KEY HIGHLIGHTS:
- Hole MTC-23-060 intercepted multiple near-surface lenses in the bulk tonnage
MC Main Zone including 24.9 metres (“m”) of 1.05 grams of gold per tonne (“g/t Au”) and 41.8 m of 0.92 g/t Au at theMontclerg Gold Project (“Montclerg” or the “Project”). - Hole MTC-23-062 returned one of the highest-grade intercepts drilled to-date within the bulk-tonnage style
Main Zone of 3.09 g/t Au over 12.8 m and 1.16 g/t Au over 12.8 m near surface. - Assay results (8 holes) from the Aljo Mine Target (“Aljo”) remain pending.
- Drilling is planned to resume in the first quarter with a primary focus at Montclerg and testing high-priority targets across the Goldarm Property.
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
"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
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 | |
and | 141.6 | 145.1 | 3.5 | 1.05 | |
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
Commentary on Assay Results
MTC-23-058 was drilled to test the dip extension of the
MTC-23-060 was drilled to infill an area of the
MTC-23-062 targeted an area in the
MTC-23-064 is a 150 m step-out to the east of MTC-23-058 along the
Outlook
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
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:
Table 2: GFG Drill Hole Assay Highlights from the
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-23-060 | 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 |
*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
**Calculated at a 5 g/t cut-off.
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c9280333-398e-45f9-8f36-bd8f018d4979
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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
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![](https://ml.globenewswire.com/media/ZTI3MjBlMzktNTcxYy00NzdjLThmZDctNTMwNDAzZmFiODA2LTExMDUzMzE=/tiny/GFG-Resources-Inc-.png)
Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District
![](https://ml.globenewswire.com/media/c9280333-398e-45f9-8f36-bd8f018d4979/medium/figure-1-regional-map-of-gfg-gold-projects-in-the-timmins-go.png)
GFG Gold Projects in the Timmins Gold District
Figure 2: Goldarm Property Plan View Map
![](https://ml.globenewswire.com/media/caaa9d7d-651d-4efb-a58c-f914db590ce0/medium/figure-2-goldarm-property-plan-view-map.jpg)
Goldarm Property Plan View Map
Figure 3: Montclerg Gold Project Plan View Map
![](https://ml.globenewswire.com/media/21209696-54ab-4042-893e-2dd7114f55af/medium/figure-3-montclerg-gold-project-plan-view-map.jpg)
Montclerg Gold Project Plan View Map
Figure 4: Montclerg Gold Project MC Central Plan View Map
![](https://ml.globenewswire.com/media/39af6d71-6c34-4935-a692-ab0f3446f0a8/medium/figure-4-montclerg-gold-project-mc-central-plan-view-map.jpg)
Montclerg Gold Project System in Plan View
Figure 5: Montclerg Gold Project Cross Section Map
![](https://ml.globenewswire.com/media/617c6c4e-ea64-431e-b38c-e2ecb265fce9/medium/figure-5-montclerg-gold-project-cross-section-map.jpg)
Montclerg Gold System 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)
![](https://ml.globenewswire.com/media/a0caaf59-7101-4b87-beb1-1dcb2791c2e5/medium/figure-6-mtc-23-062-high-grade-gold-zone-of-9-76-g-t-au-over.png)
MTC-23-062: 9.76 g/t Au over 2.09 m (74.0m to 76.9 m)
2024 GlobeNewswire, Inc., source