KEY HIGHLIGHTS:
- First pass drilling at the Aljo Mine Target (“Aljo”) successfully returned high-grade gold intervals at shallow depths across multiple vein systems along with broader intervals of low-grade mineralization.
- ALJ-22-002: 3.03 grams per tonne gold (“g/t Au”) over 12.9 metres (“m”) including 59.80 g/t Au over 0.60 m and 6.58 g/t Au over 4.3 m including 27.4 g/t Au over 1.0 m
- Hole MTC-22-044 successfully confirmed gold mineralization continues 1 km to the east of MC Central intersecting two broad zones:
- MTC-22-044: 0.99 g/t Au over 9.7 m and 0.82 g/t Au over 7.7 m
- Since acquiring Montclerg just over a year ago, GFG has completed over 11,000 m of drilling from 47 holes and achieved approximately a 90% drilling hit rate.
- The Phase 1 2023 drill program has begun and is expected to consist of approximately 3,000 m of drilling. The program will focus on infill and step-out drilling on and around the
Montclerg Gold Project . - In 2023, the Company plans to complete three drill programs totalling 10-12,000 m of drilling. Additional exploration activities are scheduled across the Goldarm Property that include regional geophysical and geochemical surveys, mapping and significant data compilation and analysis.
Overall, the Phase 2 drill program successfully achieved its objectives of growing and demonstrating continuity at Montclerg, extending gold mineralization at least 1 km to the east and outlining the significant opportunity present at Aljo for a second robust gold system on the Goldarm Property.
“The final drill holes from our 2022 Phase 2 drill program were higher risk by design. We are very pleased to prove that this underexplored region is extremely prospective and has immense potential to host multiple gold deposits,” stated
“Drilling east of the Montclerg gold system is very limited; so we are excited to intersect two significant zones of gold mineralization one km away from the MC Central target. Much more work and drilling is on-going and will be a priority in this new target area. Looking 30 km to the east at the Aljo target, our first pass drilling returned the highest-grade assays to date on the Goldarm Property. Drilling returned high-grade intervals at shallow depths across multiple vein systems and broader intervals of lower grade mineralization. We are very optimistic that we can continue our previous successes as we embark on our largest drilling campaign in our history.”
Table 1: Recent Assay Results from the 2022 Phase 2 Drill Program at the
Hole ID | From (m) | To (m) | Length (m) | Au g/t |
MTC-22-043 | 72.1 | 79.6 | 7.5 | 2.06 |
and | 99.0 | 106.0 | 7.0 | 0.67 |
and | 154.8 | 157.8 | 3.0 | 1.24 |
MTC-22-044 | 283.8 | 293.5 | 9.7 | 0.99 |
and | 301.0 | 308.7 | 7.7 | 0.82 |
ALJ-22-001 | 32.3 | 38.0 | 5.7 | 0.74 |
and | 74.2 | 84.9 | 10.7 | 0.47 |
and | 88.0 | 98.3 | 10.3 | 1.06 |
ALJ-22-002 | 25.0 | 32.0 | 7.0 | 0.62 |
and | 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 |
ALJ-22-003 | 51.3 | 65.7 | 14.4 | 0.30 |
*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
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 in three phases at multiple permitted and drill ready targets on the Goldarm Property. The Phase 1 2023 drill program has started with a goal to complete approximately 3,000 m of drilling from 12-14 holes at the
Commentary on Assay Results
MTC-22-043 – was drilled to test the shallow felsic mineralization 40 m west of hole MTC-21-012 (see press release dated
MTC-22-044 – was the most significant eastern step-out hole drilled to date. The hole was drilled approximately 1 km east of the MC Central area to confirm stratigraphy and test gold mineralization continuity, specifically the high-grade
ALJ-22-001 – was drilled to test 35 m east of the known
ALJ-22-002 – was drilled 25 m east of historical drilling which returned 83.63 g/t Au over 1.8 m (1), on the Southern Aljo trend. The hole successfully intersected several intervals of high grade: 1) 3.03 g/t Au over 12.9 m including 59.80 g/t Au over 0.6 m; 2) 1.32 g/t Au over 14.9 m; and 3) 6.58 g/t Au over 4.3 m including 27.40 g/t Au over 1.0 m. These intervals are hosted in green to purple brecciated mafics. Silica-carbonate alteration is weak to intense and occurs as fracture fill or vein halos. Quartz and quartz-carbonate veins and breccias comprise up to 20% of the intervals. Sulphides are present with pyrite and pyrrhotite occurring as disseminations and veins in the host rock from trace up to 10%.
ALJ-22-003 – was drilled to test the historically defined “grey zone” and Kingswood Shear. The hole successfully intersected three zones of low-grade mineralization highlighted by 0.30 g/t Au over 14.4 m. Sericite-carbonate alteration is moderate to intense. Quartz and quartz-carbonate veining occurs as fracture fill and isolated veinlets up to 15% in brecciated rock. Pyrite is disseminated and within the veins from trace to 2% while pyrrhotite occurs in trace amounts within the mineralized veins.
Figure 1: Regional Map of GFG Gold Projects in the
https://www.globenewswire.com/NewsRoom/AttachmentNg/489d3ea7-f135-4aaf-be22-35e78c9c684a
Figure 2: Goldarm Property Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/8dd6e546-a02f-408e-89ef-78d06a5695d1
Figure 3: Montclerg Gold Project Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/60e33938-602a-4c1f-887a-f6730f43d7ce
Figure 4: Aljo Target Plan View Map(1)
https://www.globenewswire.com/NewsRoom/AttachmentNg/90681557-f42d-44f3-bd48-fbe227b85509
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 | |
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 |
and | 319.5 | 320.5 | 1.0 | 4.80 | Undefined |
and | 332.8 | 333.3 | 0.5 | 5.27 | Undefined |
MTC-22-034 | 46.4 | 52.5 | 6.1 | 0.94 | Upper Main |
and | 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 | 31.2 | 38.8 | 7.5 | 0.79 | Upper Main |
and | 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 | 149.5 | 152.0 | 2.5 | 4.00 | |
and | 307.3 | 312.3 | 5.0 | 8.46 | Lower Footwall |
incl. | 309.3 | 312.3 | 2.0 | 16.40 | |
ALJ-22-002 | 25.0 | 32.0 | 7.0 | 0.62 | |
and | 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 |
*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,
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
GFG Resources Inc. Gold Projects in the Timmins Gold District
Figure 2: Goldarm Property Plan View Map
GFG Resources Inc. Goldarm Property Map
Figure 3: Montclerg Gold Project Plan View Map
GFG Resources Inc. Montclerg Gold Project Map
Figure 4: Aljo Target Plan View Map(1)
GFG Resources Inc. Aljo Gold Target Map
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