-- GFG Resources (GFG.V) said Monday that it has exercised its option to acquire a 100% interest in the WWCC property within the Goldarm project in Ontario.
GFG said its issued its final share payment of 1,665,556 shares to International Explorers and Prospectors (IEP), exceeded C$2.0 million in exploration expenditures and transferred $400,000 in assessment credits to IEP.
IEP will retain a net smelter royalty of up to 2% on certain claims, which can be halved for $1.0 million.
The consolidated Goldarm property now consists of over 15,000 hectares and covers over 30 kilometers of the prospective Pipestone and North Pipestone deformation zones, which host multiple gold deposits and mines.
"The consolidation of the Goldarm property, including WWCC, represents a significant milestone in advancing our vision to discover the next Timmins gold mine," chief executive Brian Skanderbeg said. "District-scale consolidation opportunities in a proven gold camp are rare, and we believe this underexplored region holds exceptional discovery potential."
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