KEY HIGHLIGHTS:
- Hole ALJ-23-004 returned broad zones of anomalous gold from surface to approximately 265 m downhole in mafic volcanics below the
Aljo Mine workings along with high-grade zones with visible gold including:- 3.65 grams of gold per tonne (“g/t Au”) over 6.3 metres (“m”) including 18.40 g/t Au over 1.1 m from 125.7 m downhole; and
- 13.35 grams g/t Au over 3.6 m, including 32.94 g/t Au over 1.4 m from 350.5 m downhole.
- A new footwall zone was intersected near the bottom of hole ALJ-23-004 (13.35 g/t Au over 3.6 m, including 32.94 g/t Au over 1.4 m), demonstrating that there is much more to the
Aljo Mine system than historical data has indicated. - Hole ALJ-23-011, a 200 m step-out from the
Aljo Mine , returned multiple intervals of bulk tonnage gold mineralization in mafic volcanics with visible gold including 1.39 g/t Au over 19.0 m and 1.86 g/t Au over 17.5 m including 4.98 g/t Au over 3.6 m. - Drilling is planned to resume in Q1 with a focus on following up on the step-out hole MTC-23-059 of 12.8 m of 4.79 g/t Au (see press release HERE), the deepest hole drilled to date at Montclerg and at the
Aljo Mine target area.
In the Phase 2 drill program, the Company completed a total of 3,613 m from 15 holes (7 at Montclerg and 8 at Aljo). The program focused on step-out and in-fill drilling at Montclerg and tested a spectrum of targets at Aljo located within the Goldarm Property east of
"Our 2023 drilling programs have yielded meaningful results, contributing to a year of substantial progress for GFG," said
As we move into 2024, we remain dedicated to the expansion of Montclerg and Aljo. We are determined to build upon the discoveries made this year. Alongside our drilling efforts, we are methodically developing a robust pipeline of drill targets across our portfolio of Timmins properties, which spans over 800 square kilometres. The potential for uncovering new gold systems within these properties is substantial, given the considerable areas that have yet to be thoroughly explored.
The year ahead is set to be one of strategic exploration and drilling, with a focus on both advancing our current projects and the exciting possibility of new discoveries. With our strategic planning, a team committed to meticulous exploration, and an understanding of the geological potential of our properties, we are well-positioned to sustain our momentum and deliver shareholder value.”
Table 1: 2023 Aljo Mine Target Assay Results from the Phase 2 Drill Program
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Zone | VG |
ALJ-23-004 | 6.5 | 20.8 | 14.3 | 0.95 | ||
and | 34.0 | 42.9 | 8.9 | 1.14 | ||
incl. | 34.0 | 35.5 | 1.5 | 3.44 | ||
and | 45.7 | 54.9 | 9.2 | 0.94 | ||
and | 58.2 | 67.0 | 8.8 | 0.67 | ||
and | 89.7 | 97.8 | 8.1 | 0.68 | ||
and | 125.7 | 132.0 | 6.3 | 3.65 | ||
incl. | 130.9 | 132.0 | 1.1 | 18.4 | ||
and | 142.0 | 143.2 | 1.2 | 7.17 | ||
incl. | 142.7 | 143.2 | 0.5 | 16.2 | ||
and | 157.2 | 159.1 | 1.9 | 4.42 | VG | |
and | 262.7 | 264.7 | 1.9 | 4.29 | ||
incl. | 264.2 | 264.7 | 0.5 | 14.8 | ||
and | 350.5 | 354.0 | 3.6 | 13.35 | ||
incl. | 350.5 | 351.9 | 1.4 | 32.94 | ||
ALJ-23-005 | 173.9 | 188.0 | 14.1 | 0.36 | Aljo | |
ALJ-23-009 | 59.7 | 60.2 | 0.5 | 20.3 | Aljo North Shaft | |
ALJ-23-011 | 4.5 | 15.6 | 11.1 | 0.57 | Aljo | |
and | 19.7 | 37.2 | 17.5 | 0.33 | ||
and | 59.6 | 78.6 | 19.0 | 1.39 | ||
incl. | 59.6 | 60.4 | 0.8 | 9.11 | ||
and | 86.2 | 103.7 | 17.5 | 1.86 | ||
incl. | 88.4 | 92.0 | 3.6 | 4.98 | VG | |
also incl. | 95.8 | 97.5 | 1.7 | 4.43 |
*Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 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 30 to 90% of drilled length.
Commentary on Assay Results (See Figures 1-3)
ALJ-23-004 was drilled to test the extent of gold mineralization directly below historical underground workings of the
The footwall of the
ALJ-23-005 was drilled to test the down-dip extension of high-grade mineralization intersected in ALJ-22-002 that yielded 3.03 g/t Au over 12.9 m. The hole intersected several mineralized intervals south of the
ALJ-23-009 was drilled to test a historic trench in close proximity to the north
ALJ-23-011 was designed to confirm historical high-grade intercepts approximately 200 m northwest of the
Drillholes ALJ-23-006, 007, 008 and 010 returned anomalous grades of up to 2.27 g/t Au over 1.2 m. These holes were targeting a surface trench several hundred metres long straddling a major mafic-ultramafic contact that had not been tested by historical drilling. A 120 m deep shaft was sunk along this trench with grab samples from GFG yielding up to 276 g/t Au. The Company still views this corridor of mineralization as highly prospective and will test alternative structural models with further drilling.
Outlook
Looking ahead, the Company is optimistic about the progress and new opportunities unfolding at the Goldarm Property. Drilling is scheduled to recommence later in the first quarter, with attention focused on the Montclerg and Aljo projects, along with initial assessments of several new targets. The Company plans to carry out between 5,000 to 7,000 meters of drilling over several stages.
At the Doré Property, the Company is planning an aggressive summer field campaign to follow-up on new orogenic gold and VMS targets that have been generated out of the recent regional till survey completed in Q4-2023. The goal is to advance the best targets to drill-ready status by Q4-2024 for first-pass drill testing.
The Company’s technical team is also active in applying fresh targeting concepts at its 475 km2 Pen property west of Timmins where GFG spent more than 3 years building a very robust and target-rich dataset from 2018 to 2020. The Company will be conducting further exploration and target refinement in these areas over the coming summer.
At the Company’s wholly owned
Figure 1: Regional Map of GFG Gold Projects in the
Figure 2: Goldarm Property Plan View Map
Figure 3: Aljo Mine Target Plan View Map
Table 2: GFG Drill Hole Assay Highlights from the Goldarm Property
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 | 4.10 | Upper Footwall |
incl. | 89.8 | 92.1 | 2.3 | 6.30 | |
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 | 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 |
incl. | 375.5 | 376.2 | 0.7 | 3.84 | |
MTC-23-059 | 424.2 | 437.0 | 12.8 | 4.79 | Lower Footwall |
incl. | 428.0 | 432.3 | 4.3 | 10.05 | |
MTC-23-060 | 63.1 | 88.0 | 24.9 | 1.05 | Upper Main |
and | 95.7 | 137.5 | 41.8 | 0.92 | |
MTC-23-062 | 72.4 | 85.2 | 12.8 | 3.09 | Upper Main |
incl. | 74.0 | 76.9 | 2.9 | 9.76 | |
ALJ-23-004 | 6.5 | 20.8 | 14.3 | 0.95 | |
and | 125.7 | 132.0 | 6.3 | 3.65 | |
and | 130.9 | 132.0 | 1.1 | 18.4 | |
and | 350.5 | 354.0 | 3.6 | 13.35 | |
incl. | 350.5 | 351.9 | 1.4 | 32.94 | |
ALJ-23-011 | 4.5 | 15.6 | 11.1 | 0.57 | Aljo |
and | 59.6 | 78.6 | 19.0 | 1.39 | |
incl. | 59.6 | 60.4 | 0.8 | 9.11 | |
and | 86.2 | 103.7 | 17.5 | 1.86 | |
incl. | 88.4 | 92.0 | 3.6 | 4.98 |
*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
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 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 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.
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e367e165-db37-48e1-ba2b-c58afbd1370b
https://www.globenewswire.com/NewsRoom/AttachmentNg/20ef5660-e909-45af-aa51-8fde2a2a16ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/2c807894-972e-4e6f-9101-15ceed77989d
Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District
GFG Gold Projects in the Timmins Gold District
Figure 2: Goldarm Property Plan View Map
GFG Goldarm Property Plan View Map with Montclerg Gold Project & Aljo Gold Mine Target
Figure 3: Aljo Mine Target Plan View Map
GFG Aljo Mine Target Plan View Map
2024 GlobeNewswire, Inc., source