gold futures prices; Operational risks; Mining accidents, labor problems and other risks. Capital availability, regulatory approval or funding delays. And other risks and uncertainties. These risks and uncertainties are not exhaustive and should not be construed as exhaustive.
GFG has sought to identify key factors that could cause actual results to differ materially from those contained in the forward-looking statements, but would cause the results to be unpredictable, estimated, or not as intended. There may be other factors. Actual results and future events may differ materially from those expected in such statements, and there is no guarantee that such statements will be accurate. In addition, forward-looking statements are provided solely to provide information about management’s current expectations and plans and to help investors and others better understand our business environment. increase. Therefore, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release have been prepared as of the date of this document and GFG undertakes no obligation to update any forward-looking statements, except as required by applicable law. increase.
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GFG has expanded Goldarm’s assets by acquiring a gold deposit at the Arjo mine in the Timins Gold district of the Canadian Business Journal.
Source link GFG has expanded Goldarm’s assets by acquiring a gold deposit at the Arjo mine in the Timins Gold district of the Canadian Business Journal.