GFGSF - GFG Exercises its Option and Earns 100% in the Montclerg Gold Project in the Prolific Timmins Gold District | Benzinga
SASKATOON, Saskatchewan, Oct. 24, 2023 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: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 Project
The 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 ...