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GFG Resources (GFGSF) has completed the sale of its Rattlesnake Hills Gold Project to Patriot Gold Vault for approximately C$3.3 million. The transaction includes multiple cash payments: C$250,000 at LOI signing, C$250,000 upon definitive agreement, C$1.2 million at closing, and C$1 million due December 16, 2025. Additionally, GFG received 3,061,224 Axcap common shares.
The deal includes potential additional compensation if a resource estimate exceeds 3 million gold ounces, with Patriot paying C$1 per total mineral resource ounce. Patriot will also assume environmental liability and handle the refund of GFG's US$219,000 reclamation bond.
GFG Resources reports significant discoveries at its Aljo Mine Target, with drill hole ALJ-24-014 intersecting three new high-grade intervals 200m northwest of the mine, yielding 9.94 g/t Au over 2.9m, 10.4 g/t Au over 0.7m, and 6.41 g/t Au over 1.1m. ALJ-24-013 extended the Main Zone 100m southwest with nine distinct vein intervals. ALJ-24-016 extended the strike length to 600m east. The company has launched an aggressive 2,500m follow-up drill program targeting depth extensions of the Footwall, Main, and Hangingwall Zones.
GFG Resources has announced its best-ever drill intercept at the Aljo Mine in Ontario, Canada, with a highlight of 23.08 g/t gold over 7.6 m at the Main Zone. This drill hole, ALJ-24-012, also included a section with 215.00 g/t gold over 0.8 m. The drill results extend gold mineralization approximately 200 m down-dip and confirm the continuity and higher-grade of the Aljo Main Zone.
The company has completed five holes (1,700 m) in their Phase 1 2024 drill program, and results from four additional holes are pending. GFG plans to continue drilling in October with a 4,000 m budget to expand the system further. Notably, the current intercepts include significant visible gold and tellurides, demonstrating the system's high potential.
The company also highlighted the geological settings and structural associations of the mineralization, which are consistent with historic underground workings. GFG is initiating new internal studies to understand the mineralogy and hydrothermal alteration better, contributing to its exploration strategies in the Timmins Gold District.
GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) has reported high-grade gold results from its Phase 1 2024 drill program at the Aljo Mine Target on the Goldarm Property in Ontario, Canada. The company completed 5 holes totaling 1,700 meters, with the best intercept to date in hole ALJ-24-012 returning 13.94 g/t gold over 7.1 meters with significant visible gold. Additional assay results are pending.
Key highlights include:
- Expanding known mineralized zones and identifying new gold mineralization
- Plans for follow-up drilling at Aljo in Q3 2024
- Ongoing surface exploration across all 3 projects, including the new Muskego Gold Target
- Planned 4,000 meter drill program for H2 2024 focused on Aljo
GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) has signed a definitive agreement to sell its Rattlesnake Hills Gold Project to Patriot Gold Vault for approximately C$3.3 million. The transaction terms include:
1. Cash payments totaling C$2.7 million
2. Issuance of Patriot shares worth C$600,000
3. Potential additional payment based on resource estimates
The Rattlesnake Hills Gold Project is a district-scale exploration project in Wyoming with 100,000 meters of historic drilling. The project has outlined three significant zones of mineralization and several untested greenfield targets. The transaction is expected to close within 120 days.
GFG Resources has initiated a 6,000-meter drill program across its Timmins properties, focusing on high-grade gold targets. The program includes a 1,500-meter Phase 1 drill at the Aljo Mine, where previous intercepts showed promising gold grades. New targets were identified at Pen Gold Project and Dore, with significant mineralization. Surface exploration includes 800 black spruce bark samples at Goldarm and regional till sampling at Dore, revealing new gold and base metal targets. GFG plans to advance these exploration activities throughout 2024, aimed at expanding resource potential and unlocking high-quality targets.
GFG Resources Inc. signs a binding LOI with Patriot Gold Vault to sell its Rattlesnake Hills Gold Project for approximately C$3.3 million. The deal includes staged cash payments, equity participation, and potential additional payments based on resource estimates. Patriot will focus on acquiring resource-ready projects in Tier 1 jurisdictions and aims to aggressively drill for gold reserves.
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