GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF)
(“
GFG” or the “
Company”) reports
further gold assay results from the recently completed 2023 Phase 2
drill program at its Montclerg Gold Project, located 40 kilometres
(“km”) east of Timmins, Ontario
(see
Tables 1-2 and Figures 1-6). The results
released today are from two infill holes and two step-out 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.
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 Timmins, Ontario. The Company eagerly
anticipates releasing the remaining 8 holes from Aljo in the coming
weeks as several zones of gold mineralization were observed in core
logging.
"To date, our Phase 2 drill program at Montclerg
has been a resounding success, proving a robust gold system with
multiple high-grade and bulk tonnage gold zones across the Main
zones, as well as the Footwall zones,” stated Brian Skanderbeg,
President and CEO of GFG. “The consistency of the results from both
step-out and infill drilling demonstrate not only the strong
continuity of the system but also the significant expansion
potential at depth and along strike. In addition to strong results,
the infill drilling has been critical in confirming the geometry
and coherence of these mineral systems at shallow depths.
Moreover, we await the assay results from Aljo
with great anticipation, as the core logging has indicated several
promising zones of gold mineralization. Our team is highly
motivated by these findings, and we are looking forward to
continuing to unlock the value of our strategically located assets
for our shareholders."
Table 1: Most Recent Montclerg Gold
Project Assay Results from the 2023 Phase 2 Drill
Program
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Zone |
MTC-23-058 |
100.9 |
102.9 |
2.0 |
1.60 |
Undefined |
and |
385.0 |
394.2 |
9.2 |
0.79 |
Lower Footwall |
and |
397.4 |
398.3 |
0.9 |
2.99 |
Lower Footwall |
and |
405.6 |
409.9 |
4.3 |
0.65 |
Lower Footwall |
MTC-23-060 |
63.1 |
88.0 |
24.9 |
1.05 |
Upper Main |
and |
95.7 |
137.5 |
41.8 |
0.92 |
Lower Main |
and |
141.6 |
145.1 |
3.5 |
1.05 |
Lower Main |
and |
249.5 |
250.0 |
0.5 |
1.95 |
Lower Footwall |
and |
252.6 |
255.8 |
3.2 |
0.97 |
Lower Footwall |
MTC-23-062 |
27.0 |
39.8 |
12.8 |
1.16 |
Upper Main |
and |
46.5 |
53.9 |
7.4 |
0.79 |
Upper Main |
and |
72.4 |
85.2 |
12.8 |
3.09 |
Upper Main |
incl. |
74.0 |
76.9 |
2.9 |
9.76 |
|
and |
109.5 |
113.6 |
4.1 |
2.41 |
Upper Footwall |
incl. |
111.1 |
111.9 |
0.9 |
8.20 |
|
MTC-23-064 |
121.8 |
123.6 |
1.8 |
1.84 |
Undefined |
and |
371.3 |
376.6 |
5.3 |
0.66 |
Lower Footwall |
*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 50 to 90% of drilled length.
Commentary on Assay Results
Anders Carlson, Vice President, Exploration of GFG commented,
“These results demonstrate both the grade upside within the Upper
Main Zone as well as our commitment to drilling significant
step-out holes at depth along the Lower Footwall Zone where we
believe we can further expand this gold system. Along with the
results today, the high-grade zone intersected earlier in the
program in MTC-23-059 yielding 4.79 g/t Au over 12.8 m remains the
deepest hole drilled to-date at Montclerg and we’re very pleased
with the structural and grade continuity observed thus far.”
MTC-23-058 was drilled to test
the dip extension of the Lower Footwall Zone (see Figures
3-5). The hole intersects approximately 13 m of weak to
moderate sericite-ankerite-silica alteration in mafic volcanic
rocks with up to 15% disseminated arsenopyrite and pyrite.
Quartz-carbonate veins and veinlets are present throughout the zone
yielding 0.79 g/t Au over 9.2 m and 2.99
g/t Au over 0.9 m. This zone is observed between two
high-grade intercepts in MTC-23-057 and MTC-23-059 that graded
10.21 g/t Au over 2.7 m including 16.20
g/t Au over 1.5 m and 4.79 g/t Au over 12.8
m including 10.05 g/t Au over 4.3 m,
respectively. This hole, while lower grade than those around it,
confirms the increased thickness of the Lower Footwall Zone below
350 vertical metres, supporting our belief that the local change in
geology has had a positive impact on overall gold endowment at
depth.
MTC-23-060 was drilled to
infill an area of the Main Zone and to test the upper extent of the
Lower Footwall (see Figures 3-5). The hole
intersected approximately 80 m of moderate to strong
sericite-ankerite-silica alteration in the felsic volcanic-hosted
Upper and Lower Main zones yielding intercepts of 1.05 g/t
Au over 24.9 m and 0.92 g/t Au over 41.8
m, respectively, with up to 5% disseminated arsenopyrite
and pyrite. Further downhole, the Lower Footwall Zone was
intersected yielding intercepts of 1.95 g/t Au over 0.5
m and 0.97 g/t Au over 3.2 m within 7 m
of weak to moderate ankerite and silica-altered mafic volcanic
rocks. This hole fills a gap in drilling within the Main Zone and
was successful in defining the upper extent of the Lower Footwall
Zone, increasing our confidence in the overall geological
model.
MTC-23-062 targeted an area in
the Upper Main Zone which hosted high-grade gold in historical
holes drilled at oblique angles and infill the Upper Footwall
(see Figures 3-6). The hole intersects
1.16 g/t over 12.8 m and 3.09 g/t Au over
12.8 m in the Upper Main Zone including a high-grade core
of 9.76 g/t Au over 2.9 m. This represents one of
the highest-grade intercepts drilled to-date within the
bulk-tonnage style Main Zone and lies 60 m below surface. Further
downhole, an intercept yielding 2.41 g/t Au over 4.1
m including 8.20 g/t Au over 0.9 m is
interested in the Upper Footwall Zone. These higher-grade infill
holes are important as they show upside to the overall resource
grade while allowing us to define the upper margins of the Lower
Footwall Zone.
MTC-23-064 is a 150 m step-out
to the east of MTC-23-058 along the Lower Footwall Zone as noted
above (see Figures 3-5). The hole intersected
approximately 7 m of weak to moderate sericite-ankerite-silica
alteration in mafic volcanic rocks with up to 7% disseminated
arsenopyrite and pyrite. Quartz-carbonate veins and veinlets are
present throughout the zone yielding 0.66 g/t Au over 5.3
m. The hole also intersects a hanging wall zone of
mineralization 250 m up-hole from the Lower Footwall Zone that
grades 1.84 g/t Au over 1.8 m in similarly altered
mafic volcanic rocks. The presence of the Lower Footwall Zone,
albeit low-grade in this hole, is important for understanding the
geological model and testing it beyond the current limits of the
known deposit area. The intercepts observed over the course of the
2023 Phase 2 drill program including the deep, high-grade intercept
of MTC-23-059 yielding 4.79 g/t Au over 12.8 m show that this
system can be extended significantly at depth.
Outlook Brian Skanderbeg, CEO
of GFG commented, “As we look ahead to 2024, our Company is buoyed
by the success and the growth opportunities that have emerged
within the Goldarm Property. With this optimism, we are gearing up
to resume drilling activities later in Q1 at Goldarm with a
particular focus on Montclerg, Aljo and initial first pass drilling
on several targets across Goldarm.
In tandem, at the Pen and Dore Gold Projects,
our team is actively exploring avenues to progress these projects.
Our strategic approach is not only aimed at unlocking the inherent
value of these district-scale land positions but also at
capitalizing on the diverse mineral potential they hold,
encompassing gold, volcanogenic massive sulfide, and nickel-copper
prospects. We remain steadfast in our commitment to responsibly
advance our portfolio and deliver value to our
stakeholders."Figure 1: Regional Map of GFG Gold Projects
in the Timmins Gold District
Figure 2: Goldarm Property Plan View
Map
Figure 3: Montclerg Gold Project Plan
View Map
Figure 4: Montclerg Gold Project MC
Central Plan View Map
Figure 5: Montclerg Gold Project Cross
Section Map
Figure 6: MTC-23-062 High Grade Gold Zone of 9.76 g/t Au
over 2.09 m (74.0m to 76.9 m)
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 |
4.10 |
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-23-060 |
63.1 |
88.0 |
24.9 |
1.05 |
Upper Main |
and |
95.7 |
137.5 |
41.8 |
0.92 |
Lower Main |
MTC-23-062 |
72.4 |
85.2 |
12.8 |
3.09 |
Upper Main |
incl. |
74.0 |
76.9 |
2.9 |
9.76 |
|
*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 50 to 90% of
drilled length.**Calculated at a 5 g/t cut-off.
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 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.
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 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/c9280333-398e-45f9-8f36-bd8f018d4979
https://www.globenewswire.com/NewsRoom/AttachmentNg/caaa9d7d-651d-4efb-a58c-f914db590ce0
https://www.globenewswire.com/NewsRoom/AttachmentNg/21209696-54ab-4042-893e-2dd7114f55af
https://www.globenewswire.com/NewsRoom/AttachmentNg/39af6d71-6c34-4935-a692-ab0f3446f0a8
https://www.globenewswire.com/NewsRoom/AttachmentNg/617c6c4e-ea64-431e-b38c-e2ecb265fce9
https://www.globenewswire.com/NewsRoom/AttachmentNg/a0caaf59-7101-4b87-beb1-1dcb2791c2e5
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