GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF)
(“
GFG” or the “
Company”) reports
initial gold assay results from its recently completed 2023 Phase 2
drill program from its Montclerg Gold Project, located 40
kilometres (“km”) east of Timmins, Ontario
(see Tables 1-2 and Figures
1-6). The results released today are from
three drill holes completed along the Montclerg gold system where
GFG has continuously proven and grown a robust gold system since
the Company acquired the asset in October 2021.
In the Phase 2 drill program the Company
completed a total of 3,613 m from 15 holes (7 at Montclerg and 8 at
the Aljo Mine Target (“Aljo”)). The Phase 2 drill program focused
on step-out and in-fill drilling at Montclerg and to test a
spectrum of targets at Aljo located within the Goldarm Property
east of Timmins, Ontario. In addition to the results today, the
Company is optimistic that the remaining 12 holes will return
strong results as significant mineralized zones were observed.
"Our Phase 2 drill program, which focused on
expanding the potential of Montclerg through strategic step-outs
and in-fill drilling, while also testing several targets proximal
to the Aljo mine environment was highly successful,” stated Brian
Skanderbeg, President and CEO of GFG. “At Montclerg, the assays
confirm a robust gold system plunging beyond 400 m and remains open
for expansion. In particular, hole MTC-23-059, a 150-metre
step-out, exceeded our expectations hitting the zone as predicted
and with increased thickness and more intense alteration, which
speaks volumes about the continuity and potential growth at
Montclerg. Looking ahead, we are excited to advance our exploration
efforts at Goldarm and to continue developing regional targets
across our properties in 2024. It's an exciting time for GFG as we
delve deeper into the potential of our assets and strengthen our
position in the Timmins Gold District."
Table 1: Initial Assay Results from the
2023 Phase 2 Drill Program at the Montclerg Gold
Project
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Zone |
MTC-23-059 |
424.2 |
437.0 |
12.8 |
4.79 |
Lower Footwall |
**incl. |
428.0 |
432.3 |
4.3 |
10.05 |
|
and |
435.6 |
436.5 |
0.9 |
4.97 |
Lower Footwall |
MTC-23-061 |
98.6 |
100.5 |
1.9 |
5.11 |
Upper Main |
incl. |
98.6 |
100.0 |
1.4 |
6.79 |
|
and |
141.5 |
152.2 |
10.7 |
1.34 |
Upper Footwall |
incl. |
151.1 |
152.2 |
1.1 |
5.61 |
|
and |
253.1 |
255.6 |
2.5 |
4.45 |
Lower Footwall |
incl. |
253.1 |
255.0 |
1.9 |
5.63 |
|
and |
271.8 |
275.2 |
3.3 |
3.15 |
Lower Footwall |
incl. |
272.4 |
273.1 |
0.8 |
10.40 |
|
MTC-23-063 |
73.4 |
79.2 |
5.8 |
3.38 |
Upper Footwall |
incl. |
77.4 |
79.2 |
1.8 |
8.18 |
|
*Drill intercepts are presented using
a 0.20 g/t Au cut-off and as drilled length with a
minimum 0.5 gram-metre product. Composites include internal
dilution of up to 3 m at grades less than 0.2 g/t Au. Included
intervals are calculated using a 3 g/t cut-off at a minimum 5
gram-metre product unless otherwise stated. True width is estimated
to be 50 to 90% of drilled length.**Calculated at a 5 g/t
cut-off.
Commentary on Assay Results
Anders Carlson, Vice President, Exploration commented, “Hole
MTC-23-059 demonstrates a meaningful change in the thickness of the
Lower Footwall Zone from 2-5 m to over 10 m within an even broader
alteration and veining envelope. This change is an exciting
development and confirms this as a viable target for defining
future underground resources.”
Drill hole MTC-23-059 was
drilled to test the down-dip extension of the Lower Footwall Zone
at MC Central (see Figures 3-6). The hole
intersected approximately 22 m of moderate to strong
sericite-ankerite-silica alteration in mafic volcanics with up to
35% disseminated arsenopyrite and pyrite. Quartz-carbonate veins
and veinlets are present throughout the zone yielding 4.79
g/t Au over 12.8 m including 10.05 g/t Au over 4.3
m. This intercept is the best zone drilled in the Lower
Footwall Zone to-date and represents a 150 m step-out from
high-grade zones intersected during the Phase 1 2023 drill program
(MTC-23-057 – 10.21 g/t Au over 2.7 m).
Drill hole MTC-23-061 was
drilled to infill gaps in the Main and Upper Footwall zones while
testing the up-dip extension of the Lower Footwall Zone as it
approaches the ultramafic contact (see Figures
3-6). The hole was successful in intersecting significant
grade in each of the three zones with the most encouraging results
coming from the Lower Footwall Zone where two closely spaced zones
were observed yielding 4.45 g/t Au over 2.5 m and
3.15 g/t Au over 3.3 m. Seeing this up-dip
continuity of the Lower Footwall Zone is important as it allows us
to maximize the extent of the zone before it terminates against the
upper ultramafic contact.
Drill hole MTC-23-063 was
drilled to test the up-dip extension of the Upper Footwall Zone
(see Figures 3-6). The hole yielded an intercept
of 3.38 g/t Au over 5.8 m including 8.18
g/t Au over 1.8 m in carbonate and silica-altered mafic
volcanics hosting up to 15% arsenopyrite and pyrite with associated
quartz-carbonate veining. This intercept successfully pulls the
Upper Footwall Zone closer to surface in an area that lacked drill
density.
Dore Gold Project Till Sampling
ProgramFrom September to November, the Company collected
224 bulk till samples across the 212 square kilometre Dore land
package with the objective of defining new gold
targets. The Dore project is an underexplored
region that is near several multi-million-ounce gold deposits and
mines such as the Cote Gold Project and Newmont’s Borden gold mine
(see Figure 1). The till samples
will be analyzed with the goal of outlining new large-scale gold
anomalies. The Dore property hosts two major gold-bearing
shear-hosted structures, the Rideout and Rundle deformation zones,
that are very underexplored on our property. The till survey will
be followed-up by significant compilation and targeting over the
winter in order to generate new prospecting targets for the 2024
summer field season. We expect this to lead to our first-ever
drilling campaign at Dore in Q4-2024.
Anders Carlson, Vice President, Exploration
commented, “The Swayze Greenstone Belt has become increasingly
desirable to mid-tiers and majors with commercial production set at
Cote for Q1-2024 and a recent up-tick in overall exploration
activity. We’re pleased to be strategically located and are excited
to advance our Dore project through aggressive exploration programs
over the next 24+ months.”
LIVE INVESTOR WEBINARJoin Brian Skanderbeg, CEO
of GFG Resources for a LIVE virtual event on Wednesday,
December 6th at 1:00 pm Eastern Time.
Click here to register for the event.
Figure 1: Regional Map of GFG Gold Projects in the
Timmins Gold District
Figure 2: Goldarm Property Plan View
Map
Figure 3: Montclerg Gold Project Plan
View Map
Figure 4: Montclerg Gold Project MC
Central Plan View Map
Figure 5: Montclerg Gold Project Cross
Section Map
Figure 6: MTC-23-059 High Grade Gold
Zone (424.2 m to 437.0 m)
Table 2: GFG Drill Hole Assay Highlights
from the Montclerg Gold Project
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Zone |
MTC-21-001 |
62.5 |
90.0 |
27.5 |
1.56 |
Upper Main |
and |
126.0 |
166.5 |
40.5 |
0.78 |
Lower Main |
incl. |
130.8 |
138.0 |
7.3 |
2.20 |
|
MTC-21-005 |
86.0 |
112.0 |
26.0 |
4.82 |
Upper Footwall |
incl. |
94.3 |
96.1 |
1.8 |
15.96 |
|
and |
103.8 |
109.3 |
5.5 |
12.32 |
|
and |
118.9 |
120.6 |
1.7 |
11.29 |
|
MTC-21-006 |
98.3 |
105.8 |
7.5 |
8.34 |
Upper Footwall |
incl. |
98.3 |
101.0 |
2.7 |
15.04 |
|
MTC-21-007 |
65.4 |
95.6 |
31.1 |
1.40 |
Upper Main |
and |
108.0 |
131.0 |
23.0 |
1.11 |
Lower Main |
MTC-21-010 |
79.5 |
106.5 |
27.0 |
1.05 |
Upper Main |
incl. |
89.6 |
100.5 |
10.9 |
1.84 |
|
MTC-22-015 |
24.0 |
57.5 |
33.5 |
1.32 |
MC West |
incl. |
24.0 |
28.7 |
4.7 |
5.15 |
|
MTC-22-020 |
22.4 |
34.1 |
11.7 |
1.07 |
Upper Main |
and |
97.0 |
105.3 |
8.3 |
4.95 |
Upper Footwall |
incl. |
102.8 |
105.3 |
2.5 |
12.83 |
|
MTC-22-021 |
50.3 |
72.0 |
21.7 |
1.51 |
Upper Main |
incl. |
62.2 |
64.0 |
1.8 |
8.17 |
|
MTC-22-023 |
17.6 |
88.0 |
70.4 |
1.60 |
Upper Main |
incl. |
35.2 |
42.0 |
6.8 |
2.43 |
|
incl. |
76.2 |
81.0 |
4.8 |
4.97 |
|
and |
124.5 |
133.2 |
8.7 |
2.46 |
Upper Footwall |
incl. |
131.4 |
133.2 |
1.8 |
7.75 |
|
MTC-22-029 |
104.4 |
111.5 |
7.1 |
4.98 |
Upper Footwall |
incl. |
104.4 |
107.6 |
3.2 |
7.02 |
|
MTC-22-030 |
71.0 |
86.0 |
15.0 |
3.40 |
Upper Footwall |
incl. |
71.0 |
74.0 |
3.0 |
6.21 |
|
also incl. |
81.9 |
82.9 |
1.0 |
17.50 |
|
MTC-22-034 |
79.5 |
94.6 |
14.5 |
1.37 |
Lower Main |
and |
161.7 |
171.0 |
9.3 |
5.26 |
Upper Footwall |
incl. |
163.9 |
168.3 |
4.4 |
10.77 |
|
MTC-22-035 |
72.0 |
85.2 |
13.2 |
2.31 |
Lower Main |
incl. |
77.0 |
82.1 |
5.1 |
4.07 |
|
and |
125.3 |
141.3 |
16.0 |
9.85 |
Upper Footwall |
incl. |
130.3 |
137.8 |
7.5 |
14.99 |
|
MTC-22-036 |
79.0 |
85.0 |
6.0 |
9.63 |
Upper Footwall |
incl. |
80.5 |
84.0 |
3.5 |
15.40 |
|
MTC-22-039 |
79.8 |
83.3 |
3.3 |
4.32 |
Upper Footwall |
incl. |
80.7 |
83.3 |
2.6 |
5.74 |
|
and |
88.0 |
98.3 |
10.3 |
3.95 |
|
MTC-22-041 |
76.2 |
81.0 |
4.8 |
4.89 |
Upper Footwall |
incl. |
81.0 |
80.1 |
1.1 |
14.40 |
|
MTC-22-042 |
96.4 |
119.0 |
22.6 |
1.48 |
Lower Main |
and |
307.3 |
312.3 |
5.0 |
8.46 |
Lower Footwall |
incl. |
309.3 |
312.3 |
2.0 |
16.40 |
|
MTC-23-054 |
73.1 |
81.2 |
8.1 |
9.97 |
Upper Footwall |
incl. |
75.9 |
78.9 |
3.0 |
16.95 |
|
MTC-23-057 |
346.0 |
348.7 |
2.7 |
10.21 |
Lower Footwall |
incl. |
346.0 |
347.5 |
1.5 |
16.20 |
|
MTC-23-059 |
424.2 |
437.0 |
12.8 |
4.79 |
Lower Footwall |
**incl. |
428.0 |
432.3 |
4.3 |
10.05 |
|
*Drill intercepts are presented using a 0.20 g/t Au cut-off and
as drilled length with a minimum 0.5 gram-metre product. Composites
include internal dilution of up to 3 m at grades less than 0.2 g/t
Au. Included intervals are calculated using a 3 g/t cut-off at
a minimum 5 gram-metre product unless otherwise stated. True width
is estimated to be 50 to 90% of drilled length.**Calculated at a 5
g/t cut-off.
About the Goldarm PropertyThe
Goldarm Property is a large and highly prospective land package
east of the Timmins Gold Camp (see Figures 1-2).
The consolidated Goldarm Property covers approximately 30 km of the
Pipestone Deformation Zone and the North Pipestone Deformation
Zone. Within the Goldarm Property, there are several highly
prospective gold targets such as the Aljo Gold Mine region, the
Carr target and the Montclerg Gold Project which is the most
advanced target. The Montclerg Gold Project covers 10 km of the
highly prospective Pipestone Deformation Zone and is located 48 km
east of the prolific Timmins Gold Camp and is adjacent to multiple
current and historic gold mines (see Figure
1).
About GFG Resources Inc. GFG is
a North American precious metals exploration company focused on
district scale gold projects in tier one mining jurisdictions,
Ontario and Wyoming. In Ontario, the Company operates three gold
projects, each large and highly prospective gold properties within
the prolific gold district of Timmins, Ontario, Canada. The
projects have similar geological settings that host most of the
gold deposits found in the Timmins Gold Camp which have produced
over 70 million ounces of gold. The Company also owns 100% of the
Rattlesnake Hills Gold Project, a district scale gold exploration
project located approximately 100 km southwest of Casper, Wyoming,
U.S.
For further information, please contact: Brian
Skanderbeg, President & CEOor Marc Lepage, Vice President,
Business Development Phone: (306) 931-0930 Email:
info@gfgresources.comWebsite: www.gfgresources.com
Stay Connected with UsTwitter:
@GFGResourcesLinkedIn:
https://www.linkedin.com/company/gfgresources/Facebook:
https://www.facebook.com/GFGResourcesInc/
Footnote: (1) Drill intercepts
are historical and GFG’s QP has not verified the laboratory
accreditation, analytical method, sample size or QA/QC procedures
utilized for the historic drill results. True widths have not been
estimated.
Potential quantity and grade is conceptual in
nature. There has been insufficient exploration to define a Mineral
Resource on the Coulson Claims to date and it is uncertain if
further exploration will result in the Coulson Claims being defined
as a Mineral Resource.
Sampling and Quality Control
All scientific and technical information contained in this press
release has been prepared under the supervision of Brian
Skanderbeg, P.Geo. President and CEO of GFG, a qualified person
within the meaning of National Instrument 43-101.
Drill core samples are being analyzed for gold
by Activation Laboratories Ltd. in Timmins, Ontario. Gold analysis
consists of the preparation of a 500-gram pulp and an assay of a
50-gram aliquot by Pb collection fire assay with an Atomic
Absorption Spectrometry finish (Package 1A2-50. Samples assaying
above 5 ppm Au are routinely re-run using a gravimetric finish
(Package 1A3-50). Mineralized zones containing visible gold are
analyzed by a screen metallic fire assay method. Selected samples
are also undergoing multi-element analysis for 59 other elements
using a four-acid digestion and an ICP-MS finish (Package MA250) by
Bureau Veritas Commodities Canada Ltd. in Vancouver, British
Columbia. Quality control and assurance measures include the
monitoring of results for inserted certified reference materials,
coarse blanks and preparation duplicates of drill core.
Drill intercepts are presented using
a 0.20 g/t Au cut-off and as drilled
length. Composites include internal dilution of up to 3 m at
grades less than 0.2 g/t Au. True width is estimated to be 50
to 90% of drilled length. Sampling protocols, quality control
and assurance measures and geochemical results related to historic
drill core samples quoted in this news release have not been
verified by the Qualified Person and therefore must be regarded as
estimates.
Neither 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.
CAUTION REGARDING FORWARD-LOOKING
INFORMATIONAll statements, other than statements of
historical fact, contained in this news release constitute
“forward-looking information” within the meaning of applicable
Canadian securities laws and “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 (referred to herein as “forward-looking
statements”). Forward-looking statements include, but are not
limited to, the Company’s future exploration plans with respect to
its property interests and the timing thereof, the prospective
nature of the projects, future price of gold, success of
exploration activities and metallurgical test work, permitting time
lines, currency exchange rate fluctuations, requirements for
additional capital, government regulation of exploration work,
environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as “plans”, “expects”
or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate” or “believes”, or the negative connotation thereof or
variations of such words and phrases or state that certain actions,
events or results, “may”, “could”, “would”, “will”, “might” or
“will be taken”, “occur” or “be achieved” or the negative
connotation thereof.
All forward-looking statements are based on
various assumptions, including, without limitation, the
expectations and beliefs of management, the assumed long-term price
of gold, that the Company will receive required permits and access
to surface rights, that the Company can access financing,
appropriate equipment and sufficient labour, and that the political
environment within Canada and the United States will continue to
support the development of mining projects in Canada and the United
States. In addition, the similarity or proximity of other gold
deposits to the Company’s projects is not necessary indicative of
the geological setting, alteration and mineralization of the
Rattlesnake Hills Gold Project, the Goldarm Property, the Pen Gold
Project and the Dore Gold Project.
Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of GFG to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
actual results of current exploration activities; environmental
risks; future prices of gold; operating risks; accidents, labour
issues and other risks of the mining industry; availability of
capital, delays in obtaining government approvals or financing; and
other risks and uncertainties. These risks and uncertainties and
the additional risks described in the Company’s most recently filed
annual and interim MD&A are not, and should not be construed as
being, exhaustive.
Although GFG has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. In addition,
forward-looking statements are provided solely for the purpose of
providing information about management’s current expectations and
plans and allowing investors and others to get a better
understanding of our operating environment. Accordingly, readers
should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release
are made as of the date hereof and GFG assumes no obligation to
update any forward-looking statements, except as required by
applicable laws.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/6d2f386c-819f-4f10-8e60-c6f39d262045https://www.globenewswire.com/NewsRoom/AttachmentNg/850ce7f8-b60d-40fb-a258-c92188aad893https://www.globenewswire.com/NewsRoom/AttachmentNg/c6073935-4449-4bc6-b5af-141d05132db3https://www.globenewswire.com/NewsRoom/AttachmentNg/83f728bf-1de2-4883-b2b4-48d189abda70https://www.globenewswire.com/NewsRoom/AttachmentNg/f803ab18-9382-4baf-81f5-ba456e3e86f5https://www.globenewswire.com/NewsRoom/AttachmentNg/7c61aa52-caa8-41f5-8634-37a775bc00f1
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