SAN FRANCISCO, CA--(Marketwired - February 24, 2017) - GFG Resources Inc. (TSX VENTURE: GFG) (OTCQB: GFGSF) has closed a CA$5 million bought-deal financing, securing funding for ongoing exploration at its flagship Rattlesnake Hills gold project in Wyoming.
Company included in article: GFG Resources Inc.
GFG Resources announced the financing on Jan. 31, 2017, and that the deal closed, bringing in CA$5,002,500, on Feb. 22. "The net proceeds from the Offering will be used towards the Company's 2017 exploration drilling program at its 100% owned Rattlesnake Hills gold project in Wyoming, U.S., and for general corporate purposes," the press release states.
In the announcement, the company calls its 100%-owned Rattlesnake Hills project "a district-scale gold exploration project" and states the "geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold."
In a December 2016 research report, Macquarie Research Analyst Michael Gray notes that GFG has "significant Tier One, 20+ Moz Au district discovery potential," and the Rattlesnake Hills project "hosts similar alkaline geology to the 30+ Moz Cripple Creek mine in Colorado -- these alkaline systems have a relatively good track record for being economic and large scale."
Continue reading this interview: GFG Resources Secures Financing to Stoke Rattlesnake Hills Gold Project
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