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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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