KEY HIGHLIGHTS:
- Resumes drilling with 1,500 m at the Aljo Mine Target (“Aljo”) to follow-up on high-grade gold intercepts of 3.65 grams of gold per tonne (“g/t Au”) over 6.3 metres (“m”), 13.35 g/t Au over 3.6 m and 6.58 g/t Au over 4.3 m.
- Discovers compelling new gold target within
Pen Gold Project , Muskego, with sonic drill test intercepting significant mineralization in bedrock. - Conducted regional black spruce bark sampling across
Goldarm Project with 800 samples as first pass surface exploration program in areas of no historic work completed. - Preliminary data from regional till sampling on Dore outlines new gold and base metal targets.
“As we move forward following our successful financing and the recent proposed sale of our
“Furthermore, our thorough review of the historical exploration work at Pen and the recent regional till sampling at Dore have outlined priority drill targets, such as Muskego, that will be a key focus for advancement this year. The results at Muskego and the compelling Dore till results, coupled with the opportunities at Goldarm, have provided the Company with a robust pipeline of high-quality targets to progress upon. We are excited about the potential that lies ahead and are committed to unlocking the full exploration potential of our properties.”
Aljo Drill Program
GFG will commence drilling operations at Aljo in the upcoming days. The drill program will consist of approximately 1,500 m, with a focus on targeting broad centers of gold mineralization known to host up to five discrete parallel zones of high-grade mineralization (see Figure 3 and Table 1). These zones are characterized by significant visible gold found in quartz veins that are associated with strong alteration halos.
The primary objectives of the drill program are to test the continuity of quartz veins and gold mineralization with step-outs of around 75 m along the strike and at depth beneath the historic
Furthermore, the drill program will investigate the relationship between gold mineralization and newly modeled feldspar porphyry dykes in the
The success of this drill program will play a crucial role in determining the level of focus and investment that GFG will allocate to Aljo during the Q3-Q4 drill program. In addition to the significant opportunity at Aljo, GFG will test other high-potential targets, such as the Carr Porphyry, which exhibits similar high-grade gold and copper mineralization from historic drill intercepts.
Montclerg Gold Project Update
GFG is currently advancing the geological model at
Surface Exploration Program at Goldarm
GFG launched a property-wide black spruce bark sampling program at Goldarm in Q1-2024, with the objective of identifying new gold and base-metal anomalies. The collection of approximately 800 samples, covering a significant portion of the property marks a crucial step in GFG’s initiative to expand and define new drill targets. Given the substantial till cover present across the Goldarm Property, GFG views this method as a cost-effective means of conducting initial testing for gold and base-metal mineralization, offering advantages over base-of-till drilling. The resulting targets will be evaluated and ranked within GFG's growing target pipeline, with the most promising targets slated for further exploration in Q4-2024 and early 2025.
In addition to drilling at Aljo, the Company plans to complete summer field activities including prospecting, channel sampling, and mapping. A particular emphasis will be placed on delineating folded and faulted porphyry dykes, which are intricately linked to high-grade gold mineralization in the Aljo region. Efforts will also be directed towards developing a robust alteration within the Aljo system, believed to signify intersection-controlled gold zones that may extend well beyond the historical
Pen and Dore Gold Projects
After conducting a thorough review of the 2022 sonic drill base-of-till sampling program on the west side of the Pen property, GFG has identified several new gold targets that warrant further exploration. These targets exhibit gold +/- copper anomalism in bedrock and basal till beneath the 30 square kilometre Muskego region. The Muskego area has no outcrop, which has historically impeded significant exploration efforts. The compiled anomalous data align with conceptual target areas developed by GFG and are situated between the Slate Rock target and the
These newly identified targets will be the focus of upcoming first pass drill programs within the next 12 months. The potential of these targets highlights the opportunities of unlocking the mineralization potential within the Pen property.
Gold grain data are now being received for the regional till survey carried-out at Dore in Q4-2023. Although the results are preliminary in nature, they outline gold-in-till anomalies in several target areas across the property. A number of base-metal targets have also been identified from the results that correspond to known trends hosting semi-massive to massive sulphide lenses. GFG has already begun following-up on these results focusing on prospecting along major crustal-scale features directly up-ice from the new gold and base-metal basal till anomalies.
Additional till sampling within the eastern block at Dore has also begun given that this area hosts intriguing copper-gold mineralization in stock-work style quartz veins in regionally extensive magmatic breccia zones. Till-sampling was not completed in this area due to poor access and snow-cover late in 2023 and is now being prioritized.
Outlook
In 2024, the Company is optimistic about the progress and new opportunities unfolding at each of our three regional-scale
At the Pen and Dore gold projects, the Company is engaged in identifying and implementing new strategies to progress these properties. The goal is to fully explore the extent of the geological formations present, not only for gold, but also volcanogenic massive sulfide and nickel-copper mineralization. With a focus on both developing existing drill targets and identifying new ones, the Company is confident in the potential of these properties to host significant gold systems similar to those found in the prolific
On
Table 1: Highlighted 2022-2023 Aljo Mine Target Assay Results
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Zone | VG |
ALJ-22-002 | 62.1 | 75.0 | 12.9 | 3.03 | VG | |
incl. | 67.5 | 68.1 | 0.6 | 59.80 | VG | |
and | 79.0 | 93.9 | 14.9 | 1.32 | VG | |
incl. | 85.3 | 86.2 | 0.9 | 10.90 | VG | |
and | 101.0 | 105.3 | 4.3 | 6.58 | VG | |
incl. | 103.2 | 104.2 | 1.0 | 27.40 | 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 | VG | |
incl. | 130.9 | 132.0 | 1.1 | 18.4 | VG | |
and | 142.0 | 143.2 | 1.2 | 7.17 | ||
incl. | 142.7 | 143.2 | 0.5 | 16.2 | VG | |
and | 157.2 | 159.1 | 1.9 | 4.42 | VG | |
and | 262.7 | 264.7 | 1.9 | 4.29 | VG | |
incl. | 264.2 | 264.7 | 0.5 | 14.8 | VG | |
and | 350.5 | 354.0 | 3.6 | 13.35 | VG | |
incl. | 350.5 | 351.9 | 1.4 | 32.94 | VG | |
ALJ-23-005 | 173.9 | 188.0 | 14.1 | 0.36 | ||
ALJ-23-009 | 59.7 | 60.2 | 0.5 | 20.3 | ||
ALJ-23-011 | 4.5 | 15.6 | 11.1 | 0.57 | ||
and | 19.7 | 37.2 | 17.5 | 0.33 | ||
and | 59.6 | 78.6 | 19.0 | 1.39 | VG | |
incl. | 59.6 | 60.4 | 0.8 | 9.11 | VG | |
and | 86.2 | 103.7 | 17.5 | 1.86 | VG | |
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 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
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
Figure 4: Dore Gold Project Surface Exploration Results
Figure 5:
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
Stay Connected with Us
X (Twitter): @GFGResources
LinkedIn: 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.
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b81caaa1-d74d-4db5-8bc9-1df21b665a85
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb0693ee-37d7-4694-9fde-504864b7f722
https://www.globenewswire.com/NewsRoom/AttachmentNg/68e16e9f-d0ae-4408-991d-3ce447a0e31e
https://www.globenewswire.com/NewsRoom/AttachmentNg/0294cd4e-364c-4948-a75e-a941126b65e6
https://www.globenewswire.com/NewsRoom/AttachmentNg/14d9fe1e-a19b-4102-a294-70be9a3ef238
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
Goldarm Property Plan View Map
Figure 3: Aljo Mine Target Plan View Map
Aljo Gold Target
Figure 4: Dore Gold Project Surface Exploration Results
Dore Gold Project Surface Exploration Results
Figure 5: Pen Gold Project – Muskego Target
Pen Gold Project – New Muskego Target
2024 GlobeNewswire, Inc., source