- GFG Resources Inc. (GFG) has closed an option and earn-in agreement with Group 11 Technologies, a private U.S. development company
- Group 11 will conduct an exploration and development program on GFG’s Rattlesnake Hills gold project using its revolutionary technology
- Group 11 has the right to earn a 70 per cent interest in the Rattlesnake project by conducting this exploration and making a cash payment of US$7.5 million
- GFG Resources is a North American precious metals exploration company focused on district scale gold projects in Ontario and Wyoming
- GFG Resources Inc. (GFG) is up 6.67 per cent, trading at $0.16 per share
GFG Resources Inc. (GFG) has closed an option and earn-in agreement with Group 11 Technologies, a private U.S. development company.
Group 11 will conduct an exploration and development program on GFG’s Rattlesnake Hills gold project, using “a technology that could revolutionize gold mining,” said GFG president and CEO Brian Skanderbeg.
“The Phase 1 program will begin shortly and over the coming months. Group 11 will conduct metallurgical test work on historic core with the possibility of testing new core from priority sections of the deposit,” said Mr. Skanderbeg, who is “optimistic” about the program.
The program is designed to test core samples, assessing the effectiveness of Group 11’s eco-friendly water-based solutions on extracting gold from the samples.
Exploration will begin shortly, and testing is expected to be completed in the fourth quarter.
In addition to spending a minimum of US$9.5 million in expenditures, Group 11 has the right to earn a 70 per cent interest in the Rattlesnake project by making a cash payment of US$7.5 million.
The company will also pay all holding and maintenance costs related to the project.
The Rattlesnake Hills gold project is located in central Wyoming and is host to approximately 100,000 metres of historic drilling.
GFG Resources is a North American precious metals exploration company focused on district scale gold projects in Ontario and Wyoming.
GFG Resources Inc. (GFG) is up 6.67 per cent, trading at $0.16 per share as of 12:10 pm ET.
