Major Mining Company Options the Le Champ Copper-Molybdenum-Gold Porphyry Target from GGL at its Gold Point Project, Nevada
GGL Resources Corp. has announced that Teck American Incorporated, a subsidiary of Teck Resources , has entered into an Option agreement for GGL's Le Champ copper-molybdenum-gold porphyry target on its West Gold Point Project in Nevada. The Option covers 180 lode claims spanning 1,501 hectares. Key terms include:
- Annual claim maintenance payments ($53,000) paid by Teck
- Cash payments totaling $1.4 million over four years
- $2 million milestone payment upon production decision
- GGL retains a 2% NSR with buy-back options
The Le Champ target features a large 1.8 km by 1.0 km IP anomaly, coinciding with a strong magnetic anomaly and anomalous copper, molybdenum, and gold in soil geochemistry. The target has not been historically drill-tested and is believed to mark the upper levels of a buried porphyry system.
GGL Resources Corp. ha annunciato che Teck American Incorporated, una sussidiaria di Teck Resources, ha firmato un accordo di opzione per l'obiettivo di rame-molibdeno-oro Le Champ di GGL nel suo progetto West Gold Point in Nevada. L'opzione copre 180 diritti minerari che si estendono su 1.501 ettari. I termini chiave includono:
- Pagamenti annuali di mantenimento dei diritti ($53.000) pagati da Teck
- Pagamenti in contante totali pari a $1,4 milioni nell'arco di quattro anni
- Pagamento di $2 milioni al raggiungimento di una decisione di produzione
- GGL mantiene un 2% NSR con opzioni di riacquisto
L'obiettivo Le Champ presenta un ampio anomalia IP di 1,8 km per 1,0 km, che coincide con una forte anomalia magnetica e con anomalie di rame, molibdeno e oro nella geochimica del suolo. L'obiettivo non è stato storicamente testato con perforazioni e si ritiene segni i livelli superiori di un sistema porfirico sepolto.
GGL Resources Corp. ha anunciado que Teck American Incorporated, una subsidiaria de Teck Resources, ha firmado un acuerdo de opción para el objetivo de cobre-molibdeno-oro Le Champ de GGL en su proyecto West Gold Point en Nevada. La opción abarca 180 derechos mineros que se extienden por 1.501 hectáreas. Los términos clave incluyen:
- Pagos anuales de mantenimiento de derechos ($53,000) pagados por Teck
- Pagos en efectivo por un total de $1.4 millones durante cuatro años
- Pago de $2 millones al momento de la decisión de producción
- GGL retiene un 2% NSR con opciones de recompra
El objetivo Le Champ presenta una gran anomalía IP de 1.8 km por 1.0 km, que coincide con una fuerte anomalía magnética y con anomalías de cobre, molibdeno y oro en la geociencia del suelo. El objetivo no ha sido sometido a pruebas de perforación históricas y se cree que marca los niveles superiores de un sistema porfirítico enterrado.
GGL 리소스 주식회사는 Teck American Incorporated가 Teck Resources의 자회사로서 네바다의 West Gold Point 프로젝트에서 GGL의 Le Champ 구리-몰리브덴-금 포르피리 목표에 대한 옵션 계약을 체결했다고 발표했습니다. 이 옵션은 180개의 광권을 포함하며, 총 면적은 1,501헥타르에 이릅니다. 주요 조건은 다음과 같습니다:
- Teck가 지불하는 연간 권리 유지 관리비($53,000)
- 4년 동안 총 $1.4 백만의 현금 지불
- 생산 결정 시 $2 백만의 이정표 지불
- GGL은 되사기 옵션이 있는 2% NSR를 유지합니다.
Le Champ 목표는 1.8 km x 1.0 km 크기의 대형 IP 이상이 있으며, 강한 자기 이상과 토양 지구화학에서의 비정상적인 구리, 몰리브덴 및 금과 일치합니다. 이 목표는 역사적으로 시추 테스트를 받은 적이 없으며, 묻힌 포르피리 시스템의 상부 수준을 나타내는 것으로 여겨집니다.
GGL Resources Corp. a annoncé que Teck American Incorporated, une filiale de Teck Resources, a conclu un accord d'option pour la cible de porphyrie cuivre-molybdène-or Le Champ de GGL dans son projet West Gold Point au Nevada. L'option couvre 180 titres miniers s'étendant sur 1 501 hectares. Les termes clés incluent :
- Paiements annuels de maintenance des titres (53 000 $) payés par Teck
- Paiements en espèces totalisant 1,4 million $ sur quatre ans
- Paiement d'étape de 2 millions $ lors de la décision de production
- GGL conserve un 2 % NSR avec options de rachat
La cible Le Champ présente une grande anomalie IP de 1,8 km sur 1,0 km, coïncidant avec une forte anomalie magnétique et des anomalies de cuivre, de molybdène et d'or dans la géochimie des sols. La cible n'a pas été testée historiquement par forage et est considérée comme marquant les niveaux supérieurs d'un système porphyrique enfoui.
GGL Resources Corp. hat bekannt gegeben, dass Teck American Incorporated, eine Tochtergesellschaft von Teck Resources, einen Optionsvertrag für das Kupfer-Molybdän-Gold-Porphyr-Target Le Champ von GGL in seinem West Gold Point-Projekt in Nevada abgeschlossen hat. Die Option betrifft 180 Bergbauansprüche, die sich über 1.501 Hektar erstrecken. Zu den wichtigsten Bedingungen gehören:
- Jährliche Gebühren zur Erhaltung der Ansprüche (53.000 USD), bezahlt von Teck
- Barzahlungen in Höhe von insgesamt 1,4 Millionen USD über vier Jahre
- 2 Millionen USD Meilensteinzahlung bei Produktionsentscheidung
- GGL behält einen 2% NSR mit Rückkaufoptionen
Das Le Champ-Ziel weist eine große IP-Anomalie von 1,8 km mal 1,0 km auf, die mit einer starken magnetischen Anomalie sowie anomalem Kupfer, Molybdän und Gold in der Boden-Geochemie übereinstimmt. Das Ziel wurde historisch nicht durch Bohrungen getestet und gilt als Hinweis auf die obersten Ebenen eines begrabenen Porphyrsystems.
- Option agreement with major mining company Teck for Le Champ porphyry target
- Potential for $1.4 million in cash payments over four years
- $2 million milestone payment upon production decision
- GGL retains 2% NSR with buy-back options
- Large 1.8 km by 1.0 km IP anomaly identified at Le Champ target
- No historical drilling, indicating untapped exploration potential
- Full ownership of the project transfers to Teck upon exercise of the Option
- GGL's potential future revenue from the project to NSR royalty
VANCOUVER, BC / ACCESSWIRE / September 25, 2024 / GGL Resources Corp. (TSX-V:GGL) ("GGL" or the "Company") is pleased to announce that Teck American Incorporated ("Teck"), a subsidiary of a leading Canadian resource company, Teck Resources Limited, has entered into an Option agreement for GGL's road-accessible Le Champ copper-molybdenum-gold porphyry target on its
The highlights of the Teck Option transaction are (all funds in CAD):
2024 annual claim maintenance payments (
$53,000) paid by TeckFirst year cash payments of
$100,000 ($50,000 within 5 business days of signing,$50,000 upon 1st year anniversary.2nd year anniversary cash payment of
$100,000. 3rd year anniversary cash payment of
$200,000. 4th year anniversary cash payment of
$1,000,000 exercising the Option and giving Teck100% ownership of the project.Milestone payment to GGL of
$2,000,000 upon production decision.GGL retains a
2% NSR of which Teck may buy-back0.5% for$1,500,000 , and an additional0.5% for$2,000,000. B uy-back pricing subject to adjustment for inflation commencing upon signing.
The Teck - Le Champ Option covers 180 lode claims encompassing 1,501 hectares (15km²). The other 195 lode claims and 7 patented claims comprising GGL's Gold Point Project are not subject to the Option agreement. These claims lie immediately east of the Teck Option and cover several past-producing high-grade underground gold-silver mines that explored along parts of five prominent vein structures.
"We are extremely pleased to have attracted a partner of such caliber as Teck," stated David Kelsch, President of GGL. "This speaks volumes to the quality of the Le Champ porphyry target and the work conducted to date by GGL and its service provider, Archer Cathro US. This Option provides us with both near and long-term upside as Teck explores and advances Le Champ, while at the same time allowing us to continue focusing on the neighboring system of high-grade gold veins."
The Le Champ copper-molybdenum-gold porphyry target has been defined to date by GGL through geophysical, geochemical and geological surveys. A large 1.8 km by 1.0 km discrete, near-surface Induced Polarization ("IP") anomaly has been identified by a ground survey (see news release date April 10, 2024). The survey was centered over areas with abundant stockwork veining and silica alteration, which was identified by recent mapping at Le Champ. The stockwork and alteration are believed to mark the upper levels of a buried porphyry system. Strongly elevated molybdenum values and moderate copper results are consistent with a leached porphyry system and suggest that supergene-enriched mineralization could be found at depth.
This IP target coincides with a strong magnetic anomaly identified by an earlier airborne magnetic and radiometric survey completed by GGL (see news release date July 12, 2023). The IP anomaly is interpreted to begin between 150 m and 300 m below surface and extends to depth.
The significance of this large IP anomaly is bolstered by its close correlation with magnetic features and associated anomalous copper, molybdenum and gold in soil geochemistry. There are no surface disturbances at Le Champ which indicates there has been no historic drill testing of the targets.
Geological mapping thus far at Le Champ has identified six separate intrusive phases within the Sylvania Plutonic Complex hosting extensive stockwork and sheeted vein zones. The strongest molybdenum-in-soil anomalies are associated with the stockwork zones. Copper-in-soil geochemistry marking the porphyry target is moderately elevated due to deep weathering and leaching, which occurs throughout the target area. The strongest copper-in-soil values occur near shallowly south-dipping fault structures and stockwork zones.
About Gold Point
The Gold Point Project is accessed by Highway 774 and comprises 375 lode claims and 7 patented claims covering a total area of approximately 7,443 acres (30.1 km2). It is situated within the Walker Lane, a major mineral belt that has seen significant historical production from gold, silver and copper mines. Many major and junior companies are actively exploring in the belt.
The eastern part of the Gold Point Project covers several past-producing underground gold-silver mines that explored along parts of five prominent vein structures. These main structures are paralleled by several other lightly explored structures. The mines operated intermittently from the 1880s to the early 1960s, producing gold and silver from mesothermal veins. The mineralization is strongly oxidized to the bottom of the workings, which reached a maximum depth of 1,020 ft (311 m) downdip.
Qualified Person
Technical information in this news release has been reviewed and approved by David Kelsch, P.Geo., President of GGL Resources Corp., a qualified person for the purposes of National Instrument 43-101.
About GGL Resources Corp.
GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The Company has optioned and wholly owned claims in the Gold Point district of the prolific Walker Lane Trend, Nevada. The Gold Point claims cover several gold-silver veins, five of which host past producing high-grade mines, and an exciting new porphyry discovery. The Company also owns the McConnell Project, which hosts epithermal gold veins and an under explored porphyry copper-gold prospect in the Kemess District of north-central British Columbia. GGL also holds diamond royalties on mineral leases some of which are adjacent to the Gahcho Kué diamond mine in the Northwest Territories.
ON BEHALF OF THE BOARD
"David Kelsch"
David Kelsch
President, COO and Director
For further information concerning GGL Resources Corp. or its various exploration projects please visit our website at www.gglresourcescorp.com or contact:
Investor Inquiries Richard Drechsler |
| Corporate Information Linda Knight |
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.
Information contained in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "large", "strong", "anomaly", "upper levels", "consistent", "suggest", "evaluated", "coincident", "interpreted", and "potential", and similar expressions, or that events or conditions "may", "could" or "will" occur. GGL cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the control of GGL. Such factors include, among other things: risks and uncertainties relating to exploration and development and the results thereof, including the results of the recently completed drill program, the impact on future mineral resource estimates, the potential for new discoveries, and the results of future metallurgical programs, as well as the ability of GGL to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in GGL's financial statements available under the GGL profile at www.sedarplus.ca. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, GGL undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: GGL Resources Corp.
View the original press release on accesswire.com
FAQ
What is the size of the Le Champ copper-molybdenum-gold porphyry target optioned by Teck?
How much is Teck paying GGL Resources Corp. (GGLXF) for the Le Champ option agreement?
What royalty does GGL Resources Corp. (GGLXF) retain on the Le Champ project?
What is the size of the IP anomaly identified at the Le Champ target by GGL Resources Corp. (GGLXF)?
