VANCOUVER, BC / ACCESSWIRE / July 24, 2023 / GGL Resources Corp. (TSXV:GGL) ("GGL" or the "Company") is pleased to announce the sale of its 100% owned McConnell Copper-Gold property located in north-central BC to Westkam Gold Corp.
Under the terms of the July 18th, 2023 property sales agreement, Westkam will acquire a 100% interest in the McConnell property by issuing common shares to GGL equal to 19.99% of the issued and outstanding common shares of Westkam upon completion of a concurrent financing.
As additional consideration for the sale of the property to Westkam, GGL will retain a two percent (2%) net smelter return royalty in future commercial production from the McConnell property. This royalty is not subject to a buy-back option or other similar rights.
"The McConnell sales agreement allows considerable upside potential for GGL by way of a significant equity position in Westkam and a secured royalty on any future production. We look forward to positive exploration results as Westkam works to unlock the project's potential" states David Kelsch, GGL President and COO. "Additionally, this transaction will allow GGL to continue its focus on the Gold Point project in Nevada where the Company is successfully exploring high-grade gold veins both at surface and in underground workings and where it has recently discovered a nearby copper-molybdenum porphyry target named the Le Champ De Gold Point.
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, four of which host past producing high-grade mines. The Company also owns promising diamond exploration projects in Nunavut and the Lac de Gras diamond district of the Northwest Territories. Lac de Gras is home to Canada's first two diamond mines, the world class Diavik and Ekati mines discovered in the 1990s. GGL also holds diamond royalties on mineral leases near 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 "evaluate", "potential", "likely", "possible", "cut-off grades" 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.sedar.com. 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.
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