North American precious metals exploration company focusing on district scale gold projects, GFG Resources Inc (OTCMKTS:GFGSF), on April 27, 2022, announced finalizing the previously announced acquisition of 100% interest in 14 unpatented mining claims with private, arm’s length vendors. The Coulson Claims are adjacent to its newly consolidated Goldarm Property east of the prolific Timmins Gold District.
On Wednesday, GFGSF stock fell 2.74% to $0.1383 with 223k share, compared to its average volume of 150k shares. The stock moved within a range of $0.1301 – 0.1383 after opening trade at $0.1379.
GFG Completes Acquisition of the Aljo Mine Gold Claims, Expanding the Goldarm Property in the Timmins Gold District
Located on Coulson Claims, the Aljo Mine is the focus of underground exploration during the early 1990s. Kingswood Exploration finished surface exploration as well as drilling on the property between 1988 and 1992. The historic drilling returned high-grade gold mineralization related to quartz-carbonate veins in highly carbonate-altered mafic volcanic rocks.
Gold mineralization is also documented in the adjacent ultramafic and porphyric felsic intrusive rocks. Additionally, there is the presence of extensional- and shear-vein systems, giving support for several mineralized zones and high prospectivityof the area.
The potential grade and quantity are conceptual in nature. However, there is an inadequate exploration on defining Mineral resources on the Coulson Claims to date. There will also be the issuance of 700,000 common shares of GFG on Agreement closure. Additionally, there will be a cash payment of C$50,000 to the vendors. The grant to vendors will be 2% NSR on the Coulson Claims with the right to buy backone-half of the NSR for C$1,000,000.
GFGSF stock is trading below the 20-Day and 50-Day Moving averages of $0.14 and $0.14 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 50.