GGL Sells Lithium Project, Nevada
VANCOUVER, BC / ACCESSWIRE / July 20, 2023 / GGL Resources Corp. (TSXV:GGL) ("GGL" or the "Company") is pleased to announce that it has sold a lithium exploration project in Nevada to Blue Thunder Mining Inc.
The Nevada Lithium Project comprises 85 US federal mineral lode claims, covering approximately 6.8 square kilometres (1,683 acres), in Esmeralda County, Nevada. The claims lie in the northern part of the larger Gold Point claim block, which GGL is exploring for vein gold and porphyry copper-molybdenum mineralization.
The Nevada Lithium project area is underlain by Quaternary alluvium which is a prospective host for lithium mineralization. The Quaternary sediments are part of a basin that locally contains thick sections of lithium enriched claystone. The closest lithium bearing drill holes are located about 3.8 km to the north on Nevada Sunrise Metals Corp's Gemini property. Mineralization reported in drill holes on the Gemini property include 1,412 ppm lithium over 439 m, starting at 155.49 m below surface. GGL has sold Blue Thunder the right to explore for and develop lithium mineralization in the Quaternary alluvium but has retained all mineral rights in rock units that underlie the alluvium. None of the veins or porphyry mineralization known to occur at the Gold Point Project are located on claims that are part of this sales agreement. In return for the lithium rights, Blue Thunder has agreed to pay the annual maintenance fees for the claims comprising the Nevada Lithium Project and has granted GGL a 2% NSR royalty payable in the event of future lithium production.
"This transaction allows GGL to benefit from the current interest in lithium without diverting funds or energy from its planned exploration activities at Gold Point, which are focussed on high-grade gold-silver veins and a newly discovered porphyry target," states CEO Doug Eaton. "This creative deal does not impede GGL's activities because it has retained the right to explore and develop veins or porphyry mineralization should they extend under the alluvial cover."
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 the McConnell gold-copper project located 22 kilometers southeast of the Kemess Mine in north-central BC, and 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
"W. Douglas Eaton"
Doug Eaton
CEO and Director
For further information concerning GGL Resources Corp. or its various exploration projects please visit our website at www.gglresourcescorp.com or contact:
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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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