KEY HIGHLIGHTS:
- Hole MTC-23-057 returned the deepest high-grade Lower Footwall intercept to-date at the
Montclerg Gold Project (“Montclerg” or “Project”) yielding 10.21 grams of gold per tonne (“g/t Au”) over 2.7 m including 16.20 g/t Au over 1.5 metres (“m”) from 330 m below surface. - Hole MTC-23-056 intersected multiple zones at MC Central highlighted by 0.92 g/t Au over 33.0 m in the
Lower Main Zone and 5.78 g/t Au over 1.1 m in theLower Footwall Zone . - The Phase 1 drill program was highly successful with additional highlight intercepts of (see news release dated
June 27, 2023 )- Hole MTC-23-054 returned multiple gold zones with a highlight of 9.97 g/t Au over 8.1 m in the
Upper Footwall Zone , yielding one of the best gram-metre intervals drilled to-date at Montclerg within 60 m from surface. - MTC-23-046 intercepted multiple zones 1 km east of the MC Central with a highlight of 1.93 g/t Au over 10.6 m including 4.94 g/t Au over 1.9 m.
- MTC-23-048 intersected several shallow mineralized zones at MC Central with a peak of 4.10 g/t Au over 4.1 m.
- Hole MTC-23-054 returned multiple gold zones with a highlight of 9.97 g/t Au over 8.1 m in the
- Drilling is planned to resume in mid-September with a primary focus at Montclerg and testing high-priority targets across the Goldarm Property.
The Phase 1 drill program was designed to complete infill drilling to confirm continuity in the MC Central area and drill significant step-out holes up to one km to the east. Overall, the drill program was successful in proving continuity along strike and at depth in the MC Central and proving the potential for additional discoveries over a km east of MC Central.
“Our Phase 1 drill program at Montclerg was a resounding success, revealing the potential to intersect high-grade gold and to grow the system in all directions. With our strategic focus on expanding the Upper and Lower Footwall Zones, coupled with the Upper and Lower Main Zones, we have effectively broadened the gold system both along strike and up-dip,” stated
Table 1: Final Assay Results from the 2023 Phase 1 Drill Program at the
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Zone | |
MTC-23-052 | 379.4 | 380.0 | 0.6 | 1.09 | Undefined | |
MTC-23-053 | 63.5 | 64.3 | 0.8 | 1.27 | Upper Footwall | |
MTC-23-055 | 72.0 | 74.8 | 2.8 | 1.70 | Upper Footwall | |
MTC-23-056 | 83.5 | 84.5 | 1.0 | 1.09 | Upper Main | |
and and | 129.0 143.0 | 130.0 176.0 | 1.0 33.0 | 0.29 0.92 | ||
and | 189.4 | 191.4 | 2.0 | 1.56 | ||
and | 195.4 | 197.0 | 1.6 | 0.69 | ||
and | 202.9 | 205.8 | 2.9 | 0.60 | ||
and | 216.2 | 217.3 | 1.1 | 1.22 | ||
and and | 226.3 262.8 | 227.7 263.8 | 1.4 1.0 | 0.56 4.05 | Lower Footwall | |
and and | 277.0 295.0 | 280.3 297.2 | 3.3 2.2 | 0.23 3.49 | Lower Footwall | |
incl. | 295.5 | 296.6 | 1.1 | 5.78 | ||
MTC-23-057 | 254.5 | 256.8 | 2.3 | 2.25 | ||
and | 346.0 | 348.7 | 2.7 | 10.21 | Lower Footwall | |
incl. | 346.0 | 347.5 | 1.5 | 16.20 | ||
and | 375.5 | 376.7 | 1.2 | 2.42 | Lower Footwall | |
MTC-23-045 | 177.4 | 182.9 | 5.5 | 2.00 | ||
and | 220.6 | 227.3 | 6.7 | 1.23 | Previously Released Phase 1 Results | |
MTC-23-046 | 117.0 | 121.5 | 4.5 | 0.54 | ||
and | 265.0 | 275.6 | 10.6 | 1.93 | ||
incl. | 265.7 | 266.6 | 0.9 | 6.63 | ||
also incl. | 272.0 | 273.9 | 1.9 | 4.94 | ||
MTC-23-048 | 34.8 | 37.5 | 2.7 | 1.91 | Upper Main | |
and | 47.3 | 61.2 | 13.9 | 0.50 | ||
and | 66.2 | 70.5 | 4.3 | 0.42 | ||
and | 88.0 | 92.1 | 4.1 | 4.10 | Upper Footwall | |
incl. | 88.5 | 92.1 | 3.6 | 4.61 | ||
MTC-23-054 | 56.8 | 60.6 | 3.8 | 1.15 | Upper Footwall | |
and | 73.1 | 81.2 | 8.1 | 9.97 | Upper Footwall | |
incl. | 73.6 | 79.8 | 6.2 | 12.89 |
* 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. True width is estimated to be
** Holes MTC-23-047, 049, 050, 051 had no significant gold assays.
Commentary on Assay Results
Drill hole MTC-23-052 was drilled to test the mafic volcanic corridor 1.3 km east of MC Central. The hole was centered on an 800 m wide gap in drilling and intersected 1.09 g/t Au over 0.6 m with weak to moderate quartz-carbonate veinlets rimmed by pyrite. The presence of significant alteration and sulphide coupled with gold mineralization shows that this new area hosts potential for additional mineralized zones within the eastern basalt panel that will be tested in future drill campaigns.
Drill hole MTC-23-053 was designed to test the up-dip extension of the
Drill hole MTC-23-055 tested the up-dip extension of the
Drill hole MTC-23-056 was designed to test the
Drill hole MTC-23-057 tested the down-dip extension of the
This hole is of particular significance as it is the deepest high-grade intercept of the Lower Footwall at Montclerg to-date. The intercept lies at a vertical depth of 330 m and clearly demonstrates continuity of the gold system at economic grades and widths.
2023 Exploration Program
For the remainder of the year, the Company’s focus will be on defining and growing the Montclerg gold deposit and testing five high-priority gold and gold-copper targets within its Goldarm Property. In addition, starting in a couple of weeks, the Company plans to resume exploration at the
Figure 1: Regional Map of GFG Gold Projects in the
https://www.globenewswire.com/NewsRoom/AttachmentNg/488a5f4a-e38a-4f3b-8d56-e992f52a998d
Figure 2: Goldarm Property Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/256fade0-03a5-48ca-b5cb-41609fdae0a7
Figure 3: Montclerg Gold Project Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d7c347e-106c-4632-866e-e5efc9c3bc95
Figure 4: Montclerg Gold Project MC Central Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/3530b8ce-d7a0-4766-9518-fdbd7ca82172
Figure 5: Montclerg Gold Project Cross Section Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/89de6bfc-58a8-4627-b5f2-9be5d65b384e
Figure 6:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a956b2d-1edb-400b-8a50-6943d0a970ad
Table 2: GFG Drill Hole Assay Highlights from the
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 | |
MTC-21-004 | 39.8 | 64.0 | 24.2 | 0.73 | Upper Main |
and | 75.7 | 86.1 | 10.4 | 1.24 | |
and | 230.5 | 246.0 | 15.5 | 1.23 | Lower Footwall |
incl. | 242.7 | 244.0 | 1.3 | 4.91 | |
MTC-21-005 | 86.0 | 112.0 | 26.0 | 5.08 | Upper Footwall |
incl. | 94.3 | 96.1 | 1.8 | 15.96 | |
also incl. | 103.8 | 110.9 | 7.1 | 10.44 | |
and | 118.9 | 120.6 | 1.7 | 11.29 | |
MTC-21-006 | 98.3 | 105.8 | 7.5 | 8.35 | Upper Footwall |
incl. | 98.3 | 101.0 | 2.7 | 15.04 | |
MTC-21-007 | 65.4 | 96.5 | 31.1 | 1.40 | Upper Main |
and | 108.0 | 131.0 | 23.0 | 1.11 | |
MTC-21-009 | 45.0 | 60.0 | 15.0 | 1.23 | Upper Main |
MTC-21-010 | 79.5 | 106.5 | 27.0 | 1.05 | Upper Main |
MTC-22-015 | 24.0 | 57.5 | 33.5 | 1.32 | MC West |
incl. | 26.7 | 28.7 | 2.0 | 10.36 | |
MTC-22-018 | 52.0 | 57.9 | 5.9 | 3.51 | MC West |
incl. | 53.9 | 56.0 | 2.1 | 7.93 | |
MTC-22-019 | 112.6 | 118.1 | 5.5 | 4.38 | Upper Footwall |
incl. | 112.6 | 116.0 | 3.4 | 6.37 | |
MTC-22-020 | 22.4 | 36.1 | 13.7 | 0.95 | 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 | 1.61 | Upper Main |
incl. | 74.0 | 80.0 | 6.0 | 4.56 | |
and | 124.5 | 133.2 | 8.7 | 2.46 | Upper Footwall |
incl. | 130.1 | 133.2 | 3.1 | 5.62 | |
MTC-22-029 | 104.4 | 111.5 | 7.1 | 4.98 | Upper Footwall |
MTC-22-030 | 71.0 | 86.0 | 15.0 | 3.40 | Upper Footwall |
incl. | 71.0 | 74.0 | 3.0 | 6.21 | |
also incl. | 80.9 | 86.0 | 5.1 | 4.84 | |
MTC-22-031 | 285.2 | 292.6 | 7.4 | 2.78 | Lower Footwall |
incl. | 290.3 | 292.6 | 2.3 | 7.83 | |
and incl. | 300.4 300.4 | 302.0 301.3 | 1.6 0.9 | 4.59 6.03 | Lower Footwall |
MTC-22-034 | 79.5 | 94.6 | 15.1 | 1.56 | |
incl. | 83.0 | 86.8 | 3.8 | 3.34 | |
and | 161.7 | 171.0 | 9.3 | 5.25 | Upper Footwall |
incl. | 163.9 | 168.3 | 4.4 | 10.75 | |
MTC-22-035 | 72.0 | 85.2 | 13.2 | 2.31 | |
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 | 14.98 | |
MTC-22-036 | 79.0 | 85.0 | 6.0 | 6.70 | Upper Footwall |
incl. | 80.5 | 84.0 | 3.5 | 10.59 | |
MTC-22-039 | 79.8 | 83.3 | 3.5 | 2.87 | Upper Footwall |
incl. | 80.7 | 83.3 | 2.6 | 3.80 | |
and | 88.0 | 98.3 | 10.3 | 4.02 | |
MTC-22-041 | 76.2 | 81.0 | 4.8 | 3.29 | Upper Footwall |
incl. | 77.5 | 80.1 | 2.6 | 5.31 | |
MTC-22-042 | 96.4 | 119.0 | 22.6 | 1.48 | |
and | 307.3 | 312.3 | 5.0 | 8.46 | Lower Footwall |
ALJ-22-002 | 62.1 | 75.0 | 12.9 | 3.03 | |
incl. | 67.5 | 68.1 | 0.6 | 59.80 | |
and | 79.0 | 97.0 | 18.0 | 1.12 | |
incl. | 85.3 | 89.2 | 3.9 | 3.76 | |
and | 101.0 | 105.3 | 4.3 | 6.58 | |
incl. | 103.2 | 104.2 | 1.0 | 27.40 | |
MTC-23-048 | 88.0 | 92.1 | 4.1 | 4.10 | Upper Footwall |
incl. | 88.5 | 92.1 | 3.6 | 4.61 | |
MTC-23-054 | 73.1 | 81.2 | 8.1 | 9.97 | Upper Footwall |
incl. | 73.6 | 79.8 | 6.2 | 12.89 | |
MTC-23-057 | 254.5 | 256.8 | 2.3 | 2.25 | Lower Footwall |
and | 346.0 | 348.7 | 2.7 | 10.21 | |
incl. | 346.0 | 347.5 | 1.5 | 16.20 | |
and | 375.5 | 376.7 | 1.2 | 2.42 |
*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. True width is estimated to be
About the Goldarm Property
The 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 kilometres (“km”) of the
About
GFG is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions,
For further information, please contact:
or
Phone: (306) 931-0930
Email: info@gfgresources.com
Website: www.gfgresources.com
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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
Drill core samples are being analyzed for gold by
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
Neither
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All 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
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 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.
Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District
Location of GFG Gold Projects in the Timmins Gold District
Figure 2: Goldarm Property Plan View Map
GFG Resources Inc. Goldarm Property Plan View Map
Figure 3: Montclerg Gold Project Plan View Map
GFG Resources Inc. Montclerg Gold Project Plan View Map
Figure 4: Montclerg Gold Project MC Central Plan View Map
Close Up of MC Central Plan View Map
Figure 5: Montclerg Gold Project Cross Section Map
Montclerg Gold Project Cross Section Map
Figure 6: MTC-23-057 High Grade Gold Zone
Core Photo of MTC-23-057 High Grade Gold Zone (10.21 g/t Au over 2.7 m)
2023 GlobeNewswire, Inc., source