eResearch | Today’s Video-of the-Day is from InvestmentPitch Media about GFG Resources Inc (TSXV:GFG) as the Company released drill results from its Nib Prospect and its 100% owned Pen Gold Project near Timmins, Ontario.
During Q1/2020, GFG completed seven holes as part of their 2020 Phase 1 drill program to test targets at the Nib, HGM and Slate Rock prospects with approximately 3,500m of drilling.
As part of the first drill results released, the Company reported Hole PEN-20-47 intersected 71.27 g/t Au over 8.5m including 511.00 g/t Au over 1.15m at a vertical depth of approximately 50m below surface.
In April, this drill result was one of the highest Interval x Grade drill result disclosed by a Canadian mining company. You can read our full report here: “April Gold Drill Results Reveal High-Grade Hits”
To learn more about the GFG Resources’ drills results, you can access today’s Video-of-the-Day here:
GFG Resources expects to receive the final assay results from the remaining six drill holes from the 2020 Phase 1 drill program in the coming weeks.
On May 6, 2020, GFG closed a C$5.9 million private placement of 15.8 million “flow-through shares” at a price of C$0.2907 per share and 6,880,045 non-flow-through shares at a price of C$0.19 per share.
As part of the financing, Alamos Gold (TSX: AGI ; NYSE: AGI) participated as a Strategic Investor to obtain a 9.9% interest in the GFG. In connection with the financing, Alamos has been granted certain participation rights to maintain its pro rata ownership interest in the GFG in any subsequent financings.
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