- Teck Resources (TSX:TECK.A) has optioned GGL Resources’ (TSXV:GGL) Le Champ copper, molybdenum and gold porphyry target on its 7,443-hectare Gold Point project within Nevada’s Walker Lane trend
- To gain 100 per cent ownership of Le Champ, Teck will have to make almost C$3.5 million in anniversary and milestone-based payments over at least the next four years
- GGL is a Canadian-based junior exploration company focused on precious and base metals in Nevada, British Columbia and the Northwest Territories
- GGL Resources stock is down by 20 per cent year-over-year and by 55.56 per cent since 2019
Teck Resources (TSX:TECK.A) has optioned GGL Resources’ (TSXV:GGL) Le Champ copper, molybdenum and gold porphyry target on its 7,443-hectare Gold Point project within Nevada’s Walker Lane trend.
The target features a 1.8 km by 1 km near-surface induced polarization (IP) anomaly in an area with stockwork veining and silica alteration believed to mark the upper levels of a buried porphyry system. The IP anomaly coincides with a strong magnetic anomaly identified by airborne magnetic and radiometric survey, as well as with anomalous copper, molybdenum and gold in soil geochemistry.
According to Wednesday’s news release, Teck will need to make almost C$3.5 million in anniversary and milestone-based payments over at least the next four years to gain 100 per cent ownership of Le Champ.
GGL will retain a 2 per cent net smelter return royalty, 0.5 per cent of which Teck may purchase for C$1.5 million, with an additional 0.5 per cent to cost it C$2 million, subject to an inflation adjustment.
The option covers 180 lode claims spanning 1,501 hectares within Gold Point, leaving unencumbered 195 lode claims and seven patented claims covering several past-producing high-grade gold and silver mines fed by five underexplored vein structures.
Leadership insights
“We are extremely pleased to have attracted a partner of such caliber as Teck,” David Kelsch, president of GGL Resources, said in a statement. “This speaks volumes to the quality of the Le Champ porphyry target and the work conducted to date by GGL and its service provider, Archer Cathro US. This option provides us with both near and long-term upside as Teck explores and advances Le Champ, while at the same time allowing us to continue focusing on the neighbouring system of high-grade gold veins.”
About GGL Resources
GGL is a Canadian-based junior exploration company focused on precious and base metals in Nevada, British Columbia and the Northwest Territories.
GGL Resources stock (TSXV:GGL) is unchanged, trading at C$0.04 per share as of 9:42 am ET. The stock is down by 20 per cent year-over-year and by 55.56 per cent since 2019.
Join the discussion: Find out what everybody’s saying about this junior mining stock on the GGL Resources Corp. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo of GGL Resources’ Gold Point project in Nevada: GGL Resources)