GFG Resources drills 8.46 g/t gold over five metres at Montclerg, Ontario

GFG Resources Inc. [GFG-TSXV; GFGSF-OTCQB] reported continued high-grade gold assay results from its recently completed 17-hole 2022 Phase 2 drill program at its Montclerg Gold Project, located 40 km east of Timmins, northeastern Ontario.

Today’s results are from eight drill holes from the MC Central target and demonstrate strong continuity and continued expansion of the gold system.

During the Phase 2 drill program, the Company completed a total of 17 holes (3,541 m) on the Goldarm Property located east of Timmins. The Phase 2 drill program was designed to complete infill drilling to advance Montclerg towards resource, step-out holes to grow the Montclerg gold system and to begin testing high-priority gold targets within the Goldarm Property such as the Aljo Gold Mine target. Of the 17 holes completed, 14 holes were completed at Montclerg and three holes at Aljo. To date, GFG has received 12 holes from the 17-hole program and anticipates announcing the remaining holes during the first quarter of 2023.

“We are very excited with the results from Montclerg as they continue to outline a robust gold system. The high hit rate, growing continuity and scale of the gold system shows the immense potential of the project. Our progress reinforces our belief in the regional prospectivity of this extremely well-endowed and infrastructure rich region,” stated Brian Skanderbeg, President and CEO. “We are most encouraged by our best Lower Footwall Zone intercept to date as it demonstrates high-grade continuity that we can effectively model and target. This is such an exciting time as the majority of holes drilled to date have been above 150 m depth and with the continuity we are outlining, there is significant potential for us to continue to grow the Montclerg gold system and make further discoveries across the Goldarm Property.”

In 2023, the company will focus on growing the Montclerg gold deposit and testing five high-priority gold and gold-copper targets within its Goldarm Property. Starting in the first quarter, the company plans to begin a 3-4,000-metre drill program at Montclerg and Goldarm Property. For the year, the company plans to complete approximately 8-10,000 metres 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.

MTC-22-033 was a step-out of MTC-21-001, testing the western continuity of the Lower Footwall Zone. At shallow depths, the Upper Main Zone was intersected in fractured and brecciated, felsic volcanics with grades of 2.03 g/t gold over 1.8 metres and 0.59 g/t over 5.0 metres.

MTC-22-036 was a shallow hole designed to test the up-dip extension of hole MTC-21-005 and MTC-22-035 that returned 4.82 g/t gold over 26.0 metres and 9.85 g/t gold over 16.0 metres respectively in the Upper Footwall Zone. The hole successfully intersected a broad zone of mineralization grading 6.67 g/t gold over 6.0 metres, including 10.59 g/t gold over 3.5 metres, demonstrating up-dip continuity.

MTC-22-037 was a step-out hole up-dip of MTC-22-030 to test the continuity of the Upper Footwall Zone. The zone returned 2.47 g/t gold over 8.3 metes, including 9.19 g/t gold over 1.8 metres confirming dip and strike continuity.

MTC-22-038 was designed as an easterly step-out to MTC-22-030 that returned 3.40 g/t gold over 15.0 metres in the Upper Footwall Zone. The hole returned 2.8 g/t gold over 3.0 metres in ankerite-altered, mafic volcanics.

MTC-22-039 was drilled to test the easterly strike extent of Upper Footwall Zone in an untested area to the east of historical drill hole 06-Mat-01. This hole confirmed eastern continuity and returned 4.02 g/t gold over 10.3 metres.

MTC-22-041 was drilled as an infill hole to test the Upper Footwall Zone between MTC-22-036 and MTC-22-037. This zone returned 3.29 g/t gold over 4.8 metres, including 8.38 g/t gold over 1.1 metres, demonstrating continuity.

MTC-22-042 was drilled to test the strike and depth continuity of the Lower Footwall Zone. The Lower Footwall Zone is hosted in sericite-ankerite-altered, mafic stratigraphy and returned 8.46 g/t gold over 5.0 metres including 16.40 g/t gold over 2.0 metres. This is the broadest and highest-grade interval returned to date from the Lower Footwall Zone. The hole had stacked intervals of mineralization associated with the Lower Main and Lower Footwall Zones. The Lower Main Zone was intersected at three separate intervals including intervals of 1.07 g/t gold over 36.1 metres and 2.67 g/t over 2.5 metres.

The Goldarm Property is a large and highly prospective land package east of the Timmins Gold Camp. The consolidated Goldarm Property covers approximately 30 km of the Pipestone Deformation Zone and the North Pipestone Deformation Zone.