GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF)
(“
GFG” or the “
Company”) reports
the final gold assay results from its 13-hole 2023 Phase 1 drill
program at the Montclerg Gold Project, located 40 kilometres (“km”)
east of Timmins, Ontario
(see Tables 1-2
and Figures 1-6). The results released
today are from five 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 MC Central
area and drill significant step-out holes up to one km to the east.
Overall, the drill program was successful in proving continuity
along strike and at depth in the MC Central and proving the
potential for additional discoveries over a km east of MC
Central.
“Our Phase 1 drill program at Montclerg was a
resounding success, revealing the potential to intersect high-grade
gold and to grow the system in all directions. With our strategic
focus on expanding the Upper and Lower Footwall Zones, coupled with
the Upper and Lower Main Zones, we have effectively broadened the
gold system both along strike and up-dip,” stated Brian Skanderbeg,
President and CEO of GFG. “The Phase 1 drill program was pivotal in
bolstering our understanding that the Montclerg geology remains
consistent, while still holding untapped opportunities. As we move
forward, anticipate our sustained commitment to Montclerg Central,
recognizing its depth and surface potential. Moreover, we remain
committed to step-out drilling at depth and to the east of
Montclerg and testing regional targets on our Goldarm Project for
the next discovery. Drilling is set to resume in the coming weeks,
and we are confident that we can continue to demonstrate further
success.”
Table 1: Final Assay Results from the
2023 Phase 1 Drill Program at the Montclerg Gold
Project
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Zone |
|
MTC-23-052 |
379.4 |
380.0 |
0.6 |
1.09 |
Undefined |
|
MTC-23-053 |
63.5 |
64.3 |
0.8 |
1.27 |
Upper Footwall |
|
MTC-23-055 |
72.0 |
74.8 |
2.8 |
1.70 |
Upper Footwall |
|
MTC-23-056 |
83.5 |
84.5 |
1.0 |
1.09 |
Upper Main |
|
andand |
129.0143.0 |
130.0176.0 |
1.033.0 |
0.290.92 |
Main Zone |
|
and |
189.4 |
191.4 |
2.0 |
1.56 |
|
|
and |
195.4 |
197.0 |
1.6 |
0.69 |
|
|
and |
202.9 |
205.8 |
2.9 |
0.60 |
|
|
and |
216.2 |
217.3 |
1.1 |
1.22 |
|
|
andand |
226.3262.8 |
227.7263.8 |
1.41.0 |
0.564.05 |
Lower Footwall |
|
andand |
277.0295.0 |
280.3297.2 |
3.32.2 |
0.233.49 |
Lower Footwall |
|
incl. |
295.5 |
296.6 |
1.1 |
5.78 |
|
|
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 |
|
MTC-23-045 |
177.4 |
182.9 |
5.5 |
2.00 |
New Zone |
|
and |
220.6 |
227.3 |
6.7 |
1.23 |
New Zone |
Previously Released Phase 1 Results |
MTC-23-046 |
117.0 |
121.5 |
4.5 |
0.54 |
New Zone |
and |
265.0 |
275.6 |
10.6 |
1.93 |
New Zone |
incl. |
265.7 |
266.6 |
0.9 |
6.63 |
|
also incl. |
272.0 |
273.9 |
1.9 |
4.94 |
|
MTC-23-048 |
34.8 |
37.5 |
2.7 |
1.91 |
Upper Main |
and |
47.3 |
61.2 |
13.9 |
0.50 |
Lower Main |
and |
66.2 |
70.5 |
4.3 |
0.42 |
|
and |
88.0 |
92.1 |
4.1 |
4.10 |
Upper Footwall |
incl. |
88.5 |
92.1 |
3.6 |
4.61 |
|
MTC-23-054 |
56.8 |
60.6 |
3.8 |
1.15 |
Upper Footwall |
and |
73.1 |
81.2 |
8.1 |
9.97 |
Upper Footwall |
incl. |
73.6 |
79.8 |
6.2 |
12.89 |
|
* 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. True width is estimated to be 50 to 90% of
drilled length. ** Holes MTC-23-047, 049, 050, 051 had no
significant gold assays.
Commentary on Assay Results
Drill hole MTC-23-052 was drilled to test the
mafic volcanic corridor 1.3 km east of MC Central. The hole was
centered on an 800 m wide gap in drilling and intersected
1.09 g/t Au over 0.6 m with weak to moderate
quartz-carbonate veinlets rimmed by pyrite. The presence of
significant alteration and sulphide coupled with gold
mineralization shows that this new area hosts potential for
additional mineralized zones within the eastern basalt panel that
will be tested in future drill campaigns.
Drill hole MTC-23-053 was
designed to test the up-dip extension of the Upper Footwall Zone.
One zone was intersected yielding 1.27 g/t Au over 0.8
m. The mineralization is characterized by strongly altered
massive mafic volcanics with a 0.1 m wide smokey quartz vein with a
strong mineralized halo of arsenopyrite and pyrite.
Drill hole MTC-23-055 tested
the up-dip extension of the Upper Footwall Zone and intersected
1.70 g/t Au over 2.8 m. The mineralization is
characterized by strongly altered massive mafic volcanics with up
to 15% quartz-carbonate veins and up to 10% arsenopyrite and
pyrite.
Drill hole MTC-23-056 was
designed to test the Main Zone and the up-dip extension of the
Lower Footwall Zone. Three mineralized intervals were intersected
within this hole. A broad zone was intersected in the MC Main Zone
grading 0.92 g/t Au over 33.0 m. The Main Zone is
characterized by sericite-altered felsic volcanics with up to 30%
quartz-carbonate veins and up to 3% arsenopyrite and pyrite. The
Lower Footwall Zone yielded 4.05 g/t Au over 1.0 m
and is characterized by strongly altered mafic volcanics with up to
8% arsenopyrite and pyrite and 20% quartz-carbonate veins.
Additional mineralization was intersected down-hole in the Lower
Footwall Zone yielding 5.78 g/t Au over 1.1 m and
is characterized by strongly altered mafic volcanic, 2%
quartz-carbonate veins and up to 5% pyrite and
arsenopyrite.
Drill hole MTC-23-057 tested
the down-dip extension of the Lower Footwall Zone. Three
mineralized intervals were intersected in this hole. A narrow zone
was intersected in the Main Zone yielding 2.25 g/t Au over
2.3 m. The Main Zone is characterized by sericite-altered
felsic volcanics with up to 3% quartz-carbonate veins and up to 5%
arsenopyrite, pyrite and pyrrhotite. The Lower Footwall Zone
yielded a high-grade intercept of 10.21 g/t Au over 2.7 m
including 16.20 g/t Au over 1.5 m and is characterized by
strongly altered mafic volcanic, minor veining and up to 20%
arsenopyrite and pyrite (see Figure 6).
This hole is of particular significance as it is
the deepest high-grade intercept of the Lower Footwall at Montclerg
to-date. The intercept lies at a vertical depth of 330 m and
clearly demonstrates continuity of the gold system at economic
grades and widths.
Anders Carlson, Vice President, Exploration
commented, “The presence of high-grade drill intersections at
economic widths below 300 vertical metres at Montclerg is very
encouraging for extending this gold system at depth. The upcoming
Phase 2 drill program will take aim at larger step-outs along the
Lower Footwall Zone to better test the overall gold endowment at
Montclerg.”
2023 Exploration ProgramFor the
remainder of the year, the Company’s 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. In
addition, starting in a couple of weeks, the Company plans to
resume exploration at the Goldarm Project with approximately 5,000
m of drilling. The Phase 2 program is expected to be completed
before year-end. In addition to the Phase 1 and 2 drill programs,
GFG is advancing an extensive surface exploration across the
Goldarm Property which covers 30 km of the Pipestone and North
Pipestone deformation zones. The 2023 exploration budget is
approximately C$3.0 million and is fully funded.
Figure 1: Regional Map of GFG Gold
Projects in the Timmins Gold District
https://www.globenewswire.com/NewsRoom/AttachmentNg/488a5f4a-e38a-4f3b-8d56-e992f52a998d
Figure 2: Goldarm Property Plan View
Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/256fade0-03a5-48ca-b5cb-41609fdae0a7
Figure 3: Montclerg Gold Project Plan
View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d7c347e-106c-4632-866e-e5efc9c3bc95
Figure 4: Montclerg Gold Project MC
Central Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/3530b8ce-d7a0-4766-9518-fdbd7ca82172
Figure 5: Montclerg Gold Project Cross
Section Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/89de6bfc-58a8-4627-b5f2-9be5d65b384e
Figure 6: MTC-23-057 High Grade Gold
Zone
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a956b2d-1edb-400b-8a50-6943d0a970ad
Table 2: GFG Drill Hole Assay Highlights
from the Montclerg Gold Project
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 |
Lower Main |
MTC-21-004 |
39.8 |
64.0 |
24.2 |
0.73 |
Upper Main |
and |
75.7 |
86.1 |
10.4 |
1.24 |
Lower Main |
and |
230.5 |
246.0 |
15.5 |
1.23 |
Lower Footwall |
incl. |
242.7 |
244.0 |
1.3 |
4.91 |
|
MTC-21-005 |
86.0 |
112.0 |
26.0 |
5.08 |
Upper Footwall |
incl. |
94.3 |
96.1 |
1.8 |
15.96 |
|
also incl. |
103.8 |
110.9 |
7.1 |
10.44 |
|
and |
118.9 |
120.6 |
1.7 |
11.29 |
|
MTC-21-006 |
98.3 |
105.8 |
7.5 |
8.35 |
Upper Footwall |
incl. |
98.3 |
101.0 |
2.7 |
15.04 |
|
MTC-21-007 |
65.4 |
96.5 |
31.1 |
1.40 |
Upper Main |
and |
108.0 |
131.0 |
23.0 |
1.11 |
Lower Main |
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 |
MTC-22-015 |
24.0 |
57.5 |
33.5 |
1.32 |
MC West |
incl. |
26.7 |
28.7 |
2.0 |
10.36 |
|
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 |
36.1 |
13.7 |
0.95 |
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 |
1.61 |
Upper Main |
incl. |
74.0 |
80.0 |
6.0 |
4.56 |
|
and |
124.5 |
133.2 |
8.7 |
2.46 |
Upper Footwall |
incl. |
130.1 |
133.2 |
3.1 |
5.62 |
|
MTC-22-029 |
104.4 |
111.5 |
7.1 |
4.98 |
Upper Footwall |
MTC-22-030 |
71.0 |
86.0 |
15.0 |
3.40 |
Upper Footwall |
incl. |
71.0 |
74.0 |
3.0 |
6.21 |
|
also incl. |
80.9 |
86.0 |
5.1 |
4.84 |
|
MTC-22-031 |
285.2 |
292.6 |
7.4 |
2.78 |
Lower Footwall |
incl. |
290.3 |
292.6 |
2.3 |
7.83 |
|
andincl. |
300.4300.4 |
302.0301.3 |
1.60.9 |
4.596.03 |
Lower Footwall |
MTC-22-034 |
79.5 |
94.6 |
15.1 |
1.56 |
Lower Main |
incl. |
83.0 |
86.8 |
3.8 |
3.34 |
|
and |
161.7 |
171.0 |
9.3 |
5.25 |
Upper Footwall |
incl. |
163.9 |
168.3 |
4.4 |
10.75 |
|
MTC-22-035 |
72.0 |
85.2 |
13.2 |
2.31 |
Lower Main |
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 |
14.98 |
|
MTC-22-036 |
79.0 |
85.0 |
6.0 |
6.70 |
Upper Footwall |
incl. |
80.5 |
84.0 |
3.5 |
10.59 |
|
MTC-22-039 |
79.8 |
83.3 |
3.5 |
2.87 |
Upper Footwall |
incl. |
80.7 |
83.3 |
2.6 |
3.80 |
|
and |
88.0 |
98.3 |
10.3 |
4.02 |
|
MTC-22-041 |
76.2 |
81.0 |
4.8 |
3.29 |
Upper Footwall |
incl. |
77.5 |
80.1 |
2.6 |
5.31 |
|
MTC-22-042 |
96.4 |
119.0 |
22.6 |
1.48 |
Lower Main |
and |
307.3 |
312.3 |
5.0 |
8.46 |
Lower Footwall |
ALJ-22-002 |
62.1 |
75.0 |
12.9 |
3.03 |
|
incl. |
67.5 |
68.1 |
0.6 |
59.80 |
|
and |
79.0 |
97.0 |
18.0 |
1.12 |
|
incl. |
85.3 |
89.2 |
3.9 |
3.76 |
|
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. |
88.5 |
92.1 |
3.6 |
4.61 |
|
MTC-23-054 |
73.1 |
81.2 |
8.1 |
9.97 |
Upper Footwall |
incl. |
73.6 |
79.8 |
6.2 |
12.89 |
|
MTC-23-057 |
254.5 |
256.8 |
2.3 |
2.25 |
Lower Footwall |
and |
346.0 |
348.7 |
2.7 |
10.21 |
|
incl. |
346.0 |
347.5 |
1.5 |
16.20 |
|
and |
375.5 |
376.7 |
1.2 |
2.42 |
|
*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. True width is estimated to be 50 to
90% of drilled length.
About the Goldarm PropertyThe
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
kilometres (“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 and is located 48
km east of the prolific Timmins Gold Camp and is adjacent to
multiple current and historic gold mines (see Figure
1).
About GFG Resources Inc. GFG is
a North American precious metals exploration company focused on
district scale gold projects in tier one mining jurisdictions,
Ontario and Wyoming. In Ontario, the Company operates three gold
projects, each large and highly prospective gold properties within
the prolific gold district of Timmins, Ontario, Canada. 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,
U.S.
For further information, please contact: Brian
Skanderbeg, President & CEOor Marc Lepage, Vice President,
Business Development Phone: (306) 931-0930 Email:
info@gfgresources.comWebsite: www.gfgresources.com
Stay Connected with UsTwitter:
@GFGResources LinkedIn:
https://www.linkedin.com/company/gfgresources/ Facebook:
https://www.facebook.com/GFGResourcesInc/
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 Brian
Skanderbeg, P.Geo. President and CEO of GFG, a qualified person
within the meaning of National Instrument 43-101.
Drill core samples are being analyzed for gold
by Activation Laboratories Ltd. in Timmins, Ontario. Gold analysis
consists of the preparation of a 500-gram pulp and an assay of a
50-gram aliquot by Pb collection fire assay with an Atomic
Absorption Spectrometry finish (Package 1A2-50. Samples assaying
above 5 ppm Au are routinely re-run using a gravimetric finish
(Package 1A3-50). Mineralized zones containing visible gold are
analyzed by a screen metallic fire assay method. Selected samples
are also undergoing multi-element analysis for 59 other elements
using a four-acid digestion and an ICP-MS finish (Package MA250) by
Bureau Veritas Commodities Canada Ltd. in Vancouver, British
Columbia. Quality control and assurance measures include the
monitoring of results for inserted certified reference materials,
coarse blanks and preparation duplicates of drill core.
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 50
to 90% of drilled length. Sampling protocols, quality control
and assurance measures and geochemical results related to historic
drill core samples quoted in this news release have not been
verified by the Qualified Person and therefore must be regarded as
estimates.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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 Canada and the United States will continue to
support the development of mining projects in Canada and the United
States. In addition, the similarity or proximity of other gold
deposits to the Company’s projects is not necessary indicative of
the geological setting, alteration and mineralization of the
Rattlesnake Hills Gold Project, the Goldarm Property, the Pen Gold
Project and the Dore Gold Project.
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 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.
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