SASKATOON, Saskatchewan, Sept. 12, 2018 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”), at the request of IIROC, is providing additional disclosure relating to its September 11, 2018 news release titled “GFG Signs Option and Earn-In Agreement with Newcrest to Advance the Rattlesnake Hills Gold Project”.
The Rattlesnake Hills Gold Project:
The Rattlesnake Hills Gold Project is a district scale gold exploration project located in central Wyoming approximately 100 kilometres southwest of Casper. The Project is comprised of 1,573 unpatented lode mining claims as well as eight Wyoming State mining leases covering an area of approximately 30,400 acres. The Project is centrally located within a roughly 1,500-kilometre-long belt of alkalic intrusive complexes that occur along the eastern side of the Rocky Mountains from Montana to New Mexico.
As disclosed by the Company on September 11, 2018, the Company has signed an option and earn-in agreement with Newcrest Resources Inc., a wholly-owned subsidiary of Newcrest Mining Limited (ASX: NCM) (“Newcrest”), pursuant to which Newcrest has the right to acquire, in multiple stages, up to 75% of the Project by completing a series of exploration and development expenditures and making staged option cash payments totaling US$1.25 million to GFG.
The Project has approximately 90,000 metres of historic drilling which has outlined four significant zones of alteration and precious metal mineralization that are associated with Eocene age alkalic intrusions at North Stock, Antelope Basin, South Stock and Blackjack. The majority of the historic drilling was completed by Evolving Gold Corp. focused on near surface, open pit targets in the North Stock and Antelope Basin areas with highlights that include intercepts(1) of 1.85 grams of gold per tonne (g/t Au) over 236.2 metres (“m”) hole length; 4.20 g/t Au over 77.7 m hole length; 2.08 g/t Au over 150.9 m hole length and 0.82 g/t Au over 99.1 m hole length.
Brian Skanderbeg, P.Geo. and M.Sc., serves as President and CEO of GFG, and is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Skanderbeg has reviewed the respective core intervals, sampling and QA/QC procedures and results thereof as verification of the historical drilling data disclosed above and has approved the information contained in this news release.
Quality Analysis and Quality Control
The quality analysis and quality control measures utilized by Evolving Gold Corp. in respect of the historical drilling data disclosed above included the following: drill hole intervals were weighted averages with each assay interval weighted according to the core length. Rigorous quality assurance and quality control procedures were implemented including routine insertion of internal standard reference materials, certified reference materials, blank material and duplicate samples from both crush and pulp material. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30-gram charge, fire assay, with an ICP finish. SGS Canada laboratory in Toronto is ISO accredited.
(1) Gold intervals reported are based on a 0.20 g/t or 0.50 g/t Au cutoff. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 60-100% of drilled thicknesses.
For further information, please contact:
Brian Skanderbeg, President & CEO
Phone: (306) 931-0930
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
About GFG Resources Inc.
GFG Resources is a North American precious metals exploration company headquartered in Saskatoon, Saskatchewan, Canada, whose shares trade on the TSX Venture Exchange (GFG) and on the OTCQB (GFGSF). The Company owns 100% of two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Ontario properties are comprised of the 47,500-hectare Pen Gold Project and the 20,000-hectare Dore Gold Project. The consolidated land packages have the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp which has produced over 70 million ounces of gold. The Company also controls 100% of the Rattlesnake Hills Gold Project, a district scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyoming, U.S. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold.
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.