SASKATOON, Saskatchewan, July 26, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc.(GFGSF)(“GFG” or the “Company”) is pleased to announce that it has closed the previously announced option and earn-in agreement (the “Agreement”) with Group 11 Technologies Inc. (“Group 11”), a privately-owned corporation, to advance GFG’s Rattlesnake Hills Gold Project (the “Project”) in Wyoming, United States (see news release: “GFG Signs Option Agreement with Group 11 Technologies to Advance the Rattlesnake Hills Gold Project with Disruptive Technology”). Under the terms of the Agreement, Group 11 has the right to acquire, in multiple stages, up to 70% of the Project by completing a series of exploration and development expenditures (“Expenditures”) summarized below and making staged cash and equity payments to GFG. “We are thrilled to see the investor support for Group 11 as it embarks on the initial stages of testing at our Rattlesnake Hills Gold Project with a technology that could revolutionize gold mining,” stated Brian Skanderbeg, President and CEO of GFG. “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. We are optimistic that the Phase 1 program will demonstrate that the non-cyanide, water-based solution can effectively recover gold and will be the first step in proving that this technology can be successfully applied to the gold industry.” The Phase 1 program is designed to conduct staged metallurgical tests on core samples from across a broad range of mineralization and grade profiles. The objective will be to assess the amenability and recovery rates for extracting gold from the core using the eco-friendly water-based solution. The tests that will be completed include saturation testing of uncrushed core followed by column testing of different crush sizes of core on promising zones from initial saturation testing. Additional studies will be conducted on a wide variety of parameters based on a comprehensive characterization of the site, including the mineralization and environmental setting, to enable a full assessment for the application of in-situ recovery (“ISR”) potential. The Phase 1 program is scheduled to begin in the coming weeks and testing is expected to be completed in the fourth quarter. Results from the Phase 1 program will be announced as they become available.
https://www.gfgresources.com/news/press-release-details/2021/GFG-and-Group-11-Technologies-Set-to-Begin-Phase-1-Program-to-Advance-the-Rattlesnake-Hills-Gold-Project-with-Disruptive-Technology/default.aspx
Register for Live Webcast – July 26, 2021 Management of GFG and Group 11 will host a webcast on Monday, July 26, 2021, at 2:30 pm Eastern Standard Time (11:30 am Pacific Standard Time) to discuss Group 11’s innovative technology, the upcoming programs and to answer any questions from shareholders. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the link below. Link: https://my.6ix.com/event/gfg-and-group11/ After registering, you will receive a confirmation email containing details to access the webinar via conference call or webcast. A replay of the webcast will be available following the conclusion of the call.
The last step is now done, the deal is on.