TORONTO – GFG Resources Inc. [GFG-TSXV; GFGSF-OTCQB] reported new assay results from three drill holes that have intersected multiple zones of significant gold mineralization at the Montclerg gold project, located 48 km east of the prolific Timmins gold district in Ontario.
During Q4 2021, GFG drilled 3,210 metres in 14 holes in its inaugural Phase 1 drill program. To date, the company has received drill assay results from five holes and have successfully returned both high-grade and bulk tonnage intercepts from the MC Central target.
Highlights include Hole MTC-21-005: The Upper Footwall zone returned 4.82 g/t gold over 26.0 metres, including 12.32 g/t gold over 5.5 metres as well as 11.29 g/t gold over 1.7 metres.
Hole MTC-21-004 at the Upper Main zone returned 0.73 g/t gold over 24.2 metres; and Lower Main zone with 1.24 g/t gold over 10.4 metres including 2.37 g/t gold over 4.1 metres. Lower Footwall zone: 1.23 g/t gold over 15.5 metres including 3.09 g/t gold over 3.3 metrres.
Brian Skanderbeg, President and CEO, commented: “These great results confirm our belief in the potential for both high-grade and bulk tonnage gold mineralization at Montclerg. We are very encouraged by the stacked nature of the system, impressive widths and the relationship to historic drill holes that extend over a strike length of more than 1.3 km. The intensity of the alteration, veining and sulphidation that we are seeing are consistent with a multi-stage, large-scale gold system. Hole MTC-21-005 is the best hole ever drilled on the Project and may be amongst the best greenfield intercepts from the Timmins region over the past decade. As we await the remaining assays, drilling at Montclerg will resume in the coming weeks.”
In the Phase 1 program, the company completed 11 holes focused on the MC Central target and three holes on the MC Eastern target; testing a strike length in excess of 500 metres. The 14 holes varied in length from 125 to 400 metres and tested a strike length of over 500 metres.
The program systematically tested the strike and dip-extensions of MC Central and MC East targets and the prospective MC Footwall corridor. Assay results are pending for the remaining nine holes and the Company expects to report these results throughout the first quarter.
In 2022, the company plans to complete approximately 10,000 metres of drilling on its Timmins portfolio with an emphasis on the Montclerg Gold Project. In the first half of 2022, GFG Resources will complete 3-4,000 metres of drilling and while assay turnaround remains a challenge, a steady stream of assays is expected over the coming weeks and months. In addition to the on-going drill program, the company will continue additional exploration activities and target development across the Montclerg Project.
At the Pen Gold Project, GFG will continue to refine and develop drill targets during 2022 and is planning a sonic till drilling program in Q1 2022. At this time, the company is reviewing various alternatives to advance the Dore Gold Project. At the Rattlesnake Hills Gold Project, metallurgical test work remains on-going.
In connection with the C$3.1 million financing completed in November 2021, GFG wishes to correct its previous disclosure to confirm that it paid cash finder’s fees on portions of the financing totaling C$8,833, as opposed to C$7,833 as previously disclosed.