In the fourth quarter of 2019, the Company completed 2,500 metres of drilling from eight drill holes testing six targets.
The initial results from four drill holes are highlighted by hole PEN-19-39 which successfully outlined mineralized stacked lenses with high-grade gold intercepts at the HGM target grading 7.53 g/t Au over 2.2 metres and 25.96 g/t Au over 1.0 metre.
The HGM prospect was initially discovered and drilled by Hemlo Gold Mines and successively tested between 1994 and 2011 with 15 holes. It is hosted along the Deerfoot Corridor, a one by three kilometre area in the easternmost part of the
During Phase 2 of the 2019 drill program, GFG drilled two holes at the HGM target to test the eastern depth and western strike continuity of the system. Assays received to date from drill hole PEN-19-39, the deepest and easternmost hole testing the system, outlined five distinct mineralized intervals within a 225-metre-long section from 146.2 to 372.0 metres downhole. Most significant are two, visible gold-bearing intervals that assayed 7.53 g/t Au over 2.2 metres (including 31.80 g/t Au over 0.5 metres) and 25.96 g/t Au over 1.0 metres (including 51.80 g/t Au over 0.5 metres) from 309.7 and 371.0 metres, respectively. The former is hosted within a strongly silicified and sericitized, quartz breccia-veined mafic volcanic interval with 10% disseminated and stringer pyrite with visible gold. The latter is associated with quartz-carbonate brecciated mafic volcanic hosting 10% disseminated and stringer chalcopyrite, pyrrhotite, pyrite with visible gold. Further up-hole, several lower grade intervals returned 0.49 g/t Au over 1.2 metres, 0.63 g/t Au over 0.5 metres and 1.24 g/t Au over 1.0 metres from 146.2, 215.8 and 233.6 metres. Assays remain outstanding for a number of sections between and below the aforementioned intervals.
Mineralized intervals from Hole PEN-19-39 are interpreted to link to historic hole 94-18 located 75 metres up-plunge that returned 6.52 g/t Au over 2.0 metres and 21.59 g/t Au over 3.9 metres and to hole 95-23 located 50 metres along strike to the west that returned 21.94 g/t Au over 1.0 metres.
Drill hole PEN-19-36 tested the western strike extension of the HGM target and intersected two distinct mineralized intervals ranging from 269.6 to 322.7 metres downhole. Most significant is a 7.4 metre interval that returned 0.93 g/t Au, including 1.2 metres at 2.86 g/t Au. The interval is associated with a moderately quartz-carbonate brecciated and veined mafic volcanic interval with 1 to 5% disseminated and stringer pyrite and pyrrhotite. Further downhole, an interval returned 0.42 g/t Au over 1.3 metres.
The system at HGM remains open along strike to the east and west as well as at depth and will be the focus of further drilling in the coming 2020 drill program.
GFG drilled one hole at the Sewell North target to on follow up on a historic hole that returned multiple gold mineralized intervals associated with a structure approximately 250 metres northwest of the Sewell prospect. Assays received to date from drill hole PEN-19-35 include two distinct, diorite-hosted, quartz veined intervals hosting tourmaline, pyrite and arsenopyrite. The two intervals assayed 1.21 g/t Au over 1.0 metres and 2.89 g/t Au over 1.0 metres from 39.1 and 47.0 metres, respectively. The system remains open in all directions.
The Company completed two holes along an untested two-kilometre segment of the
Outlook
Over the coming weeks, the Company expects to receive the remaining assay results from the 2019 Phase 2 drill program and will provide an update once received. Starting in early February, the Company will resume drilling at the
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Sampling and Quality Control
Surface grab and drill core samples are being analyzed by
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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 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.
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