23:15:37 EDT Sat 11 May 2024
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GGL Resources Corp (3)
Symbol GGL
Shares Issued 61,857,475
Close 2023-07-21 C$ 0.045
Market Cap C$ 2,783,586
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GGL Resources sells McConnell to Westkam

2023-07-24 12:10 ET - News Release

Mr. David Kelsch reports

GGL RESOURCES ANNOUNCES SALE OF MCCONNELL COPPER-GOLD PROPERTY, BC

GGL Resources Corp. has sold its 100-per-cent-owned McConnell copper-gold property located in north-central British Columbia 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 Kue diamond mine in the Northwest Territories.

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