GFG Resources drills 9.97 g/t gold over 8.1 metres at Montclerg, Ontario

GFG Resources Inc. [GFG-TSXV; GFGSF-OTCQB] reported new high-grade gold assay results from its recently completed 13-hole 2023 phase 1 drill program at the Montclerg gold project, located 40 km east of Timmins, northeastern Ontario. The results released today are from eight drill 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.

The Phase 1 drill program was designed to complete infill drilling to confirm continuity in the Montclerg Central area and drill significant step-out holes to determine if gold mineralization occurs over one km to the east. The Phase 1 drill program was higher risk by design as the company believes that the opportunity to discover new zones of gold mineralization at depth and along strike at Montclerg is high.

“Over the past year, we have successfully consolidated the Goldarm property, resulting in an extensive and highly prospective regional land holding in an incredibly well-endowed and infrastructure-rich region,” stated Brian Skanderbeg, President and CEO. “Our strategy is two-fold: first, to advance and grow the Montclerg gold system into a system of critical mass, and second, to generate, develop, and systematically test a pipeline of priority drill targets across the Goldarm property. Our drilling efforts to date have primarily focused on the shallow portions of the system, where we have demonstrated strong continuity and grade. As we expand our exploration to depth and along strike, we continue to intercept high grades and outline new zones of gold mineralization, showcasing Montclerg’s strong potential for new discoveries both at depth and to the east. The same holds true for the Aljo Mine target and our other fully permitted regional targets. Our progress thus far underscores our commitment to maximizing the value of our assets and driving long-term growth for our stakeholders.”

Drill hole MTC-23-045 was designed as a significant northeastern step-out hole testing stratigraphy more than 700 metres from the core of MC Central. The hole successfully intersected two new zones of gold mineralization. The upper zone lies along a mafic-felsic volcanic contact returning 2.00 g/t gold over 5.5 metres, including 3.83 g/t gold over 1.2 metres. The lower zone lies entirely within the footwall of the felsic volcanic unit returning 1.23 g/t gold over 6.7 metres including 3.18 g/t gold over 1.0 metre and is characterized by up to 7% extensional quartz-carbonate veining with up to 5% fine-grained disseminated arsenopyrite and pyrite.

The presence of considerable gold mineralization this far east of the MC Central bodes well for potential extension of the Montclerg system along strike.

Drill hole MTC-23-046 was drilled to test the Montclerg Footwall zones 1 km east of MC Central. The hole was designed to test the mafic stratigraphy south of the gabbro where limited drilling has been completed. The drill hole successfully intersected 1.93 g/t gold over 10.6 metres, including 6.63 g/t gold over 0.9 metres and also including 4.94 g/t gold over 1.9 metres in mafic volcanic rocks. The zone appears similar to the Lower Footwall zone at MC Central.

The observed mineralization in MTC-23-046 correlates well with a broad interval of low-grade gold intersected in MTC-22-044 approximately 75 metres down-dip and to the west. The continuity and moderately higher grades in MTC-23-046 demonstrate the potential for additional mineralized zones in this area that lies 1 km east of MC Central.

Drill hole MTC-23-048, was designed to test a gap within the Main Zone within the felsic volcanics as well as the extension of the Upper Footwall zone to the east. A broad zone was intersected in felsic volcanics which returned 0.50 g/t gold over 13.9 metres. The Upper Footwall zone was intersected where expected, yielding an intercept of 4.09 g/t gold over 4.1 metres including 6.28 g/t gold over 2.3 metres.

Drill hole MTC-23-054, was designed to test the up-dip extension of the Upper Footwall zone. Two zones were intersected yielding 1.15 g/t gold over 3.8 metres and 9.97 g/t gold over 8.1 metres.

This high-grade intercept from the Upper Footwall zone within the MC Central significantly extends mineralization towards the surface and stands out as one of the best intercepts drilled to-date along the Montclerg trend.

Anders Carlson, vice-president, exploration, commented: “As a newcomer to the Montclerg Gold Project, I have been impressed by the local high-grade nature of this gold system and recognize the impact of local and regional faulting as major controls on mineralization.”

In 2023, the focus will be on defining and growing the Montclerg gold deposit and testing five high-priority gold and gold-copper targets within its Goldarm Property. For the year, the company plans to complete 10-12,000 metres of drilling at multiple permitted and drill ready targets on the Goldarm Property. GFG will continue to complete extensive surface exploration across the Goldarm Property which covers 30 km of the Pipestone and North Pipestone deformation zones and is surrounded by significant gold mining infrastructure. The 2023 exploration budget will be approximately C$3.0 million and is fully financed.