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GFG Resources options earn it 100% of Montclerg Gold Project in Timmins

Oct 30, 2023

“We are pleased to finalize the acquisition of Montclerg which comprises a key component of our Goldarm Property,” said 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.”

GFG Resources Inc. has completed its earn-in requirements to earn 100% of the Montclerg Gold Project pursuant to the previously announced option agreement with International Explorers and Prospectors Inc. 

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.

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 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.

Tags: Northern Ontario / Deals & Financial / Gold / All Articles