GFG Step-Out Drilling Returns 1.32 g/t Au Over 33.5 Metres Along with Infill Results of 4.95 g/t Au Over 8.3 Metres at Montclerg, East of the Prolific Timmins Gold District
Media Release
TSX.V: GFG | OTCQB: GFGSF
GFG Step-Out Drilling Returns 1.32 g/t Au Over 33.5 Metres
Along with Infill Results of 4.95 g/t Au Over 8.3 Metres at
Montclerg, East of the Prolific Timmins Gold District
KEY HIGHLIGHTS:
• Step-out drilling on the MC West target returned strong near surface intercept of 1.32
grams of gold per tonne (“g/t Au”) over 33.5 metres (“m”) in hole MTC-22-015.
• High-grade gold was encountered at the MC West target 3.51 g/t Au over 5.9 m
including 7.93 g/t Au over 2.1 m in hole MTC-22-018.
• Infill drilling at the MC Central Upper Footwall Zone reinforced high-grade gold
mineralization from holes MTC-22-019 (4.38 g/t Au over 5.5 m) and MTC-22-020 (4.95
g/t Au over 8.3 m, including 12.83 g/t Au over 2.5 m).
• Successfully completed the Phase 1 2022 drill program with 17 holes totalling 4,200 m,
which confirmed regional scale gold mineralization.
• Since acquiring the Montclerg Gold Project in October 2021, the Company has
completed a total of 7,200 m of drilling in 30 holes.
• In 2022, the Company plans to complete approximately 10,000 m of drilling and surface
regional exploration programs on the Goldarm and Pen gold projects.
June 23, 2022, Saskatoon, Saskatchewan, Canada: GFG Resources Inc. (TSXV: GFG )
(OTCQB: GFGSF) (“GFG” or the “Company”) reports encouraging initial assay results from the
first seven holes of its 2022 Phase 1 drill program at the Montclerg Gold Project (the “Project”
and/or “Montclerg”), located 48 kilometres (“km”) east of the prolific Timmins Gold District in
Ontario, Canada ( See Table 1 and Figure s 1-2). The Company ’s 2022 Phase 1 program was
completed in April and consisted of 4,200 m and 17 drill holes testing multiple targets. For the
remainder of the year , GFG plans to drill an additional 6,000 m at Montclerg in parallel with a
significant regional exploration program at its Goldarm and Pen gold properties , which are also
located in the Timmins Gold District.
Today’s assay results are from the MC West (5) and MC Central targets (2). The results confirmed
continuity and high- grade character of the gold mineralization in the MC Central panel and
demonstrated that the bulk tonnage and high- grade gold mineralization extends to the west by at
least 350 m, into the MC West target (See Table 1 and Figure 2).
Brian Skanderbeg, President and CEO of GFG, stated, “Since acquiring the Montclerg Gold Project
in late 2021, we have demonstrated a robust gold system that clearly has the potential to grow into
a relevant deposit . It is very encouraging to return both broad zones of porphyry- hosted
mineralization and structurally controlled high-grade gold mineralization in step-out holes within
the MC West target.”
“We are excited to receive the remaining assay results in the coming weeks and are confident that
we will continue to demonstrate that the Montclerg Gold Project is a large-scale gold system with
the potential for new discoveries within our nearly 200 square kilometre land position east of
Timmins.”
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Table 1: Initial Assay Results from Phase 1 2022 Drilling at the Montclerg Gold Project*
Hole ID From (m) To (m) Length (m) Au g/t Zone
MTC-22-014 153.0 162.0 9.0 1.47 MC West
incl. 154.0 156.2 2.2 3.40
MTC-22-015 24.0 57.5 33.5 1.32 MC West
incl. 24.0 28.7 4.7 5.15
MTC-22-016 No Significant Assays
MTC-22-017 153.5 157.0 3.5 1.13 MC West
and 160.5 162.4 1.9 0.77
and 178.7 180.8 2.1 1.05
MTC-22-018 52.0 57.9 5.9 3.51 MC West
incl. 53.9 56.0 2.1 7.93
and 68.6 70.95 2.4 1.91
and 81.0 85.5 4.5 1.92
MTC-22-019 20.4 22.4 2.0 0.94 MC Central Upper Main
and 27.2 38.8 11.6 0.60
and 112.6 118.1 5.5 4.38 MC Central Upper Footwall
MTC-22-020 22.4 36.1 13.7 0.95 MC Central Upper Main
and 97.0 105.3 8.3 4.95 MC Central Upper Footwall
incl. 102.8 105.3 2.5 12.83
*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.
Technical Commentary of Assay Results
The Company completed 17 holes in its Phase 1 2022 drill program at Montclerg (See Table 1 and
Figure 2). This 4,200 m drill program was designed to complete infill and step-out holes over a
one km segment of the Montclerg gold system. Infill drilling focused on the MC Central panel
testing for extensions of the Upper and Lower Main zones and the high-grade Upper and Lower
Footwall zones . Step-out drilling tested the MC West , MC East and the CX target s. Detailed
analyses of the initial assay results are outlined below.
MTC-22-014 was drilled within the MC West target to test 50 m east of historical drill hole MON-
07-01 which intersected two broad zones that graded 1.29 g/t Au over 34.7 m and 1.64 g/t Au over
16.5 m. MTC-22-014 successfully intersected 1.47 g/t Au over 9.0 m, including 3.40 g/t Au over
2.2 m in volcanic rocks below the quartz feldspar porphyry. Mineralization is focused along the
felsic volcanic and mafic volcanic contact and hosted in an intense stockwork of quartz/carbonate
veins and intense sericite/ankerite alteration. Sulphides consist of up to 5% disseminated and vein-
halo pyrite and arsenopyrite.
MTC-22-015, drilled on the MC West target, was designed to test the up -dip extension of
mineralization seen in MTC-22-014. The hole collared into gold mineralization immediately below
approximately 20 m of overburden. A broad, near surface, zone of gold mineralization was
intersected in the quartz feldspar porphyry return ing 1.32 g/t Au over 33.5 m , including 5.15 g/t
Au over 4.7 m. This broad zone is characterized by light beige sericitic and local fuchsitic alteration
with sporadic patches of pyrite and arsenopyrite. The higher-grade sub-interval was associated with
intensely strained, altered and quartz veined porphyry.
MTC-22-017 was drilled 170 m west of hole MTC -22-015 wi thin the MC West target . Two
mineralized zones were encountered returning 1.13 g/t Au over 3.5 m and 0.77 g/t Au over 1.9 m
in weakly sericitic, quartz feldspar porphyry with 10% quartz carbonate veins and 0.5% pyrite and
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arsenopyrite. A third zone, hosted in the footwall mafic volcanic stratigraphy, returned 1.05 g/t Au
over 2.1 m and was associated with strong pervasive sericite and silic a alteration and up to 1%
disseminated pyrite and arsenopyrite.
MTC-22-018 was designed to test a 150 m gap between MC West and MC Central targets and
intersected multiple mineralized zones. The first zone returned 3.51 g/t Au over 5.9 m including
7.93 g/t Au over 2.1 m in a fault zone within the felsic volcanics. The two lower z ones returned
1.91 g/t Au over 2.35 m and 1.92 g/t over 4.5 m including 3.39 g/t Au over 2.0 m. The two lower
zones occurred in sericitized and silicified quartz feldspar porphyry with 1% disseminated pyrite
and arsenopyrite.
MTC-22-019 was drilled to test the Upper Footwall zone east of the high- grade mineralization
intersected in MTC -21-005 which returned 4.82 g/t Au over 26.0 m (See news release dated
February 10, 2022 ). This follow -up drill hole successfully intersected the Upper Footwall zone
and returned 4.38 g/t Au over 5.5 m , including 6.37 g/t Au over 3.4 m in altered mafic volcanic
rocks with intense carbonate and strong sericite hosting 5% quartz carbonate veins and up to 15%
pyrite and arsenopyrite. Two other mineralized intervals were encountered near the top of the hole
and returned 0.94 g/t Au over 2.0 m and 0.60 g/t Au over 11.6 m.
MTC-22-020 was drilled to test the Upper Footwall zone up dip of the high- grade mineralization
intersected in MTC-21-005 (See news release dated February 10, 2022). This follow-up drill hole
successfully intersected the Upper Footwall zone and returned 4.95 g/t Au over 8.3 m , including
12.83 g/t Au over 2.5 m occurring in intensely carbonate -sericite altered mafic volcanic rocks
hosting 5% quartz carbonate veins and up to 35% pyrite and arsenopyrite . Another broad
mineralized interval was encountered near the top of the hole that returned 0.95 g/t Au over 13.7
m.
Outlook
The remaining 10 drill holes from the Phase 1 2022 program are currently being processed and the
Company expects to report these results in the coming weeks. For the remain der of 2022, the
Company plans to complete an additional 6,000 m of drilling at the Montclerg project and further
regional exploration programs and drill target development across the Goldarm Property and the
Pen Gold Project. The regional programs will include airborne geophysics, sonic and conventional
till sampling programs and data compilation.
Following the successful initial metallurgical test work that exceeded recovery rate expectations at
the Rattlesnake Hills Gold Project (“RSH Project”) (See news release dated March 15, 2022), the
Company’s option partner, Group 11 Technologies Inc. ( “Group 11”), will proceed to conduct
further in-situ recovery analys es and data review . The technical review will further assess the
amenability and recovery rates for extracting gold using an eco-friendly water-based solution. Next
steps to advance the RSH Project are to include additional laboratory tests, additional drill tests and
related project permitting.
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Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District
Figure 2: Montclerg Gold Project Plan View Map
About the Montclerg Gold Project
The Montclerg Gold Project is part of the recently consolidated Goldarm Property which consists
of more than 15,000 hectares and covers over 30 km of the prospective Pipestone and North
Pipestone deformation zones which hosts multiple gold deposits and mines in one of the most
prolific gold districts in the world. The Project is strategically located east of the prolific Timmins
Gold Camp and is surrounded by significant infrastructure (See Figure 1). The Project consists of
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patented and unpatented mining claims that cover 10 km of the highly prospective Pipestone
Deformation Zone.
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 ho st 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 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.
All scientific and technical information contained in this press release has been prepared under the
supervision of Brian Skanderbeg, P.Geo. President, CEO and Director of GFG, a qualified person
within the meaning of National Instrument 43-101.
Drill intercepts a re historical and 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.
For further information, please contact:
Brian Skanderbeg, President & CEO
Phone: (306) 931-0930
or
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/
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 ris ks,
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.
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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 a nd 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 t he actual results,
level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forw ard-
looking statements, including but not limited to: actual results of current exploration activities; environm ental 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 cont ained 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 addit ion, 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 oper ating
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.