GFG Provides Update on Rattlesnake Hills Gold Project Option Agreement with Newcrest
Media Release
Release: Immediate
GFG Provides Update on Rattlesnake Hills Gold Project
Option Agreement with Newcrest
April 3, 2020, Saskatoon, Saskatchewan, Canada: GFG Resources Inc. (TSX-V: GFG)
(OTCQB: GFGSF) (“GFG” or the “Company”) reports it has been advised by Newcrest Resources
Inc., a wholly- owned subsidiary of Newcrest Mining Limited (ASX: NCM) (“Newcrest”) of its
decision to withdraw from the option and earn-in agreement for the Rattlesnake Hills Gold Project
(the “Project”) in Wyoming, United States. The Project remains 100% owned and controlled by
GFG.
Since September 2018, Newcrest has invested approximately US$5.0 million in exploration
expenditures on the Project which included over 4,000 metres (“m”) of drilling, extensive
reprocessing and modelling of regional and local geophysics, hyperspectral scanning of historic
core and the application of machine learning technology to generate a new deposit-scale alteration
and targeting model.
“We are grateful to have been able to work with Newcrest’s world- class team over the past 18
months,” stated Brian Skanderbeg, President and CEO . “ Their investment , modelling, target
analysis and drilling programs have added significant value and understanding to the Project. Over
the coming months, we will initiate a strategic review to identify the best path forward to advance
the Project with the objective of maximizing shareholder value.”
Brian Skanderbeg added, “While we evaluate strateg ic options for the Rattlesnake Hills Gold
Project, we continue to explore our Pen Gold Project located 40 kilometres west of the Timmins
Gold District. We are in the process of completing our final drill hole from the 2020 Phase 1 drill
program and will provide a program update along with initial assay results shortly.”
The Rattlesnake Hills Gold Project:
The Rattlesnake Hills Gold Project is a 135 square kilometres district scale gold exploration project
located in c entral Wyoming approximately 100 kilometres southwest of Casper . The Project is
centrally located within a roughly 1,500- kilometre-long belt of alkalic intrusive complexes that
occur along the eastern side of the Rocky Mountains from Montana to New Mexico.
The Project has approximately 95,000 m of historic drilling which has outlined three significant
zones of alteration and precious metal mineralization that are associated with Eocene age alkalic
intrusions at North Stock, Antelope Basin and Blackjack. The majority of the drilling has focused
on near surface, open pit targets in the North Stock and Antelope Basin area with highlights that
include intercepts(1) of 1.85 grams of gold per tonne ( “g/t Au”) over 236.2 m hole length; 4.20 g/t
Au over 77.7 m hole length; 2.08 g/t Au over 150.9 m hole length and 0.82 g/t Au over 99.1 m hole
length. In addition to the outlined zones of mineralization, the Company believes that the district is
highly prospective and has outlined several kilometre-scale greenfield targets that have never been
drill tested. These greenfield targets were generated from the Company’s geophysical and
geochemical programs and host strong similarities to the North Stock and Antelope Basin systems.
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(1) Gold intervals reported are based on a 0.20 g/t or 0.50 g/t Au cutoff. Weighted averaging has
been used to calculate all reported intervals. True widths are estimated at 60 -100% of drilled
thicknesses.
About GFG Resources Inc.
GFG Resources is a North American precious metals exploration company focused on district scale
gold projects in tier one mining jurisdictions, Ontario and Wyoming. In Ontario, the Company
owns 100% of the Pen and Dore gold projects, two large and highly prospective gol d properties
west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold projects
have the same geological setting that hosts most of the gold deposits found in the Timmins Gold
Camp which have produced over 70 million ounces of gold(2). The Company controls 100% of the
Rattlesnake Hills Gold Project, a district scale gold exploration project located approximately 100
kilometres southwest of Casper, Wyoming, U.S. The geologic setting, alteration and mineralization
seen in the Rat tlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline
province which, collectively, have produced over 50 million ounces of gold.
(2) Gold mineralization hosted in the Timmi ns Gold Camp is not necessarily indicative of the
mineralization hosted on the Company’s properties.
For further information, please contact:
Brian Skanderbeg, President & CEO
Phone: (306) 931-0930
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: [email protected]
Website: www.gfgresources.com
Stay Connected with Us
Twitter: @GFGResources
LinkedIn: https://www.linkedin.com/company/gfgresources/
Facebook: https://www.facebook.com/GFGResourcesInc/
Qualified Persons
Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified Person for the
information contained in this press release and is a Qualified Person within the meaning of National
Instrument 43-101. Mr. Skanderbeg has reviewed the sampling and QA/QC procedures and results
thereof as verification of the sa mpling data disclosed above and has approved the information
contained in this news release.
Quality Analysis and Quality Control
The quality analysis and quality control measures utilized by Evolving Gold Corp. in respect of the
historical drilling data disclosed above included the following: drill hole intervals were weighted
averages with each assay interval weighted according to the core length. Rigorous quality assurance
and quality control procedures were implemented including routine insertion of i nternal standard
reference materials, certified reference materials, blank material and duplicate samples from both
crush and pulp material. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30-
gram charge, fire assay, with an ICP finish. SGS Canada laboratory in Toronto is ISO accredited.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
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All statements, other than statements of historical fact, contained in this news release constitute “forward -looking information” within
the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include, but
are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency
exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks,
unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward -looking
statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative
connotation thereof or variations of such words and phrases or state that certain actions, events or resu lts, “may”, “could”, “would”,
“will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
All forward -looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of
management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the
Company can access financing, appropriate equipment and sufficient labour, and that the political environment within C anada and the
United States will continue to support the development of mining projects in Canada and the United States. In addition, the similarity
or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary
indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Proje ct and the
Dore Gold Project.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forw ard-
looking statements, including but not limited to: actual re sults of current exploration activities; environmental risks; future prices of
gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approv als or
financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although GFG has attempted to identify important factors that could cause actual results to differ materially from those cont ained in
forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. In addition, forward -looking statements are provided solely for the purpose of providing information
about management’s current expectations and plans and allowing investors and others to get a better understanding of our oper ating
environment. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-
looking statements, except as required by applicable laws.