Rattlesnake Hills project is a district-scale gold exploration project located in central Wyoming
GFG Resources has reached an option and earn-in agreement with Group 11 Technologies to advance its Rattlesnake Hills Gold Project in Wyoming, US.
Under the terms of the agreement, Group 11 will obtain the right to acquire up to 70% of the project, in exchange for a series of exploration and development expenditures along with staged cash and equity payments to GFG.
The exploration and development expenditures include a minimum of $9.5m, and paying 100% of holding and maintenance costs related to the project.
Also, the company has to make a cash payment of $7.5m, and cover all expenditures to advance the project into commercial production.
GFG president and CEO Brian Skanderbeg said: “We are excited to have entered into a partnership with Group 11 to advance our Rattlesnake Hills Gold Project and be part of a technology that could revolutionize the gold mining industry.
“Our Project is the ideal asset to test and optimize Group 11’s technology given the character of the systems, significant zones of gold mineralization and the established permitting path for ISR mining in Wyoming.”
Located in central Wyoming, nearly 100km southwest of Casper, the Rattlesnake Hills is a district-scale gold exploration project.
It is located within 1,500km radius of alkalic intrusive complexes along the eastern side of the Rocky Mountains from Montana to New Mexico, which are associated with gold deposits.
Rattlesnake Hills has around 100,000m previous drilling that outlined three significant zones of alteration and precious metal mineralisation. Most of the drilling was focused on near-surface, open pit mineralisation in the North Stock and Antelope Basin deposits.
Group 11 is a privately-owned firm led by a group of technical pioneers and experts in the development and application of in-situ recovery (ISR).
Skanderbeg said: “This is an exciting development for our shareholders and stakeholders as we work with our partners to develop and apply ISR technology to gold systems.
“Over the last several decades, this technology has been successfully applied in both uranium and copper mining, driving significantly reduced development timeframes, lower capital intensity and materially reduced environmental impacts.”