KEY HIGHLIGHTS:

• ALJ-24-014 intersected three new high-grade intervals 200 metres (m) northwest of the Aljo mine, returning 9.94 grams of gold per tonne (“g/t Au”) over 2.9 m, 10.4 g/t Au over 0.7 m and 6.41 g/t Au over 1.1 m, confirming strong proximal discovery potential.
• ALJ-24-013 returned nine distinct vein intervals including 2.48 g/t Au over 1.3 m and 2.55 g/t Au over 1.5 m, extending the Main Zone 100 m to the southwest and confirming the stacked nature of the vein systems.
• ALJ-24-016 drilled 200 m east of the Aljo mine, intersected quartz-carbonate veinlets with assays of 1.02 g/t Au over 1.2 m, 1.70 g/t Au over 2.0 m, and 3.19 g/t Au over 0.6 m, extending the strike length of the Aljo system to 600 m and supporting an extension to the east.
• An aggressive follow-up drill program at Aljo has been launched with a 2,500 m (11 holes) program focused on targeting the depth extensions of the Footwall, Main and Hangingwall Zones.

GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) reports the remaining assay results from its Phase 1 drill program at the Aljo Mine Target and launches an expanded Phase 2 program. Aljo is located on GFG’s Goldarm Property in the world-class Timmins Gold District of Ontario, Canada.

Brian Skanderbeg, CEO and President of GFG stated, “We are excited to report significant progress in expanding the Aljo system, which now extends 800 m along strike and encompasses multiple vein sets across four distinct zones. Our team has successfully extended the Main Zone to the southwest, identified new vein sets in the northwest, and expanded the system eastward across the Kingswood Shear to the east. Notably, Hole 14 intersected three high-grade vein systems in the Northwest Zone, with assays of 9.94 g/t Au over 2.9 m, 6.41 g/t Au over 1.1 m, and 10.4 g/t Au over 0.7 m. Hole 13 extended the Main Zone veins approximately 100 m to the southwest, revealing nine distinct intervals and demonstrating the stacked nature of the veins with significant widths. We are also encouraged by Hole 16, which confirmed the eastern continuity of the Main and Hangingwall Zones.

“Building on this momentum, we are launching an aggressive drill program, planning 11 new holes (2,500 m) to target deeper extensions of the Main, Hangingwall and Footwall systems down to 250-400 m while also following up on the high-grade veins discovered to the northwest and east. Importantly, all zones remain open at depth, as our initial drill programs have only tested depths of 100-250 m. We are confident that these on-going efforts will continue to unlock the full potential of the Aljo system.”

Commentary on Assay Results (See Figure 3)

Anders Carlson, Vice President of Exploration at GFG, stated, “The high-grade intercept west of the Aljo workings marks the discovery of a new zone for GFG, demonstrating the strong exploration potential. We are excited to continue expanding the mineralized footprint below 200 vertical metres with our on-going drilling efforts.”

ALJ-24-013 was drilled to test the down-dip and lateral extension of gold mineralization beneath the westernmost underground workings of the Aljo Mine, where historical high-grade intercepts, such as 137.00 g/t Au over 0.22 m were reported. The hole intersected nine gold zones, each assaying between 1-3 g/t Au, with a peak of 2.48 g/t Au over 1.3 m (within 0.53 g/t Au over 9.3 m) and 2.55 g/t Au over 1.5 m (within 0.71 g/t Au over 7.5 m) in veined and altered mafic volcanic rocks near feldspar porphyry dykes. Mineralization between 217-238.5 m correlates with high-grade results reported earlier this year, including 23.08 g/t Au over 7.6 m. The Aljo Footwall Zone was also intersected, returning 1.20 g/t Au over 2.2 m, supporting its structural and grade continuity.

ALJ-24-014 was drilled 200 m northwest of the Aljo mine workings, where limited prior drilling had occurred. It intersected three new high-grade veins with visible gold, yielding 9.94 g/t Au over 2.9 m, 10.4 g/t Au over 0.7 m and 6.41 g/t Au over 1.1 m. The shallower zone is hosted in sulphide-bearing quartz-carbonate veinlets within altered mafic volcanics, with a peak assay of 22.8 g/t Au over 1.0 m. Previous drilling by GFG in 2023 further to the west returned multiple intervals of bulk tonnage gold mineralization in mafic volcanics with visible gold including 1.39 g/t Au over 19.0 m and 1.86 g/t Au over 17.5 m including 4.98 g/t Au over 3.6 m. These intercepts highlight the potential of the Northwest target area.

ALJ-24-015, drilled west of ALJ-24-014, encountered 1.36 g/t Au over 2.9 m, including 3.57 g/t Au over 1.0 m, in quartz-carbonate veinlets that correlate with the high-grade zone in ALJ-24-014 along a west-northwest trend.

ALJ-24-016 was drilled 200 m east of the Aljo workings and across the Kingswood Shear and intersected quartz-carbonate veinlets with assays of 1.02 g/t Au over 1.2 m, 1.70 g/t Au over 2.0 m, and 3.19 g/t Au over 0.6 m, supporting an extension of the Aljo system to the east.

Gold mineralization is associated with structural corridors near felsic and mafic porphyry dyke margins and minerals such as chalcopyrite, telluride, sphalerite, molybdenum, and galena. Alteration is commonly seen associated with faulted or sheared intervals, or associated with fractured veins.

Previously Announced Assay Results

ALJ-24-012 was drilled to test the down-dip and lateral extension of gold mineralization below historical underground workings of the Aljo Mine and to follow-up on high-grade intercepts in ALJ-23-004 which yielded several high-grade zones with significant visible gold (see release dated February 15, 2024). ALJ-24-012 yielded 23.08 g/t Au over 7.6 m in addition to 13.94 g/t Au over 7.1 m (see release dated August 19, 2024). The new high-grade intercepts also occurred down-dip from the historical high-grade intercept of 9.86 g/t Au over 8.0 m drilled in 1988⁽¹⁾. The presence of this high-grade zone points to a much higher endowment of the Aljo Main Zone than was previously seen in shallower historical drill intercepts. In addition, the visible gold logged with significant sulphide and veining in the Aljo Footwall Zones demonstrated continuity of this zone approximately 100 m down-dip from 2023 results of 13.35 g/t Au over 3.6 m, leaving it open for further drill testing down-dip and along strike.

Outlook

As a follow up from these high-grade drill intercepts from Aljo (see news releases dated August 19, 2024 and September 5, 2024), the Company has resumed drilling with a budgeted program of 2,500 m from 11 holes. The current drill program will be focused on testing both depth and strike extensions at Aljo. Drilling is expected to be completed before year end and results are expected to be announced in the first quarter of 2025

Table 1: Phase 1 Aljo Mine Target Assay Results 2024

^*Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 1 gram-metre product. Composites include internal dilution of up to 3 m at grades less than 0.20 g/t Au. Included intervals are calculated using a 3 g/t cut-off at a minimum 1 gram-metre product unless otherwise stated. True width is estimated to be 30 to 90% drilled length.

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

Figure 2: Goldarm Property Plan View Map

Figure 3: Aljo Target Plan View Map

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. On August 15, 2024, the Company signed a definitive agreement with Patriot Gold Vault Ltd. Under the terms of the Agreement, Patriot will purchase RSH by paying GFG an aggregate consideration of approximately C$3.3 million. The transaction with Patriot is expected to close in December.