GFG Expands High-Grade Gold Mineralization at Montclerg including 8.46 g/t Gold over 5.0 Metres
Media Release
TSX.V: GFG | OTCQB: GFGSF
GFG Expands High-Grade Gold Mineralization at Montclerg including
8.46 g/t Gold over 5.0 Metres
KEY HIGHLIGHTS:
• New d rill results from 8 holes continue to show strong continuity and extend high-grade gold
mineralization of the Upper and Lower Footwall Zones at the Montclerg Gold Project (“Montclerg”).
• Hole MTC-22-036 returned near surface high-grade gold:
o 6.67 grams of gold per tonne ( “g/t Au”) over 6.0 metres (“m”) in the Upper Footwall zon e, up
dip of holes MTC-22-035 (9.85 g/t Au over 16.0 m) and MTC-21-005 (4.82 g/t Au over 26.0 m).
• To date, Hole MTC -22-042 returned the broadest and highest-grade intercept at depth in the Lower
Footwall Zone:
o 8.46 g/t Au over 5.0 m in the Lower Footwall Zone.
• Assay results from the remaining 5 holes are pending and will be announced once received.
• Since acquiring Montclerg in October 2021, GFG has completed 11,000 m of drilling from 47 holes and
achieved approximately a 90% drilling hit rate.
• Drilling is planned to resume in Q1 with a focus on Montclerg and testing high- priority gold targets
across the Goldarm Property.
February 8, 2023, Saskatoon, Saskatchewan, Canada: GFG Resources Inc. (TSXV: GFG ) (OTCQB:
GFGSF) (“GFG” or the “Company”) reports continued high-grade gold assay results from its recently completed
17-hole 2022 Phase 2 drill program at the Montclerg Gold Project, located 40 kilometres (“km”) east of Timmins,
Ontario. (see Tables 1-2 and Figures 1-5). Today’s results are from eight drill holes from the MC Central target
and demonstrate strong continuity and continued expansion of the gold system.
During the Phase 2 drill program, the Company completed a total of 17 holes (3, 541 m) on the Goldarm Property
located east of Timmins, Ontario. The Phase 2 drill program was designed to complete infill drilling to advance
Montclerg towards resource, step-out holes to grow the Montclerg gold system and to begin testing high- priority
gold targets within the Goldarm Property such as the Aljo Gold Mine target (“Aljo”). Of the 17 holes completed,
14 holes were completed at Montclerg and three holes at Aljo. To date, GFG has received 1 2 holes from the 17 -
hole program and anticipates announcing the remaining holes during the first quarter of 2023.
“We are very excited with the results from Montclerg as they continue to outline a robust gold system. The high hit
rate, growing continuity and scale of the gold system shows the immense potential of the project. Our progress
reinforces our belief in the regional prospectivity of this extremely well-endowed and infrastructure rich region,”
stated Brian Skanderbeg, President and CEO of GFG. “We are most encouraged by our best Lower Footwall Zone
intercept to date as it demonstrates high-grade continuity that we can effectively model and target. This is such an
exciting time as the majority of holes drilled to date have been above 150 m depth and with the continuity we are
outlining, there is significant potential for us to continue to grow the Montclerg gold system and make further
discoveries across the Goldarm Property.”
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Table 1: Recent Assay Results from the 2022 Phase 2 Drill Program at the Montclerg Gold Project
Hole ID From (m) To (m) Length
(m) Au g/t Zone
MTC-22-033 105.7 107.5 1.8 2.03 Upper Main
and 154.5 159.5 5.0 0.59
and 181.5 190.0 8.5 0.31
and 312.5 315.0 2.5 0.77 Lower Footwall
MTC-22-036 79.0 85.0 6.0 6.67 Upper Footwall
incl. 80.5 84.0 3.5 10.59
MTC-22-037 78.7 87.0 8.3 2.47 Upper Footwall
incl. 79.2 81.0 1.8 9.19
MTC-22-038 97.5 100.5 3.0 2.8 Upper Footwall
MTC-22-039 80.7 83.3 2.6 3.8
and 88.0 98.3 10.3 4.02 Upper Footwall
MTC-22-040 88.8 93.0 4.2 1.03 Upper Footwall
MTC-22-041 76.2 81.0 4.8 3.29 Upper Footwall
incl. 79 80.1 1.1 8.38
MTC-22-042 96.4 132.5 36.1 1.07 Lower Main
incl. 110 115.0 5.0 3.73
and 149.5 152.0 2.5 2.67
and 307.3 312.3 5.0 8.46 Lower Footwall
incl. 309.3 312.3 2.0 16.40
*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. Included intervals are calculated using a 3 g/t cut-off. True width is estimated to be 50 to 90% of drilled length.
2023 Exploration Program
In 2023, the Company will focus on growing the Montclerg gold deposit and testing five high- priority gold and
gold-copper targets within its Goldarm Property. Starting in the first quarter, the Company plans to begin a 3-4,000
m drill program at Montclerg and Goldarm Property. For the year, the Company plans to complete approximately
8-10,000 m of drilling at multiple permitted and drill ready targets on the Goldarm Property. In addition to the
planned drill programs, GFG will continue to complete extensive surface exploration across the Goldarm Property
which covers 30 km of the Pipestone and North Pipestone deformation zones.
Commentary on Assay Results
MTC-22-033 was a step -out of MTC -21-001, testing the western continuity of the Lower Footwall Zone. At
shallow depths, the Upper Main Zone was intersected in fractured and brecciated, felsic volcanics with grades of
2.03 g/t Au over 1.8 m and 0.59 g/t over 5.0 m.
MTC-22-036 was a shallow hole designed to test the up-dip extension of hole MTC-21-005 and MTC-22-035 that
returned 4.82 g/t Au over 26.0 m and 9.85 g/t Au over 16.0 m (see news releases dated February 10, 2022 and
January 18, 2023) respectively in the Upper Footwall Zone (Figure 4). The hole successfully intersected a broad
zone of mineralization grading 6.67 g/t Au over 6.0 m including 10.59 g/t Au over 3.5 m; demonstrating up-dip
continuity. The mineralized zone is hosted in massive and brecciated, mafic volcanics with strong ankerite alteration
with quartz-carbonate veining of up to 10%. Sulphide disseminations and stringers range from 1 to 10% pyrite and
trace to 2% arsenopyrite.
MTC-22-037 was a step out hole up- dip of MTC-22-030 to test the continuity of the Upper Footwall Zone. The
zone returned 2.47 g/t Au over 8.3 m including 9.19 g/t Au over 1.8 m confirming dip and strike continuity. The
mineralized zone is hosted in moderate to pervasive ankerite-sericite altered, brecciated, mafic volcanic rocks with
clusters of quartz veining up to 10% of the rock. Sulphide disseminations and stringers range from trace to 10%
pyrite and trace to 2% arsenopyrite.
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MTC-22-038 was designed as an easterly step out to MTC -22-030 that returned 3.40 g/t Au over 15.0 m in the
Upper Footwall Zone. The hole returned 2.8 g/t Au over 3 .0 m in ankerite-altered, mafic volcanics. Quartz and
quartz-carbonate veining comprised up to 25% of the interval. Trace pyrite disseminations and stringers are present
through the interval.
MTC-22-039 was drilled to test the easterly strike extent of Upper Footwall Zone in an untested area to the east of
historical drill hole 06-Mat-01. This hole confirmed eastern continuity and returned 4.02 g/t Au over 10.3 m. The
mineralized zone is associated with patches of strong sericite, ankerite alteration and strong silica alteration as vein
halos. Quartz veining ranges from trace to 60% of host rock. Sulphide disseminations and stringers range from trace
to 15% pyrite and trace to 15% arsenopyrite.
MTC-22-041 was drilled as an infill hole to test the Upper Footwall Zone between MTC-22-036 and MTC-22-037.
This zone returned 3.29 g/t Au over 4.8 m including 8.38 g/t Au over 1.1 m; demonstrating continuity. The interval
is hosted in strongly to pervasively ankerite -altered, brecciated, mafic volcanics with quartz veins ranging from
trace to 90%. Sulphide disseminations and stringers range from trace to 8% pyrite and trace to 4% arsenopyrite.
MTC-22-042 was drilled to test the strike and depth continuity of the Lower Footwall Zone (Figure 5). The Lower
Footwall Zone is hosted in sericite -ankerite-altered, mafic stratigraphy and returned 8.46 g/t Au over 5 .0 m
including 16.40 g/t Au over 2.0 m. This is the broadest and highest-grade interval returned to date from the Lower
Footwall Zone. The hole had stacked intervals of mineralization associated with the Lower Main and Lower
Footwall Zones. The Lower Main Zone was intersected at three separate intervals including intervals of 1.07 g/t Au
over 36.1 m and 2.67 g/t over 2.5 m. The two intersections are hosted in silica-sericite altered and brecciated, felsic
volcanics with trace to 3% quartz and quartz-carbonate veining. Sulphides range from trace to 5% pyrite and trace
to 15% arsenopyrite with higher sulphide content proximal to veins within the brecciated host rock. Quartz and
quartz-carbonate veining comprises trace to 30%. Sulphide disseminations and stringers range from 2 to 20% pyrite
and trace to 15% arsenopyrite.
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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 Cross Section Map A-A’ (Hole MTC-22-036)
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Figure 5: Montclerg Gold Project Cross Section Map B-B’ (Hole MTC-22-042)
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
incl. 130.8 138.0 7.3 2.20
MTC-21-004 39.8 64.0 24.2 0.73 Upper Main
and 75.7 86.1 10.4 1.24 Lower Main
incl. 81.0 85.1 4.1 2.37
and 230.5 246.0 15.5 1.23 Lower Footwall
incl. 241.7 245.0 3.3 3.09
MTC-21-005 86.0 112.0 26.0 4.82 Upper Footwall
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incl. 94.3 96.1 1.8 15.96
and 103.8 109.3 5.5 12.32
and 118.9 120.6 1.7 11.29
MTC-21-006 98.3 105.8 7.5 8.34 Upper Footwall
incl. 98.3 101.0 2.7 15.04
MTC-21-007 65.4 95.6 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
incl. 89.6 100.5 10.9 1.84
MTC-22-015 24.0 57.5 33.5 1.32 MC West
incl. 24.0 28.7 4.7 5.15
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 34.1 11.7 1.07 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 1.60 Upper Main
incl. 35.2 42.0 6.8 2.43
incl. 76.2 81.0 4.8 4.97
and 124.5 133.2 8.7 2.46 Upper Footwall
incl. 131.4 133.2 1.8 7.75
MTC-22-029 104.4 111.5 7.1 4.98 Upper Footwall
incl. 104.4 107.6 3.2 7.02
incl. 110.4 111.5 1.1 7.79
MTC-22-030 71.0 86.0 15.0 3.40 Upper Footwall
incl. 71.0 74.0 3.0 6.21
incl. 81.9 82.9 1.0 17.50
MTC-22-031 285.2 292.6 7.4 2.78 Lower Footwall
incl. 290.3 292.6 2.3 7.83
and 300.4 302.0 1.6 4.59 Lower Footwall
and 319.5 320.5 1.0 4.80 Undefined
and 332.8 333.3 0.5 5.27 Undefined
MTC-22-034 46.4 52.5 6.1 0.94 Upper Main
and 79.5 94.6 14.5 1.37 Lower Main
incl. 85.2 86.8 1.6 3.97
and 161.7 171.0 9.3 5.26 Upper Footwall
incl 163.9 168.3 4.4 10.77
MTC-22-035 31.2 38.8 7.5 0.79 Upper Main
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and 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 14.99
MTC-22-036 79.0 85.0 6.0 6.67 Upper Footwall
incl. 80.5 84.0 3.5 10.59
MTC-22-039 80.7 83.3 2.6 3.8
and 88.0 98.3 10.3 4.02 Upper Footwall
MTC-22-041 76.2 81.0 4.8 3.29 Upper Footwall
incl. 79 80.1 1.1 8.38
MTC-22-042 96.4 132.5 36.1 1.07 Lower Main
and 149.5 152.0 2.5 2.67
and 307.3 312.3 5.0 8.46 Lower Footwall
incl. 309.3 312.3 2.0 16.40
*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. Included intervals are calculated using a 3 g/t cut-off. 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 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 k m southwest of Casper, Wyoming, U.S. In
Wyoming, the Company has partnered with Group 11 Technologies Inc. through an option and earn-in agreement
to advance the Company’s Rattlesnake Hills Gold Project with a technology that could revolutionize the gold
mining industry.
For further information, please contact:
Brian Skanderbeg, President & CEO
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: [email protected]
Website: www.gfgresources.com
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