GFG takes full ownership of Montclerg project
North American exploration company GFG Resources has completed its earn-in requirements to own 100% of the Montclerg gold project, in the Timmins area.
TSX-V-listed GFG issued its final share payment of 3 535 269 shares of the company to International Explorers and Prospectors (IEP), exceeded the C$1-million in exploration expenditures and transferred C$1-million in assessment credits to IEP.
IEP will retain a net smelter royalty of up to 2% on certain claims.
The Montclerg project comprises a key component of GFG’s Goldarm property, said GFG president and CEO Brian Skanderbeg.
“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 km of strike, we are well-positioned to continue implementation of our regional exploration strategy,” he commented.
The Montclerg 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 km of the Stock mine and mill and the Taylor gold mine.
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