GFG Resources drills 7.1 metres over 13.94 g/t gold with visible gold at the Aljo Mine Target, Ontario

GFG Resources Inc. [TSXV-GFG; OTCQB-GFGSF] intercepted high-grade gold in its first drill hole from the company’s Phase 1 2024 drill program at Aljo, located on the Goldarm property in the prolific Timmins Gold District of northern Ontario, Canada.

In June, the company completed five holes (1,700 m) focused on testing the downdip and lateral extensions of the historic Aljo Mine and completed step-out holes related to the company’s 2023 drill program. Drilling expanded known mineralized zones and identified new zones of gold mineralization which host significant visible gold and tellurides. Follow-up drilling at Aljo is planned to start later in Q3 2024.

Highlights: Completed 1,700-metre H1 drill program in five holes at the Aljo Mine Target. Drilled the best intercept to-date at the Aljo Hanging wall (HW) Zone in hole ALJ-24-012 returning 13.94 g/t gold over 7.1 metres with significant visible gold and tellurides.

Assay results below 120 metres depth from hole ALJ-24-012 remain outstanding with multiple other logged instances of visible gold beneath historic mine workings. Results are expected soon.

Remaining Aljo holes 2-4 (80-100 m step-outs) intersected several well mineralized zones with results pending. Exploration continues to advance the new Muskego Gold Target at the Pen Gold Project toward first diamond drill hole testing. Associated new targets are emerging.

“We are thrilled to have hit significant visible gold early on in our exploration program at the Aljo target,” stated Brian Skanderbeg, President and CEO of GFG. “The strongest drill results we have seen to date not only demonstrate the potential for high-grade gold, but also highlight the growth opportunities at Aljo. The continuity of the gold system with mineralized stacked veins throughout the system is incredibly promising. We eagerly anticipate the release of further drill results, as our logging has already identified numerous intervals with significant visible gold and tellurides in the remaining drill holes.”

ALJ-24-012 was drilled to test the down-dip and lateral extension of gold mineralization below historical underground workings of the Aljo Mine and to follow-up on high-grade intercepts in ALJ-23-004 which yielded several high-grade zones with significant visible gold including 3.65 g/t Au over 6.3 m and 13.35 g/t Au over 3.6 m within the Aljo Main and Footwall zones, respectively.

The current hole also allowed for additional testing of the Aljo HW Zone that has yielded historical drill intercepts up to 3.03 g/t Au over 12.9 m including 59.80 g/t Au over 0.6 m with coarse visible gold. The new high-grade intercept of the Aljo HW zone in hole ALJ-24-012 yielded 13.94 g/t Au over 7.1 m, including 15.92 g/t Au over 6.0 m, a significant improvement from previous drill intercepts and underscores the importance of this zone given that it’s shallow depth and that it was never part of the historic underground development. Strong visible gold-bearing, veined intervals have been logged further down-hole that are interpreted to reflect the dip-continuity of the veins developed in the historic mine and/or new footwall vein systems.

Anders Carlson, Vice President, Exploration of GFG commented, “We’re encouraged by the latest round of drilling at Aljo given the significant amount of coarse visible gold and tellurides observed in drill core. In particular, the grade consistency across the 7-metre-wide intercept at the Aljo HW zone gives us the confidence to start testing it at a wider spacing to see how big the gold system is. Our understanding of the Aljo system is improving with each drill hole and the system continues to be expanded at depth and laterally.”

During the second half of 2024, the company plans to drill approximately 4,000 metres with a focus on the Aljo target.

In addition to the drill programs, surface exploration programs remain on-going across all three projects with the objective of implementing new strategies to effectively explore all three regional properties. These programs will continue through the second half of the year. The company’s surface exploration programs have yielded multiple new drill targets with specific attention to the new Muskego target.

The Muskego target was outlined by base-of-till sampling on the west side of the Pen Gold Project. The Muskego area is an expansive swamp and has no outcrop, which has impeded historic exploration efforts. Detailed geophysical and geochemical analyses and modelling continues to refine this priority drill target and several associated new gold targets have emerged and are being refined towards drill ready stage.

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.