- General Gold Resources (GGLD) has signed an option agreement with Deep Blue Trading Inc
- The company will acquire up to a 100-per-cent interest in the Topley Richfield copper-gold property
- The property covers 2,313 hectares and is comprised of seven contiguous claims in the Omineca Mining Division of British Columbia
- The company will use the data from historic work to inform the current drilling program
- General Gold Resources is unchanged, trading at $0.45 at 11:55 am ET
General Gold Resources (GGLD) has signed an option agreement with Deep Blue Trading Inc.
The Vancouver mineral exploration company is acquiring up to a 100-per-cent interest in the Topley Richfield copper-gold property in a cash and stock deal.
The property is located in the Omineca Mining Division of British Columbia, and is 60 kilometres from Smithers.
The property covers 2,313 hectares and is comprised of seven contiguous claims.
Previous exploration at the property has focussed on expanding the known mineralization. The company will use the data from historic work to inform the current drilling program.
“General is very excited to add Topley to our portfolio with a view to following up on previous drilling. Analysis of the historic drilling appears to indicate an epithermal system and our plan is to test the identified fold axis which sits quite near surface. With the excellent infrastructure and our local logistics partners, we will be able to make significant progress quickly and affordably,” General Gold President Michelle Gahagan.
Under the first phase of the cash and stock deal, General Gold commence the earn-in to acquire a 50.1 per cent interest in the property with a C$200,000 cash payment and 2 million common shares. The remaining interest in the property can be acquired with further cash and stock payments.
General Gold is an independent mineral exploration company engaged in the business of exploring for and evaluating mineral properties. General Gold is currently exploring the 770 hectare Clark’s Brook Property in central Newfoundland.
General Gold Resources is unchanged, trading at $0.45 AT 11:55 am ET.