GFG.V · 2024-01-17 12:00:00

GFG Hits Multiple, Shallow Lenses at Montclerg Gold System including 12.8 Metres of 3.09 g/t Gold

Drill Results

Media Release

TSX.V: GFG | OTCQB: GFGSF

GFG Hits Multiple, Shallow Lenses at Montclerg Gold System including

12.8 Metres of 3.09 g/t Gold

KEY HIGHLIGHTS:

• Hole MTC -23-060 intercepted multiple near-surface lenses in the bulk tonnage MC Main Zone

including 24.9 metres (“m”) of 1.05 grams of gold per tonne (“g/t Au”) and 41.8 m of 0.92 g/t Au at the

Montclerg Gold Project (“Montclerg” or the “Project”).

• Hole MTC-23-062 returned one of the highest-grade intercepts drilled to-date within the bulk-tonnage

style Main Zone of 3.09 g/t Au over 12.8 m and 1.16 g/t Au over 12.8 m near surface.

• Assay results (8 holes) from the Aljo Mine Target (“Aljo”) remain pending.

• Drilling is planned to resume in the first quarter with a primary focus at Montclerg and testing high-

priority targets across the Goldarm Property.

January 17, 20 24, Saskatoon, Saskatchewan, Canada: GFG Resources Inc. (TSXV: GFG ) (OTCQB:

GFGSF) (“GFG” or the “Company”) reports further gold assay results from the recently completed 2023 Phase 2

drill program at its 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 two infill holes and two step-out 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.

In the Phase 2 drill program the Company completed a total of 3,613 m from 15 holes (7 at Montclerg and 8 at

Aljo). The program focused on step- out and in-fill drilling at Montclerg and test ed a spectrum of targets at Aljo

located within the Goldarm Property east of Timmins, Ontario. The Company eagerly anticipates releasing the

remaining 8 holes from Aljo in the coming weeks as several zones of gold mineralization were observed in core

logging.

"To date, our Phase 2 drill program at Montclerg has been a resounding success, proving a robust gold system with

multiple high-grade and bulk tonnage gold zones across the Main zones, as well as the Footwall zones,” stated Brian

Skanderbeg, President and CEO of GFG. “The consistency of the results from both step-out and infill drilling

demonstrate not only the strong continuity of the system but also the significant expansion potential at depth and

along strike. In addition to strong results , the infill drilling has been critical in confirming the geometry and

coherence of these mineral systems at shallow depths.

Moreover, we await the assay results from Aljo with great anticipation, as the core logging has indicated several

promising zones of gold mineralization. Our team is highly motivated by these findings, and we are looking forward

to continuing to unlock the value of our strategically located assets for our shareholders."

Table 1: Most Recent Montclerg Gold Project Assay Results from the 2023 Phase 2 Drill Program

Hole ID From (m) To (m) Length (m) Au (g/t) Zone

MTC-23-058 100.9 102.9 2.0 1.60 Undefined

and 385.0 394.2 9.2 0.79 Lower Footwall

and 397.4 398.3 0.9 2.99 Lower Footwall

and 405.6 409.9 4.3 0.65 Lower Footwall

MTC-23-060 63.1 88.0 24.9 1.05 Upper Main

and 95.7 137.5 41.8 0.92 Lower Main

and 141.6 145.1 3.5 1.05 Lower Main

and 249.5 250.0 0.5 1.95 Lower Footwall

and 252.6 255.8 3.2 0.97 Lower Footwall

MTC-23-062 27.0 39.8 12.8 1.16 Upper Main

and 46.5 53.9 7.4 0.79 Upper Main

and 72.4 85.2 12.8 3.09 Upper Main

incl. 74.0 76.9 2.9 9.76

and 109.5 113.6 4.1 2.41 Upper Footwall

incl. 111.1 111.9 0.9 8.20

MTC-23-064 121.8 123.6 1.8 1.84 Undefined

and 371.3 376.6 5.3 0.66 Lower Footwall

*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 unless otherwise stated. True width is estimated to be 50 to 90% of drilled length.

Commentary on Assay Results

Anders Carlson, Vice President, Exploration of GFG commented, “These results demonstrate both the grade upside

within the Upper Main Zone as well as our commitment to drilling significant step -out holes at depth along the

Lower Footwall Zone where we believe we can further expand this gold system. Along with the results today, the

high-grade zone intersected earlier in the program in MTC-23-059 yielding 4.79 g/t Au over 12.8 m remains the

deepest hole drilled to-date at Montclerg and we’re very pleased with the structural and grade continuity observed

thus far.”

MTC-23-058 was drilled to test the dip extension of the Lower Footwall Zone (see Figures 3-5). The hole intersects

approximately 13 m of weak to moderate sericite-ankerite-silica alteration in mafic volcanic rocks with up to 15%

disseminated arsenopyrite and pyrite. Quartz-carbonate veins and veinlets are present throughout the zone yielding

0.79 g/t Au over 9.2 m and 2.99 g/t Au over 0.9 m . This zone is observed between two high-grade intercepts in

MTC-23-057 and MTC-23-059 that graded 10.21 g/t Au over 2.7 m including 16.20 g/t Au over 1.5 m and 4.79

g/t Au over 12.8 m including 10.05 g/t Au over 4.3 m , respectively. This hole, while lower grade than

those around it, confirms the increased thickness of the Lower Footwall Zone below 350 vertical metres,

supporting our belief that the local change in geology has had a positive impact on overall gold endowment

at depth.

MTC-23-060 was drilled to infill an area of the Main Zone and to test the upper extent of the Lower Footwall (see

Figures 3-5). The hole intersected approximately 80 m of moderate to strong sericite -ankerite-silica alteration in

the felsic volcanic-hosted Upper and Lower Main zones yielding intercepts of 1.05 g/t Au over 24.9 m and 0.92

g/t Au over 41.8 m, respectively, with up to 5% disseminated arsenopyrite and pyrite. Further downhole, the Lower

Footwall Zone was intersected yielding intercepts of 1.95 g/t Au over 0.5 m and 0.97 g/t Au over 3.2 m within 7

m of weak to moderate ankerite and silica-altered mafic volcanic rocks. This hole fills a gap in drilling within the

Main Zone and was successful in defining the upper extent of the Lower Footwall Zone, increasing our confidence

in the overall geological model.

MTC-23-062 targeted an area in the Upper Main Zone which hosted high-grade gold in historical holes drilled at

oblique angles and infill the Upper Footwall ( see Figures 3-6). The hole intersects 1.16 g/t over 12.8 m and 3.09

g/t Au over 12.8 m in the Upper Main Zone including a high-grade core of 9.76 g/t Au over 2.9 m. This represents

one of the highest -grade intercepts drilled to -date within the bulk- tonnage style Main Zone and lies 60 m below

surface. Further downhole, an intercept yielding 2.41 g/t Au over 4.1 m including 8.20 g/t Au over 0.9 m is

interested in the Upper Footwall Zone . These higher-grade infill holes are important as they show upside to the

overall resource grade while allowing us to define the upper margins of the Lower Footwall Zone.

MTC-23-064 is a 150 m step-out to the east of MTC-23-058 along the Lower Footwall Zone as noted above (see

Figures 3-5). The hole intersected approximately 7 m of weak to moderate sericite -ankerite-silica alteration in

mafic volcanic rocks with up to 7% disseminated arsenopyrite and pyrite. Quartz-carbonate veins and veinlets are

present throughout the zone yielding 0.66 g/t Au over 5.3 m . The hole also intersect s a hanging wall zone of

mineralization 250 m up-hole from the Lower Footwall Zone that grades 1.84 g/t Au over 1.8 m in similarly altered

mafic volcanic rocks. The presence of the Lower Footwall Z one, albeit low -grade in this hole , is important for

understanding the geological model and testing it beyond the current limits of the known deposit area. The intercepts

observed over the course of the 2023 Phase 2 drill program including the deep, high-grade intercept of MTC-23-

059 yielding 4.79 g/t Au over 12.8 m show that this system can be extended significantly at depth.

Outlook

Brian Skanderbeg, CEO of GFG commented, “As we look ahead to 2024, our C ompany is buoyed by the success

and the growth opportunities that have emerged within the Goldarm Property. With this optimism, we are gearing

up to resume drilling activities later in Q1 at Goldarm with a particular focus on Montclerg, Aljo and initia l first

pass drilling on several targets across Goldarm.

In tandem, at the Pen and Dore Gold Projects, our team is actively exploring avenues to progress these projects.

Our strategic approach is not only aimed at unlocking the inherent value of these district -scale land positions but

also at capitalizing on the diverse mineral potential they hold, encompassing gold, volcanogenic massive sulfide,

and nickel-copper prospects. We remain steadfast in our commitment to responsibly advance our portfolio and

deliver value to our stakeholders."

Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District

Figure 2: Goldarm Property Plan View Map

Figure 3: Montclerg Gold Project Plan View Map

Figure 4: Montclerg Gold Project MC Central Plan View Map

Figure 5: Montclerg Gold Project Cross Section Map

Figure 6: MTC-23-062 High Grade Gold Zone of 9.76 g/t Au over 2.09 m (74.0m to 76.9 m)

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

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

also 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

MTC-22-034 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 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 9.63 Upper Footwall

incl. 80.5 84.0 3.5 15.40

MTC-22-039 79.8 83.3 3.3 4.32 Upper Footwall

incl. 80.7 83.3 2.6 5.74

and 88.0 98.3 10.3 3.95

MTC-22-041 76.2 81.0 4.8 4.89 Upper Footwall

incl. 81.0 80.1 1.1 14.40

MTC-22-042 96.4 119.0 22.6 1.48 Lower Main

and 307.3 312.3 5.0 8.46 Lower Footwall

incl. 309.3 312.3 2.0 16.40

ALJ-22-002 62.1 75.0 12.9 3.03

incl. 67.5 68.1 0.6 59.80

and 79.0 93.9 14.9 1.32

incl. 85.3 86.2 0.9 10.90

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. 89.8 92.1 2.3 6.30

MTC-23-054 73.1 81.2 8.1 9.97 Upper Footwall

incl. 75.9 78.9 3.0 16.95

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

incl. 375.5 376.2 0.7 3.84

MTC-23-060 63.1 88.0 24.9 1.05 Upper Main

and 95.7 137.5 41.8 0.92 Lower Main

MTC-23-062 72.4 85.2 12.8 3.09 Upper Main

incl. 74.0 76.9 2.9 9.76

*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 unless otherwise stated. True width is estimated to be 50 to 90% of drilled length.

**Calculated at a 5 g/t cut-off.

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 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 & CEO

Marc Lepage, Vice President, Business Development

Phone: (306) 931-0930

Email: [email protected]

Website: www.gfgresources.com

Stay Connected with Us

Twitter: @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.

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