KEY HIGHLIGHTS:
- Drilling at the
Montclerg Gold Project (“Montclerg”) continues to return high-grade and bulk tonnage intercepts demonstrating continuity within an expanding gold system. - Hole MTC-23-054 returned multiple gold zones with a highlight of:
- 9.97 grams of gold per tonne (“g/t Au”) over 8.1 metres (“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 zone 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 4.09 g/t Au over 4.1 m including 6.28 g/t Au over 2.3 m.
- Assay results from the remaining 5 holes are pending and will be announced as they are received.
- Achieved nearly 90% drilling hit rate since acquiring the
Montclerg Gold Project in late 2021. - Drilling is planned to resume in the third quarter with a focus on Montclerg and testing high-priority gold targets across the Goldarm Property.
- In addition to the planned 10-12,000 m of drilling, GFG has initiated its summer exploration activities across the Goldarm Property which include regional geophysical and geochemical surveys, prospecting, mapping and significant data compilation aimed at generating new regional targets.
The Phase 1 drill program was designed to complete infill drilling to confirm continuity in the Montclerg Central area and drill significant step-out holes to determine if gold mineralization occurs over one km to the east. The Phase 1 drill program was higher risk by design as the Company believes that the opportunity to discover new zones of gold mineralization at depth and along strike at Montclerg is high.
“Over the past year, we have successfully consolidated the Goldarm property, resulting in an extensive and highly prospective regional land holding in an incredibly well-endowed and infrastructure-rich region,” stated
Table 1: Initial Assay Results from the 2023 Phase 1 Drill Program at the
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Zone |
MTC-23-045 | 177.4 | 182.9 | 5.5 | 2.00 | |
incl. | 179.7 | 180.9 | 1.2 | 3.83 | |
and | 220.6 | 227.3 | 6.7 | 1.23 | |
incl. | 225.0 | 226.0 | 1.0 | 3.18 | |
MTC-23-046 | 117.0 | 121.0 | 4.0 | 0.57 | |
and | 265.0 | 275.6 | 10.6 | 1.93 | Lower Footwall |
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 |
incl. | 35.7 | 36.3 | 0.6 | 7.24 | |
and | 47.3 | 61.2 | 13.9 | 0.50 | Lower Main |
and | 66.2 | 70.5 | 4.3 | 0.42 | |
and | 88.0 | 92.1 | 4.1 | 4.09 | Upper Footwall |
incl. | 89.8 | 92.1 | 2.3 | 6.28 | |
MTC-23-054 | 56.8 | 60.6 | 3.8 | 1.15 | Upper Footwall |
incl. | 60.1 | 60.6 | 0.5 | 4.34 | |
and | 73.1 | 81.2 | 8.1 | 9.97 | Upper Footwall |
incl. | 75.9 | 78.9 | 3.0 | 16.95 |
*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. Included intervals are calculated using a 3 g/t cut-off. 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-23-045 was designed as a significant northeastern step-out hole testing stratigraphy more than 700 m from the core of MC Central. The hole successfully intersected two new zones of gold mineralization. The upper zone lies along a mafic-felsic volcanic contact returning 2.00 g/t Au over 5.5 m, including 3.83 g/t Au over 1.2 m. Mineralization within the mafic volcanic unit consists of thin microfractures infilled with quartz carbonate with up to 3% pyrite and arsenopyrite. Mineralization within the felsic volcanic was typical of the MC Central panel, with up to 15% thin extension veins with arsenopyrite halos. The lower zone lies entirely within the footwall of the felsic volcanic unit returning 1.23 g/t Au over 6.7 m including 3.18 g/t Au over 1.0 m and is characterized by up to 7% extensional quartz-carbonate veining with up to 5% fine-grained disseminated arsenopyrite and pyrite.
The presence of considerable gold mineralization this far east of the MC Central bodes well for potential extension of the Montclerg system along strike. The nature of alteration and mineralization observed is very similar to that of the Upper and
Drill hole MTC-23-046 was drilled to test the Montclerg Footwall zones 1 km east of MC Central. The hole was designed to test the mafic stratigraphy south of the gabbro where limited drilling has been completed. The drill hole successfully intersected 1.93 g/t Au over 10.6 m, including 6.63 g/t Au over 0.9 m and also including 4.94 g/t Au over 1.9 m in mafic volcanic rocks. The zone appears similar to the Lower Footwall zone at MC Central. The zone is characterized by strongly ankerite-altered mafic volcanics with fine-grained disseminated pyrite and arsenopyrite with up to 15% quartz-carbonate veining.
The observed mineralization in MTC-23-046 correlates well with a broad interval of low-grade gold intersected in MTC-22-044 approximately 75 m down-dip and to the west (see news release dated
Drill hole MTC-23-048, was designed to test a gap within the
Drill hole MTC-23-054, was designed to test the up-dip extension of the Upper Footwall zone. Two zones were intersected yielding 1.15 g/t Au over 3.8 m and 9.97 g/t Au over 8.1 m. The first zone is characterized by strongly altered massive mafic volcanics with up to 10% arsenopyrite and pyrite, and 3% thin, irregular quartz-carbonate veins. The second zone occurs within a strongly altered mafic flow-top breccia with up to 15% arsenopyrite and pyrite and up to 3% quartz-carbonate veining.
This high-grade intercept from the Upper Footwall zone within the MC Central significantly extends mineralization towards the surface and stands out as one of the best intercepts drilled to-date along the Montclerg trend.
2023 Exploration Program
In 2023, 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. For the year, the Company plans to complete 10-12,000 m of drilling at multiple permitted and drill ready targets on the Goldarm Property. In addition to the planned drill programs, GFG will continue to complete extensive surface exploration across the Goldarm Property which covers 30 km of the
Figure 1: Regional Map of GFG Gold Projects in the
https://www.globenewswire.com/NewsRoom/AttachmentNg/34d8ce0d-4dd8-4a31-adec-29f8dbc0a425
Figure 2: Goldarm Property Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/21932618-6cb7-47f8-b1dd-6f448c36e766
Figure 3: Montclerg Gold Project Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/dc00808d-6e6c-444f-a076-ac6a55113b28
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 | |
incl. | 130.8 | 138.0 | 7.3 | 2.20 | |
MTC-21-004 | 39.8 | 64.0 | 24.2 | 0.73 | Upper Main |
and | 75.7 | 86.1 | 10.4 | 1.24 | |
incl. | 81.0 | 85.1 | 4.1 | 2.37 | |
and | 230.5 | 246.0 | 15.5 | 1.23 | Lower Footwall |
incl. | 241.7 | 245.0 | 3.3 | 3.09 | |
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 | |
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 |
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-22-018 | 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 | 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 | |
incl. | 110.4 | 111.5 | 1.1 | 7.79 | |
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-22-031 | 285.2 | 292.6 | 7.4 | 2.78 | Lower Footwall |
incl. | 290.3 | 292.6 | 2.3 | 7.83 | |
and | 300.4 | 302.0 | 1.6 | 4.59 | Lower Footwall |
MTC-22-034 | 79.5 | 94.6 | 14.5 | 1.37 | |
incl. | 85.2 | 86.8 | 1.6 | 3.97 | |
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 | |
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 | |
and | 307.3 | 312.3 | 5.0 | 8.46 | Lower Footwall |
incl. | 309.3 | 312.3 | 2.0 | 16.40 | |
ALJ-22-002 | 62.1 | 75.0 | 12.9 | 3.03 | |
incl. | 67.5 | 68.1 | 0.6 | 59.80 | |
and | 79.0 | 93.9 | 14.9 | 1.32 | |
incl. | 85.3 | 86.2 | 0.9 | 10.90 | |
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 | 4.1 | Upper Footwall |
incl. | 89.8 | 92.1 | 2.3 | 6.3 | |
MTC-23-054 | 73.1 | 81.2 | 8.1 | 9.97 | Upper Footwall |
incl. | 75.9 | 78.9 | 3.0 | 16.95 |
*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. Included intervals are calculated using a 3 g/t cut-off. 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,
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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
Regional Map of GFG Resources Gold Projects in the Timmins Gold District
Figure 2: Goldarm Property Plan View Map
GFG Resources - Goldarm Property 40 km east of Timmins Gold District
Figure 3: Montclerg Gold Project Plan View Map
GFG Resources Inc. Montclerg Gold Project Plan View Map
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