GFK Options Three Gold Properties in Chibougamau-Chapais and Urban-Barry Areas, Quebec
UPPER TANTALLON, NOVA SCOTIA and MONTREAL, QUEBEC--(Marketwired - Jun 27, 2016) - GFK Resources Inc. (the "Company" or "GFK") - (TSX VENTURE:GFK), is pleased to announce that it has entered into three separate option agreements (the "Agreements") with various prospectors (collectively, the "Optionors") all dealing at arm's length with the Company and Quebec based.
Pursuant to the Agreements which are summarized below, GFK has acquired an exclusive option to earn up to a 100% interest in the following claim blocks:
| • | Win Win Property Option | 70 claims over 81 square kilometers |
| • | Grizzly Property Option | 136 claims over 150 square kilometers |
| • | Fecteau Property Option | 88 claims over 52 square kilometers |
The claims are located in the Chibougamau-Chapais and Urban-Barry mining camps (collectively, the "Properties") where previous exploration has identified several gold occurrences, and multiple showings located in sub-croppings area. The Company's initial plans include trenching and stripping, followed by drilling which is planned to commence this summer. An initial 1,000 m drilling program is also scheduled for this fall.
Under the terms of the Agreements, GFK has the option to acquire an initial 100% interest in each property on the following terms and conditions:
WinWin
- Cash payments over a 4 year period totalling $500,000, including an initial payment to the Optionors of $35,000;
- Incurring exploration expenditures totaling $2,000,000 over a 4 year period.
Grizzly
- Cash payments over a 4 year period totalling $400,000, including an initial payment to the Optionors $30,000;
- Incurring exploration expenditures totaling $1,500,000 over a 4 year period.
Fecteau
- Cash payments over a 4 year period totalling $355,000, including an initial payment to the Optionors $25,000;
- Incurring exploration expenditures totaling $1,200,000 over a 4 year period.
The closing of the transactions is subject to the execution of definitive option agreements on all three Properties.
A description of each Property follows:
WinWin is a gold property which consists of 71 mining claims covering an area of 3,570 hectares located approximately 30 kilometres South of the town of Chapais. The Property is directly adjacent to the North frontier of IAMGOLD/ Tomagold Monster Lake property and covers a six kilometers strike length of the Monster Lake Deformation Zone (FDZ) and subsidiary shear zones. Numerous gold showings and occurences are present on the property that shows similarities with the Monster Lake project geology.
To view the figure associated with the Win-Win property, please visit the following link: http://media3.marketwire.com/docs/Win-Win.pdf.
Grizzly is a gold property which consists of 136 mining claims covering an area of 7,371 hectares located approximately 35 kilometres North-west of the town of Chapais. The property contains more than 10 gold showings and occurences associated with EW and NNE trends with grades varying from 1 g/t to up to 46 g/t. Very limited exploration work such as basic prospection, mechanical trenching and few shallow drilling was done over the property
To view the figure associated with the Grizzly property, please visit the following link: http://media3.marketwire.com/docs/Grizzly.pdf.
Fecteau is a gold and base metals property which consists of 84 mining claims covering an area of 4,796 hectares located in Buteux Township, South of the town of Chapais. The property is located directly next to Osisko Mining land package of Urban Barry area in the same geological package containing the Windfall Lake deposit (748k oz of indicated resources at 8,4g/t and 860koz at 7,6 g/t of inferred resources, SRK Consulting, November 13, 2014). Two gold occurences were recognized in the past, namely the Freeman Buteux gold zone and the Buteux-Marceau gold showing. Gold grades up to 8,0g/t were intersected near surface. Little attention was accorded to the gold potential of this project that was considered as a base metal property for most of the previous land owners.
To view the figure associated with the Fecteau property, please visit the following link: http://media3.marketwire.com/docs/Fecteau.pdf.
Mr. Louis Morin, CEO, states: GFK is committed at exploring for gold within high potential discovery areas and we are very pleased to add these quality properties within our portfolio.
Mr. Tony Brisson, B.Sc., P.Geo. is acting as qualified person (as defined by NI 43-101) for GFK and has reviewed and approved the scientific and technical information in this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About GFK: GFK Resources Inc. is a mining exploration company focused on discovering high quality gold deposits close to existing mines in the Abitibi Greenstone Belt located in north-west Quebec and north-east Ontario - one of the most prolific gold deposits areas in the world. GFK holds assets in Val-d'Or and is now optioning / buying from Adventure Gold Inc. new quality assets along the Casa-Berardi-Cameron Gold Break - a proven environment with strong potential for new gold discoveries and where exploration costs are low. Flagship Casa-Cameron properties are adjacent to: Hecla Mining Company - Casa Berardi Gold Mine, Metanor Resources Inc.- Bachelor Gold Mine, Maudore Minerals Ltd.- Vezza, Discovery and Flordin Gold deposits. The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although GFK deems the expectations reflected in these forward looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.