GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF)
(“
GFG” or the “
Company”) reports
new high-grade gold assay results from its recently completed
13-hole 2023 Phase 1 drill program at the Montclerg Gold Project,
located 40 kilometres (“km”) east of Timmins, Ontario.
(see Table 1 and Figures
1-3). The results released today are from
eight drill holes completed along the Montclerg gold system where
GFG has continuously proven and grown a robust gold system since
the Company acquired the asset in October 2021.
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 Brian
Skanderbeg, President and CEO of GFG. “Our strategy is two-fold:
first, to advance and grow the Montclerg gold system into a system
of critical mass, and second, to generate, develop, and
systematically test a pipeline of priority drill targets across the
Goldarm property. Our drilling efforts to date have primarily
focused on the shallow portions of the system, where we have
demonstrated strong continuity and grade. As we expand our
exploration to depth and along strike, we continue to intercept
high grades and outline new zones of gold mineralization,
showcasing Montclerg's strong potential for new discoveries both at
depth and to the east. The same holds true for the Aljo Mine target
and our other fully permitted regional targets. Our progress thus
far underscores our commitment to maximizing the value of our
assets and driving long-term growth for our stakeholders."
Table 1: Initial Assay Results from the
2023 Phase 1 Drill Program at the Montclerg Gold
Project
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Zone |
MTC-23-045 |
177.4 |
182.9 |
5.5 |
2.00 |
New Zone |
incl. |
179.7 |
180.9 |
1.2 |
3.83 |
and |
220.6 |
227.3 |
6.7 |
1.23 |
New Zone |
incl. |
225.0 |
226.0 |
1.0 |
3.18 |
MTC-23-046 |
117.0 |
121.0 |
4.0 |
0.57 |
New Zone |
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 50 to 90% of
drilled length. ** 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
Lower Main zones at MC Central.
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 April 11, 2023). The continuity and
moderately higher grades in MTC-23-046 demonstrate the potential
for additional mineralized zones in this area that lies 1 km east
of MC Central.
Drill hole MTC-23-048, was
designed to test a gap within the Main Zone within the felsic
volcanics as well as the extension of the Upper Footwall zone to
the east. A broad zone was intersected in felsic volcanics which
returned 0.50 g/t Au over 13.9 m. The zone
consists of strong sericite-ankerite alteration with up to 15%
quartz carbonate veins associated with halos of up to 2%
arsenopyrite and pyrite. The Upper Footwall zone was intersected
where expected, yielding an intercept of 4.09 g/t Au over
4.1 m including 6.28 g/t Au over 2.3 m.
Strongly ankerite-altered mafic volcanics were intersected with up
to 10% fine disseminated arsenopyrite and pyrite, and minimal
veining. The mafic-hosted Upper Footwall zone observed (4.09 g/t Au
over 4.1 m) extends the mineralized envelope modestly to depth.
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.
Anders Carlson, Vice President, Exploration
commented, “As a newcomer to the Montclerg Gold Project, I have
been impressed by the local high-grade nature of this gold system
and recognize the impact of local and regional faulting as major
controls on mineralization. As we move forward with future drill
programs at Montclerg, it will be vital to understand the nature of
gold mineralization to assess gold recoveries while accelerating
our appreciation of the system’s scale through step-out drilling
and refinement of the geological model.”
2023 Exploration ProgramIn
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 Pipestone and North Pipestone deformation
zones and is surrounded by significant gold mining infrastructure.
The 2023 exploration budget will be approximately C$3.0 million and
is fully funded.
Figure 1: Regional Map of GFG Gold Projects in the
Timmins Gold
Districthttps://www.globenewswire.com/NewsRoom/AttachmentNg/34d8ce0d-4dd8-4a31-adec-29f8dbc0a425
Figure 2: Goldarm Property Plan View
Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/21932618-6cb7-47f8-b1dd-6f448c36e766
Figure 3: Montclerg Gold Project Plan
View
Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/dc00808d-6e6c-444f-a076-ac6a55113b28
Table 2: GFG Drill Hole Assay Highlights
from the Montclerg Gold Project
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 |
Lower Main |
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 |
Lower Main |
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 |
Lower Main |
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 |
Lower Main |
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 |
Lower Main |
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 |
Lower Main |
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 50 to 90% of drilled length.
About the Goldarm PropertyThe
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 Pipestone Deformation Zone and the North
Pipestone Deformation Zone. Within the Goldarm Property, there are
several highly prospective gold targets such as the Aljo Gold Mine
region, the Carr target and the Montclerg Gold Project which is the
most advanced target. The Montclerg Gold Project covers 10 km of
the highly prospective Pipestone Deformation Zone and is located 48
km east of the prolific Timmins Gold Camp and is adjacent to
multiple current and historic gold mines (see Figure
1).
About GFG Resources Inc. GFG is
a North American precious metals exploration company focused on
district scale gold projects in tier one mining jurisdictions,
Ontario and Wyoming. In Ontario, the Company operates three gold
projects, each large and highly prospective gold properties within
the prolific gold district of Timmins, Ontario, Canada. The
projects have similar geological settings that host most of the
gold deposits found in the Timmins Gold Camp which have produced
over 70 million ounces of gold. The Company also owns 100% of the
Rattlesnake Hills Gold Project, a district scale gold exploration
project located approximately 100 km southwest of Casper, Wyoming,
U.S. In Wyoming, the Company has partnered with Group 11
Technologies Inc. through an option and earn-in agreement to
advance the Company’s Rattlesnake Hills Gold Project with a
technology that could revolutionize the gold mining industry.
For further information, please contact: Brian
Skanderbeg, President & CEOor Marc Lepage, Vice President,
Business Development Phone: (306) 931-0930 Email:
info@gfgresources.comWebsite: www.gfgresources.com
Stay Connected with UsTwitter:
@GFGResourcesLinkedIn:
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.
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 Brian
Skanderbeg, P.Geo. President and CEO of GFG, a qualified person
within the meaning of National Instrument 43-101.
Drill core samples are being analyzed for gold
by Activation Laboratories Ltd. in Timmins, Ontario. Gold analysis
consists of the preparation of a 500-gram pulp and an assay of a
50-gram aliquot by Pb collection fire assay with an Atomic
Absorption Spectrometry finish (Package 1A2-50. Samples assaying
above 5 ppm Au are routinely re-run using a gravimetric finish
(Package 1A3-50). Mineralized zones containing visible gold are
analyzed by a screen metallic fire assay method. Selected samples
are also undergoing multi-element analysis for 59 other elements
using a four-acid digestion and an ICP-MS finish (Package MA250) by
Bureau Veritas Commodities Canada Ltd. in Vancouver, British
Columbia. Quality control and assurance measures include the
monitoring of results for inserted certified reference materials,
coarse blanks and preparation duplicates of drill core.
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 50
to 90% of drilled length. Sampling protocols, quality control
and assurance measures and geochemical results related to historic
drill core samples quoted in this news release have not been
verified by the Qualified Person and therefore must be regarded as
estimates.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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 Canada and the United States will continue to
support the development of mining projects in Canada and the United
States. In addition, the similarity or proximity of other gold
deposits to the Company’s projects is not necessary indicative of
the geological setting, alteration and mineralization of the
Rattlesnake Hills Gold Project, the Goldarm Property, the Pen Gold
Project and the Dore Gold Project.
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.
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