KEY HIGHLIGHTS:
- Drill results from the
Montclerg Gold Project (“Montclerg”) continue to intersect high-grade and bulk tonnage gold intercepts demonstrating continuity and a robust gold system. - Hole MTC-22-035 returned multiple gold zones:
- 9.85 grams of gold per tonne (“g/t Au”) over 16.0 metres (“m”) in the Upper Footwall zone, 30 m from hole MTC-21-005 that graded 4.82 g/t Au over 26.0 m.
- MTC-22-034 intercepted multiple zones above 170 m depth with highlights of 1.34 g/t Au over 15.1 m and 5.26 g/t Au over 9.3 m.
- Assay results from the remaining 13 holes are pending and will be announced as they are received.
- Achieved nearly 90% drilling hit rate since acquiring the
Montclerg Gold Project in late 2021. - Drilling is planned to resume in February with a focus on Montclerg and testing high-priority gold targets across the Goldarm Property.
During the Phase 2 drill program, the Company completed a total of 17 holes (3,541 m) on the Goldarm Property located east of
“With each hole and drill program since consolidating Goldarm, we are strengthening our understanding of local and regional ore controls and growing the footprint of the system,” stated
Skanderbeg added, “The presence of multi-million-ounce gold systems on all sides of our Goldarm Property and the success we have had at Montclerg clearly demonstrate that the Timmins East region is becoming a new gold camp. Despite a long history of mining and exploration in the district, there remains much to be discovered. We are excited to receive the remaining assay results as the majority of the holes host significant mineralization and alteration over broad intervals.”
Table 1: Initial Assay Results from the 2022 Phase 2 Drill Program at the
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Zone |
MTC-22-031 | 194.0 | 202.6 | 8.6 | 0.68 | Upper Main |
and | 285.2 | 292.6 | 7.4 | 2.78 | Lower Footwall |
incl. | 290.3 | 292.6 | 2.3 | 7.83 | |
and | 300.4 | 302.0 | 1.6 | 4.59 | Lower Footwall |
and | 319.5 | 320.5 | 1.0 | 4.80 | Undefined |
and | 332.8 | 333.3 | 0.5 | 5.27 | Undefined |
MTC-22-032 | No Significant Intercept | ||||
MTC-22-033 | Assays Pending | ||||
MTC-22-034 | 46.4 | 52.5 | 6.1 | 0.94 | Upper Main |
and | 79.5 | 94.6 | 15.1 | 1.34 | |
incl. | 85.2 | 86.8 | 1.6 | 3.97 | |
and | 161.7 | 171.0 | 9.3 | 5.26 | Upper Footwall |
incl | 163.9 | 169.3 | 5.4 | 8.96 | |
MTC-22-035 | 31.3 | 38.8 | 7.5 | 0.79 | Upper Main |
and | 72.0 | 85.2 | 13.2 | 2.31 | |
incl. | 77.0 | 82.1 | 5.1 | 4.07 | |
and | 125.3 | 141.3 | 16.0 | 9.85 | Upper Footwall |
incl. | 130.3 | 137.8 | 7.5 | 14.99 |
*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. Included intervals are calculated using a 3 g/t cut-off. True width is estimated to be
Commentary on Assay Results
Drill Hole MTC-22-031 was drilled to test the Lower Footwall Zone’s western and depth continuity. Pervasive carbonate alteration and moderate to high strain within the mafic volcanics marks mineralization. Gold mineralization is associated with trace to 20% pyrite and trace to 10% arsenopyrite disseminations with moderate quartz veining of the host rock. This zone returned 2.78 g/t Au over 7.4 m and includes 7.83 g/t Au over 2.3 m. The hole confirmed western strike continuity of Lower Footwall mineralization as well as continuity of the
Drill Hole MTC-22-034 was designed to test the Upper and Lower Main Zones 30 m below MTC-22-023. The hole demonstrated depth continuity with strong to moderate silica, and patchy to pervasive sericite alteration of the felsic volcanics. Mineralization is associated with trace to 5% quartz veining, trace to 5% disseminated arsenopyrite and trace to 1% pyrite in the wall rocks. The zone returned 1.34 g/t Au over 15.1 m.
Drill hole MTC-22-035 was drilled 30 m down-dip of hole MTC-22-005 to test the depth continuity of the
Further downhole, mineralization of the
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Figure 1: Regional Map of GFG Gold Projects in the
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa0df48e-fe00-4145-87e6-0e7ed1a266a1
Figure 2: Goldarm Property Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/24ecb11a-2c70-4e4a-9a9c-8d013a65baac
Figure 3: Montclerg Gold Project Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/1744ebe3-a472-43aa-9916-ffc949a9c246
Figure 4: Montclerg Gold Project Cross Section Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/5e4de5ce-6372-4129-8afe-9375ba1d7fee
Table 2: GFG Drill Hole Assay Highlights from the
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Zone |
MTC-21-001 | 62.5 | 90.0 | 27.5 | 1.56 | Upper Main |
incl. | 63.5 | 66.0 | 2.5 | 8.42 | |
incl. | 65.4 | 66.0 | 0.6 | 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 | |
MTC-21-004 | 39.8 | 64.0 | 24.2 | 0.73 | Upper Main |
and | 75.7 | 86.1 | 10.4 | 1.24 | |
incl. | 81.0 | 85.1 | 4.1 | 2.37 | |
and | 230.5 | 246.0 | 15.5 | 1.23 | Lower Footwall |
incl. | 241.7 | 245.0 | 3.3 | 3.09 | |
MTC-21-005 | 86.0 | 112.0 | 26.0 | 4.82 | Upper Footwall |
incl. | 94.3 | 96.1 | 1.8 | 15.96 | |
and | 103.8 | 109.3 | 5.5 | 12.32 | |
and | 118.9 | 120.6 | 1.7 | 11.29 | |
MTC-21-006 | 98.3 | 105.8 | 7.5 | 8.34 | Upper Footwall |
incl. | 98.3 | 101.0 | 2.7 | 15.04 | |
MTC-21-007 | 65.4 | 95.6 | 31.1 | 1.40 | Upper Main |
and | 108.0 | 131.0 | 23.0 | 1.11 | |
MTC-21-009 | 45.0 | 60.0 | 15.0 | 1.23 | Upper Main |
MTC-21-010 | 79.5 | 106.5 | 27.0 | 1.05 | Upper Main |
incl. | 89.6 | 100.5 | 10.9 | 1.84 | |
MTC-22-015 | 24.0 | 57.5 | 33.5 | 1.32 | MC West |
incl. | 24.0 | 28.7 | 4.7 | 5.15 | |
MTC-22-018 | 52.0 | 57.9 | 5.9 | 3.51 | MC West |
incl. | 53.9 | 56.0 | 2.1 | 7.93 | |
MTC-22-019 | 112.6 | 118.1 | 5.5 | 4.38 | Upper Footwall |
incl. | 112.6 | 116.0 | 3.4 | 6.37 | |
MTC-22-020 | 22.4 | 34.1 | 11.7 | 1.07 | Upper Main |
incl. | 24.6 | 25.6 | 1.0 | 2.01 | |
incl. | 28.0 | 28.8 | 0.8 | 2.43 | |
incl. | 32.0 | 33.0 | 1.0 | 2.16 | |
and | 97.0 | 105.3 | 8.3 | 4.95 | Upper Footwall |
incl. | 102.8 | 105.3 | 2.5 | 12.83 | |
MTC-22-021 | 50.3 | 72.0 | 21.7 | 1.51 | Upper Main |
incl. | 62.2 | 64.0 | 1.8 | 8.17 | |
MTC-22-023 | 17.6 | 88.0 | 70.4 | 1.60 | Upper Main |
incl. | 35.2 | 42.0 | 6.8 | 2.43 | |
incl. | 76.2 | 81.0 | 4.8 | 4.97 | |
and | 124.5 | 133.2 | 8.7 | 2.46 | Upper Footwall |
incl. | 131.4 | 133.2 | 1.8 | 7.75 | |
MTC-22-029 | 104.4 | 111.5 | 7.1 | 4.98 | Upper Footwall |
incl. | 104.4 | 107.6 | 3.2 | 7.02 | |
incl. | 110.4 | 111.5 | 1.1 | 7.79 | |
MTC-22-030 | 71.0 | 86.0 | 15.0 | 3.40 | Upper Footwall |
incl. | 71.0 | 74.0 | 3.0 | 6.21 | |
incl. | 81.9 | 82.9 | 1.0 | 17.50 | |
MTC-22-031 | 194.0 | 202.6 | 8.6 | 0.68 | Upper Main |
and | 285.2 | 292.6 | 7.4 | 2.78 | Lower Footwall |
incl. | 290.3 | 292.6 | 2.3 | 7.83 | |
and | 300.4 | 302.0 | 1.6 | 4.59 | Lower Footwall |
and | 319.5 | 320.5 | 1.0 | 4.80 | Undefined |
and | 332.8 | 333.3 | 0.5 | 5.27 | Undefined |
MTC-22-034 | 46.4 | 52.5 | 6.1 | 0.94 | Upper Main |
and | 79.5 | 94.6 | 15.1 | 1.34 | |
incl. | 85.2 | 86.8 | 1.6 | 3.97 | |
and | 161.7 | 171.0 | 9.3 | 5.26 | Upper Footwall |
incl | 163.9 | 168.3 | 5.4 | 8.96 | |
MTC-22-035 | 31.2 | 38.8 | 7.5 | 0.79 | Upper Main |
and | 72.0 | 85.2 | 13.2 | 2.31 | |
incl. | 77.0 | 82.1 | 5.1 | 4.07 | |
and | 125.3 | 141.3 | 16.0 | 9.85 | Upper Footwall |
incl. | 130.3 | 137.8 | 7.5 | 14.99 |
*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. Included intervals are calculated using a 3 g/t cut-off. True width is estimated to be
About the Goldarm Property
The Goldarm Property is a large and highly prospective land package east of the Timmins Gold Camp (see Figures 1-2). The consolidated Goldarm Property covers approximately 30 kilometres (“km”) of the
About
GFG is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions,
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Sampling and Quality Control
All scientific and technical information contained in this press release has been prepared under the supervision of
Drill core samples are being analyzed for gold by
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
Neither
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 risks, 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.
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
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental 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 contained 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 addition, 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 operating 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.
Figure 1: Regional Map of GFG Gold Projects in the Timmins Gold District
GFG Gold Projects in the Timmins Gold District
Figure 2: Goldarm Property Plan View Map
Goldarm Property Plan View Map Located 40 KM East of the Prolific Timmins Gold Camp
Figure 3: Montclerg Gold Project Plan View Map
Drill Hole Locations on the Montclerg Gold Project
Figure 4: Montclerg Gold Project Cross Section Map
Montclerg Gold Project Cross Section Map of Drill Results
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