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GFG Intercepts Multiple Gold Zones in First Hole at the Montclerg Gold Project and Provides Corporate Update

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GFG Intercepts Multiple Gold Zones in First Hole at the Montclerg Gold Project and Provides Corporate Update

 

 

 

 

 

GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) announces that it has received assays from the first hole from its 2021 Phase 1 drill program at the Montclerg Gold Project (See news releaseGFG Provides Exploration Update and Launches 3,000 Metre Drill Program at Montclerg Gold Project, East of Timmins”). The hole returned both high grade and bulk tonnage intercepts from the MC Central Panel at Montclerg (See Table 1 and Figures 2-3). In 2022, the Company is planning to drill approximately 10,000 metres (“m”) at Montclerg with a first phase of 3-4,000 m of drilling to start in February.

 

Hole MTC-21-001, a 50 m step-out hole from historic drilling in 1986, has returned multiple bulk tonnage intercepts which include 1.56 grams of gold per tonne over 27.5 m and 0.78 g/t Au over 40.5 m. Hole MTC-21-001 is the first hole to follow-up from the 1986 drilling and outlines stacked zones of vein-hosted and disseminated gold mineralization. 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 m. Assay results are pending for the remaining holes and the Company expects to report these results throughout the first quarter.

 

Table 1: Assay Results from Hole MTC-21-001

 

Hole ID From (m) To (m) Length (m) Au g/t
MTC-21-001 62.5 90.0 27.5 1.56
incl 63.5 66.0 2.5 8.42
    incl 65.4 66.0 0.7 26.90
incl 71.5 74.0 2.5 4.30
and 126.0 166.5 40.5 0.78
      incl 130.8 138.0 7.3 2.20

 

* Drill intercepts are 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.

 

Brian Skanderbeg, President and CEO commented, “We are very pleased with these initial results from step-out drilling as they confirm our belief that the Project hosts a significant gold system that merits an aggressive exploration program. We look forward to the results from the remaining 13 holes from our 2021 program and believe they will continue to demonstrate the scale and opportunity to grow the gold systems on the Project. Based on results received to date and logging of the outstanding holes, we are planning a much more aggressive program for 2022 with drilling to ramp-up again in mid-Q1.”

 

Mr. Skanderbeg added, “2022 will be an exciting year for GFG. We are well-financed and strongly believe that our exploration plans and upcoming catalysts from both Montclerg and Rattlesnake Hills will drive shareholder value.”

 

Montclerg 2021 Drill Program

 

In the fourth quarter of 2021, the Company drilled a total of 3,210 m from 14 holes in its inaugural Phase 1 drill program. The 14 holes varied in length from 125 to 400 m and tested a strike length of over 500 m. The program systematically tested the strike and dip-extensions of MC Central and MC East and the prospective MC Footwall zone (See Figure 2).

 

The two broad zones of gold mineralization intersected in MTC-21-001 are typical of the mineralization encountered in historic drill holes at MC Central.

The upper zone occurs in massive to locally flow-banded and/or fragmental rhyolite that is moderately to intensely sericite and silica altered. Extensional quartz veins occur throughout the interval and typically comprise 5 to 25% of the rock. Pyrite and arsenopyrite occur throughout the altered host rock as fine-grained disseminations with contents ranging from trace amounts up to 10% at vein margins.

 

The lower zone occurs in massive, brecciated and tuffaceous rhyolite that is moderately to intensely sericite, silica and chlorite altered. Similar to the upper zone, extensional quartz veins are typically centimeter-scale with vein densities ranging from less than 1% and up to 30% of the rock. Finely disseminated pyrite and arsenopyrite occur throughout the zone with abundances ranging from trace amounts up to 5%. The higher-grade core to the lower zone is marked by an increase in vein density and sulphide.

 

As shown on the cross section in Figure 3, these gold zones are interpreted to dip moderately to the north and extend towards surface as demonstrated by historical intercepts of 1.64 g/t Au over 15.2 m, 2.30 g/t Au over 18.9 m and 2.42 g/t Au over 10.7 m. The majority of the completed drill holes, for which assays are pending, have similar or more intense alteration, veining and sulphide to that seen in MTC-21-001 which, along with historical intercepts within the MC Central, East and West targets, is suggestive of a large gold system.

 

Outlook

 

In 2022, the Company plans to complete 10,000 m of drilling on its Timmins portfolio with an emphasis on the Montclerg Gold Project. In the first half of 2022, the Company will complete 3-4,000 m of drilling and while assay turnaround times remain to be a challenge, we expect to see a steady stream of assays returned over the coming weeks and months. In addition to the on-going drill program at Montclerg, the Company will continue additional exploration activities and target development across the Project.

 

At the Pen Gold Project, the Company 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 and will provide further information as it becomes available.

 

At the Rattlesnake Hills Gold Project, metallurgical test work remains on going with the Company’s joint venture partner Group 11 Technologies Inc. The Rattlesnake Hills Gold Project provides a variety of mineralized settings that are ideal for the research Group 11 is conducting to apply In-Situ Recovery technology for the extraction of gold which could reduce the use of conventional mining methods. Initial metallurgical results from Group 11’s Stage 1 program are pending and GFG anticipates being able to provide an update in the near future. As the results become available, Group 11 will confirm next steps on conducting further laboratory testing and potential field work. Group 11’s goal is to demonstrate that the non-cyanide, water-based solution along with In-Situ Recovery technology can effectively recover gold and be applied to the gold mining industry.

 

About the Montclerg Gold Project

The Montclerg Gold Project is located 48 kilometres east of the prolific Timmins Gold Camp and is adjacent to multiple current and historic gold mines (See Figure 1). The Project consists of patented and unpatented mining claims that cover 10 km of the highly prospective Pipestone Deformation Zone (See Figure 2). GFG recently closed the acquisition of the Project, and in parallel with the drill program, will advance a systematic exploration program to evaluate and improve the property scale understanding.

 

Figure 1: Regional Map of GFG Gold Projects accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/d1554796-ad11-4de4-98b3-a527ffab98db

 

Figure 2: Montclerg Gold Project Plan View Map accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f4869435-eba0-45d7-97e7-3db6bcc82bed

 

Figure 3: Montclerg Gold Project Cross Section Map accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/33808122-c2ac-4796-9de1-2653b9db386c

 

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 the Montclerg, Pen and Dore 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 kilometres 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. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold.

 

Posted January 24, 2022

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