GFG Drills 10.21 g/t Gold over 2.7 Metres from its Deepest Drill Intercept to Date at its Montclerg Gold Project Located in the Timmins Gold District
Media Release
TSX.V: GFG | OTCQB: GFGSF
GFG Drills 10.21 g/t Gold over 2.7 Metres from its Deepest Drill
Intercept to Date at its Montclerg Gold Project Located in the Timmins
Gold District
KEY HIGHLIGHTS:
• Hole MTC-23-057 returned the deepest high-grade Lower Footwall intercept to-date at the Montclerg
Gold Project (“Montclerg” or “Project”) yielding 10.21 grams of gold per tonne (“g/t Au”) over 2.7 m
including 16.20 g/t Au over 1.5 metres (“m”) from 330 m below surface.
• Hole MTC-23-056 intersected multiple zones at MC Central highlighted by 0.92 g/t Au over 33.0 m in
the Lower Main Zone and 5.78 g/t Au over 1.1 m in the Lower Footwall Zone.
• The Phase 1 drill program was highly successful with additional highlight intercepts of (see news release
dated June 27, 2023)
o Hole MTC-23-054 returned multiple gold zones with a highlight of 9.97 g/t Au over 8.1 m in the
Upper Footwall Zone, yielding one of the best gram-metre intervals drilled to-date at Montclerg
within 60 m from surface.
o MTC-23-046 intercepted multiple zones 1 km east of the MC Central with a highlight of 1.93
g/t Au over 10.6 m including 4.94 g/t Au over 1.9 m.
o MTC-23-048 intersected several shallow mineralized zones at MC Central with a peak of 4.10
g/t Au over 4.1 m.
• Drilling is planned to resume in mid-September with a primary focus at Montclerg and testing high-
priority targets across the Goldarm Property.
September 6 , 2023, Saskatoon, Saskatchewan, Canada: 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 remain s 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.”
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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
and
and
129.0
143.0
130.0
176.0
1.0
33.0
0.29
0.92
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
and
and
226.3
262.8
227.7
263.8
1.4
1.0
0.56
4.05 Lower Footwall
and
and
277.0
295.0
280.3
297.2
3.3
2.2
0.23
3.49 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.
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Drill hole MTC -23-053 was designed to test the up- dip extension of the Upper Footwall Z one. 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 ser icite-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 Z one. 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 Program
For 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, s tarting 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.
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Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District
Figure 2: Goldarm Property Plan View Map
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Figure 3: Montclerg Gold Project Plan View Map
Figure 4: Montclerg Gold Project MC Central Plan View Map
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Figure 5: Montclerg Gold Project Cross Section Map
Figure 6: MTC-23-057 High Grade Gold Zone
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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
and
incl.
300.4
300.4
302.0
301.3
1.6
0.9
4.59
6.03
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
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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 Property
The 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 re gion, 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 & CEO
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: [email protected]