GFG Resources Inc. (TSX-V: GFG) (OTCQB:
GFGSF) (“
GFG” or the
“
Company”) announces that it has completed its
earn-in requirements to earn 100% of the Montclerg Gold Project
(“
Montclerg” or the “
Project”)
pursuant to the previously announced option agreement (the
“
Agreement”) with International Explorers and
Prospectors Inc. (“
IEP”)(see news release: “GFG
Expands Presence in Timmins - Acquires the Montclerg Gold Project
East of the Prolific Timmins Gold District”).
Pursuant to the Agreement, GFG issued its final
share payment of 3,535,168 common shares of the Company to IEP,
exceeded the C$1.0 million in exploration expenditures and
transferred C$1.0 million in assessment credits to IEP. IEP will
retain a net smelter royalty of up to 2% on certain claims.
“We are pleased to finalize the acquisition of
Montclerg which comprises a key component of our Goldarm Property,”
stated Brian Skanderbeg, President and CEO of GFG. “The
consolidated property is strategically located along major
structural corridors, in proximity of four mills and multiple
producing gold mines. Over the last two years, our exploration
approach has been aggressive but calculated, returning numerous
broad, high-grade gold intercepts within a robust and expandable
gold system. With control of over 30 kilometres of strike, we are
well-positioned to continue implementation of our regional
exploration strategy. We thank IEP for their support and
collaborative efforts in the advancement of the Project and look
forward to continuing to work with them as relevant and loyal
shareholders.”
About the Montclerg Gold
ProjectThe Montclerg Gold Project is located 48 kilometres
(“km”) east of the prolific Timmins Gold Camp and is surrounded by
multiple current and historic gold mines and significant power and
road infrastructure. The Project consists of five patented mining
claims and 110 unpatented mining claims that cover 10 km of the
highly prospective Pipestone Deformation Zone which hosts multiple
gold deposits and mines in one of the most prolific gold districts
in the world. The Project is within 10 kms of the Stock Mine and
Mill and the Taylor Gold Mine. The two gold systems at Montclerg,
MC and CX, occur north and south of the Pipestone Deformation Zone,
respectively, and are associated with east-northeast trending fault
zones that bisect the metasedimentary, felsic volcanic, mafic
volcanic and felsic porphyritic rocks of the area.
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:
GFG Resources Inc. 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:
https://twitter.com/gfgresourcesLinkedIn:
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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.
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 its properties, 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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