- Golden Goliath Resources (GNG) has signed an option agreement to acquire the Ernest rare earth element (REE) prospect in Quebec
- The cost consideration for the property includes $130,000 in cash, 1.85 million shares and a work commitment of $300,000 over a four-year period
- There is also a 1.00 per cent net smelter return, half of which can be bought for $1 million
- The company is planning exploration programs on the property for this summer
- Golden Goliath Resources (GNG) is unchanged, trading at $0.02 per share as of 1:05 p.m. EST
Golden Goliath Resources (GNG) has signed an option agreement to acquire the Ernest rare earth element (REE) prospect in Quebec.
Subject to regulatory approval, the cost consideration for the property includes a cash payment of $130,000, 1.85 million shares and a work commitment of $300,000 over a four-year period. There is also a 1.00 per cent net smelter return, half of which can be purchased for $1 million.
The company stated it is planning exploration programs on the property for this summer. Golden Goliath shared that previous data suggests the property can be advanced further.
According to Golden Goliath, the initial examination done on the property by the Quebec government may be followed up with detailed prospecting and hand-trenching to determine the extents, orientations, and geometries of any similar dykes in the area.
Golden Goliath CEO, Paul Sorbara, commented,
“We are very excited to have been able to acquire this early-stage exploration project in a fascinating geological setting with such great access in the area of other REE deposits in one of Canada’s most favourable mining jurisdictions.”
Historical work to guide the company forward
Previously, the provincial government collected lake sediments on the property in 2003, which reportedly returned anomalous REE values.
The sampling of prospective outcrops returned REE values of 2605 parts per million (ppm) cerium, 1466 ppm lanthanum, 965 ppm neodymium, and 274 ppm praseodymium, all of which were associated with elevated thorium values.
Due to the thorium association within the anomalous zone, the company may use radiometric surveys for more valuable insights for extending the known mineralization.
Golden Goliath is an exploration-stage company mainly focused on acquiring and exploring resource properties within Canada.
Golden Goliath Resources (GNG) is unchanged, trading at $0.02 per share as of 1:05 p.m. EST.