TSX-V-listed GFG Resources has entered into a purchase and sale agreement with Richmont Mines, a subsidiary of Alamos Gold, to acquire a 100% interest in claims that are adjacent to its Pen Gold project, west of Timmins, Ontario.
GFG will pay for the Sewell property in 390 930 common shares.
Following the acquisition of the Sewell property, GFG’s Pen Gold and Dore Gold properties will comprise nearly 700 km2 in one of the most prolific gold districts in the world.
“The acquisition of the Sewell property adds significant exploration potential and complements our consolidation strategy in one of the most prolific gold districts in the world. We will implement our strategic approach to exploration on the new claims and follow-up on the historic gold intercepts as part of our 8 000 m drill programme in the third and fourth quarters on this very prospective region of the Abitibi,” GFG CEO Brian Skanderberg said.