GFG Resources drills 4.79 g/t gold over 12.8 metres at Montclerg, Ontario
GFG Resources Inc. [TSXV-GFG; OTCQB-GFGSF] reported initial gold assay results from its recently completed 2023 phase 2 drill program from its Montclerg gold project, located 40 km east of Timmins, northeast Ontario. Results released today are from three drill holes completed along the Montclerg gold system where GFG has continuously proven and grown a robust gold system since the Company.
Highlights: Hole MTC-23-059, a 150-metre step-out hole down-dip, returned 4.79 g/t gold over 12.8 metres, including 10.05 g/t gold over 4.3 metres. Hole MTC-23-063 returned 3.38 g/t gold over 5.8 metres near surface.
Assay results from 12 holes remain pending.
Drilling is planned to resume in February with a primary focus at Montclerg and testing high-priority targets across the Goldarm Property.
GFG completed a first pass till sampling program consisting of 224 samples across the Dore Gold Project, located south of the Pen Gold Project and adjacent to IAMGOLD, Evolution and Newmont.
In the Phase 2 drill program the company completed a total of 3,613 m from 15 holes (7 at Montclerg and 8 at the Aljo Mine Target). The Phase 2 drill program focused on step-out and in-fill drilling at Montclerg and to test a spectrum of targets at Aljo located within the Goldarm property east of Timmins. In addition to the results today, the company is optimistic that the remaining 12 holes will return strong results as significant mineralized zones were observed.
“Our Phase 2 drill program, which focused on expanding the potential of Montclerg through strategic step-outs and in-fill drilling, while also testing several targets proximal to the Aljo mine environment was highly successful,” stated Brian Skanderbeg, President and CEO of GFG.
“At Montclerg, the assays confirm a robust gold system plunging beyond 400 metres and remains open for expansion. In particular, hole MTC-23-059, a 150-metre step-out, exceeded our expectations hitting the zone as predicted and with increased thickness and more intense alteration, which speaks volumes about the continuity and potential growth at Montclerg. Looking ahead, we are excited to advance our exploration efforts at Goldarm and to continue developing regional targets across our properties in 2024. It’s an exciting time for GFG as we delve deeper into the potential of our assets and strengthen our position in the Timmins Gold District.”
Anders Carlson, Vice President, Exploration commented, “Hole MTC-23-059 demonstrates a meaningful change in the thickness of the Lower Footwall Zone from 2-5 m to over 10 m within an even broader alteration and veining envelope. This change is an exciting development and confirms this as a viable target for defining future underground resources.”
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. 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 48 km east of the prolific Timmins Gold Camp and is adjacent to multiple current and historic gold.
In Ontario, the company operates three gold projects, each large and highly prospective gold properties within the prolific gold district of Timmins. 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.