GFG Resources Inc. announced new high-grade gold results from its 2022 surface sampling program completed during the summer on its 100% owned Aljo Gold Mine target area located on the eastern portion of the Goldarm Property. Rock sampling results from outcrop, trenching and historic mine spoils returned gold values of up to 276.00 g/t Au. The Goldarm Property is a large and highly prospective land package east of the Timmins Gold Camp (.

The consolidated Goldarm Property covers approximately 30 kilometres (“km”) of the Pipestone Deformation Zone and the North Pipestone Deformation Zone. Within the Goldarm Property, there are several highly prospective gold targets such as the Aljo Gold Mine region, the Carr target and the Montclerg Gold Project which is the most advanced target. The Montclerg Gold Project covers 10 km of the highly prospective Pipestone Deformation Zone and is located 48 km east of the prolific Timmins Gold Camp and is adjacent to multiple current and historic gold mines An aggressive summer surface exploration program was conducted across the Goldarm Property.

The goal of the program was to collect regional geochemical and geophysical data to support GFG’s generative targeting efforts. A prospecting program of 1,030 rock samples was completed on the southern half of the Goldarm Property. The sampling program revealed numerous outcrops displaying quartz veining, altered mafic units and porphyry lithologies; particularly in the east near the Aljo Gold Mine target.

Highlight assays from surface rock grab samples from outcrop, trenches and/or mine spoil dumps; with the program returning assays ranging from 0.01 to 276.00 g/t Au. The results confirmed the presence of multiple, high-grade vein systems exposed over an area of 0.5 km by 0.75 km that are host to the historic Aljo Gold Mine workings. In addition to the rock sampling program, a targeted till and soil sampling program, focused in the western and eastern regions on the southern half of the Goldarm Property, was completed with a total of 137 samples collected.

These areas were selected based on an association with broadly east-west trending structures associated with the Montclerg, Carr and Aljo Gold Mine targets. Since late October, the Company has completed 14 holes at Montclerg, located 48 km from Timmins, Ontario. The Phase 2 drill program was designed to complete infill drilling to advance Montclerg towards resource and step-out holes to grow the Montclerg gold system along strike and at depth.

Drilling at Montclerg is now complete and assays remain pending. The Company anticipates announcing assay results early in 2023. The Company is currently set up to drill 2-4 holes at the Aljo Gold Mine target.

The historic Aljo Gold Mine and surrounding area, acquired in April 2022, is located on the east side of Goldarm and is surrounded by multiple historic and operating gold mines. The Aljo Gold Mine was the focus of underground exploration and development during the early 1900’s, including two shafts to depths of 120 and 175 metres (“m”). High-grade gold mineralization is associated with quartz-carbonate veins in highly carbonate-altered mafic volcanic rocks and in the adjacent ultramafic and porphyritic felsic intrusive rocks.

Historic drilling returned highlight intercepts of 82.60 g/t Au over 1.8 m, 14.45 g/t Au over 1.8 m and 15.40 g/t Au over 1.5 m. Dependent on logistics and timing, the Company may also complete a first pass drill test on the Carr target where historic drilling has encountered high-grade gold and gold/copper intercepts. The Carr target encompasses the northern contact of the Carr porphyry with Porcupine-aged sediments. Historic drilling in the area, both on and off GFG claims, has returned broad zones of highly anomalous gold as well as narrow, high-grade intervals.