KEY HIGHLIGHTS:

• Following the previously released intercept of 13.94 grams of gold per tonne over 7.1 metres GFG confirms second high-grade zone and deepest ever intercept in the Main Zone from the first hole of the H1 drill program at Aljo Mine Target.
• Drilled the best intercept to-date at Aljo in hole ALJ-24-012 returning 23.08 g/t Au over 7.6 m with significant visible gold and tellurides.
• Demonstrates continuity and much higher-grade of the Aljo Main Zone approximately 85 m down-dip from 2023 drill intercept of 3.65 g/t Au over 6.3 m and 160 m down-dip from historical drill intercept of 9.86 g/t Au over 8.0 m⁽¹⁾.
• Assay results for remaining 4 holes are outstanding with additional logged instances of visible gold beyond the footprint of historic mine workings.

GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) reports the best drilled intercept in the history of the Company from its Aljo project. This is the second high-grade gold zone reported in the first drill hole from the Company’s Phase 1 2024 drill program at Aljo, located on the Goldarm Property in the world-class Timmins Gold District of Ontario, Canada.

“This latest drill hole represents a significant milestone for GFG. Hole ALJ-24-012 is the best yet in the history of GFG and showcases the system’s potential with exceptional high-grades, stacked veins and strong continuity. The system remains open at depth, with the deepest intercepts of the Main Zone reaching approximately 200 m thus far,” stated Brian Skanderbeg, President and CEO of GFG. “And we have pending results from four step-out holes that tested new areas within the Aljo system with little to no historical drilling. Looking ahead, we are gearing up for further drilling in October, with a budget of 4,000 m allocated to expand the system through strategic down-dip and along-strike step-out holes.”

In June, the Company completed 5 holes (1,700 m) focused on testing the downdip and lateral extensions of the historic Aljo Mine and completed step-out holes related to the Company’s 2023 drill program (See Figures 2-4). Drilling was successful in expanding known mineralized zones and identifying new zones of gold mineralization which host significant visible gold and tellurides. Follow-up drilling at Aljo is planned to start this October with approximately 4,000 m.

Commentary on Assay Results (See Figures 3-5)

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 including 215.00 g/t Au over 0.8 m, a significant improvement from previous drill intercepts including 3.65 g/t Au over 6.3 m and 13.35 g/t Au over 3.6 m within the Aljo Main and Footwall zones, respectively. This is in addition to the previously released intercept of 13.94 g/t Au over 7.1 m (see release dated August 19, 2024). The new high-grade intercept also occurs 160 m 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 demonstrates 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.

Gold is observed to have an association with structural corridors, proximal to felsic and mafic porphyry dyke margins and with minerals in varying percentages such as: chalcopyrite, telluride +/- sphalerite, molybdenum, and galena. The strongest association, however, is the presence of sheeted grey to white, or mottled green to blue-grey veins and vein-swarms in both a north-northwest and northeast orientation, consistent with historic underground workings. Alteration is often observed proximal to faulted or sheared intervals, or in association with fractured veins.

Anders Carlson, Vice President, Exploration of GFG commented, “Today’s high-grade results at the Aljo Main Zone confirm our belief that this gold system hosts significant endowment that has yet to be realized. This zone marks the deepest intercept to-date of the Aljo Main Zone and we are excited to continue testing the system beyond 200 vertical metres. Most importantly, during the past 9 months, we have established new high-grade gold zones with visible gold and tellurides across mineable widths at the Hangingwall, Main and Footwall zones at Aljo.”

Table 1: Aljo Mine Target Assay Results for Hole ALJ-24-012⁽²⁾

^*Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 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 30 to 90% of drilled length.

Based on these latest high-grade drill intercepts including those from the Aljo HW Zone (see release dated August 19, 2024), the Company will be initiating a number of new internal studies at Aljo focused on:

1. Delineating the two main sets of gold-bearing quartz veins in the context of the Kingswood Shear Zone;
2. Understanding sulphide mineralogy in relation to visible gold and tellurides; and
3. Exploring the relationship between hydrothermal alteration of the host-rock mafic volcanics and main-stage gold mineralization.

These initiatives will be advanced in-tandem with GFG’s growing greenfield target pipeline spanning the entire 800+ km² Timmins-based land package.

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

Figure 4: Aljo Target Cross-Section

Figure 5: Visible Gold Core Photos of Hole ALJ-24-012

*Core photos 1-3 are from previously released news release dates August 19, 2024.

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.