GGL Resources Corp. Enters Option Agreement for Stein Diamond Project
GGL Resources Corp. Enters Option Agreement for Stein Diamond Project
Nunavut, Canada
Vancouver, B C – August 23, 2018 – GGL Resources Corp. (TSX -V: GGL) ("GGL") (“Company“) is
pleased to announce that it has entered into an Option Agreement with Arctic Star Exploration Corp.
(“Arctic Star”) (TSX -V: ADD) to earn a 60% interest in Arctic Star’s wholly owned Stein Diamond
Project in Nunavut, Canada.
The Stein Diamond property (“Stein”) consists of 4 contiguous prospecting permits covering an area of
1,065 square kilometers on the Southern Boothia Peninsula, 45 kilometers from tide water. It is located 85
kilometers northwest of the community of Taloyoak, Nunavut which is servi ced daily by commercial
flights and seasonally by barge.
Stein is an advanced diamond exploration project having the benefit of numerous successive exploration
campaigns and over $1.5 million in previous exploration expenditures. This historic work include d
multiple seasons of heavy mineral sampling in which kimberlitic indicator minerals were followed in the
up-ice direction to a region believed to be the source area. This area was subsequently flown with
detailed airborne magnetic surveys. No kimberlite drill testing has been conducted on the project to date.
The indicator mineral suite contains grains that are indicative of diamond inclusion chemistry showing
high chrome, low calcium G10D pyrope garnets. The detailed airborne magne tic surveys have identi fied
numerous high priority targets that have signatures similar in characteristics to kimberlites found
elsewhere in Canada’s north. The Stein project is further complimented with the existence of a major
structural feature identified on regional government airborne magnetic surveys which is greater than 100
kilometers in length and traverses the area of the project containing the high priority targets. In fields
elsewhere, kimberlites can be geologically observed exploiting larger structural features and utilizing
them as conduits for emplacement.
The nearest known kimberlite discovery is over 230 kilometers to the southeast and perpendicular to the
regional ice flow direction . The distance and direction greatly reduces the potential for the Stein mineral
grains being an ove rprint from this field. A Stein project presentation is available at the Company
website: www.gglresourcescorp.com/projects/stein
Historically, the Stein project was identified and advanced by previous explorers from 2004 to 2008 with
a small amount of additional work in 2011. The Global Financial Crisis in 2008 and resulting inability to
fund exploration programs essentially halted significant advancement of the project as the next step was
to drill test the compelling geophysical targets with associated supporting geochemistry. T he lack of
advancement caused the mineral tenure to lapse. Arctic Star reacted to thi s opportunity and acquired the
mineral rights in 2015. Arctic Star’s recent focus and deployment of resources has been the ongoing
successful exploration of the Timantti Diamond Project in Finland , leaving Stein in portfolio yet to be
advanced to drill testing.
GGL can acquire a 60% undivided interest in the Stein Project by conducting detailed ground geophysics
on high priority airborne targets and discovering kimberlite by drilling, trenching or in outcrop. Once
kimberlite is discovered, a Joint Venture is triggered with an initial 60/40 contributing relationship.
The Company is pleased to be partnered with Arctic Star on this compelling diamond project that is on
the cusp of potentially delivering a new, yet undiscovered Canadian kimberlite field. Th e project has a
Class A land use permit that includes drilling.
Nunavut represents a favorable mining and exploration j urisdiction both globally and within Canada.
Canadian junior diamond explorers such as Per egrine Diamonds Ltd. (Chidliak Project), Du nnedin
Ventures Inc. (Kahuna Project) and North Arrow Minerals Inc. (Mel and Nuajaat Projects) have
successfully conducted drilling programs in Nunavut during the 2017 – 2018 seasons. Nunavut currently
has three operating mines, one of which received operational status as recently as 2017.
The technical information in this news release has been approved by David Kelsch, P.Geo , President of
GGL Resources Corp. and a qualified person for the purposes of National Instrument 43-101.
About GGL Resources Corp.
GGL is a Canadian-based junior exploration company focused on diamond exploration in Canada’s north
with key projects in Nunavut as well as the Lac de Gras diamond district in the Northwest Territories.
Lac de Gras is home to Canada’s first two diamond mi nes, the world class Diavik and Ekati mines
discovered in the 1990’s. In addition to GGL’s key focus of diamond exploration, it holds diamond
Royalties on mineral leases in close proximity to the Gahcho Kue diamond mine in the Northwest
Territories. The Company also holds in portfolio several encouraging base metal and gold projects in
British Columbia and Northwest Territories.
ON BEHALF OF THE BOARD
“David Kelsch”
President and COO
For further information concerning GGL Resources Corp. or its various exploration projects please visit
our website at www.gglresourcescorp.com or contact:
Corporate Information
Linda Knight
Corporate Secretary
Tel: (604) 688-0546
Investor Inquiries
Richard Drechsler
Corporate Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward looking statements based on assumptions and judgments of
management regarding future events or results that may prove to be inaccurate as a result of explorat ion
and other risk factors beyond its control, and actual results may differ materially from the expected
results.
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