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.
SASKATOON, Saskatchewan, Nov. 28, 2024 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) reports the remaining assay results from its Phase 1 drill program at the Aljo Mine Target (“Aljo”) 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
*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
Fig_1_GFG_Timmins_Assets_Nov 2024
Figure 2: Goldarm Property Plan View Map
Fig_2_Goldarm Map_Nov 2024
Figure 3: Aljo Target Plan View Map
Fig_3_GFG_Aljo_Plan_Map_November_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 (“RSH”), 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. (“Patriot”). 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.
For further information, please contact: Brian Skanderbeg, President & CEO or Marc Lepage, Vice President, Business Development Phone: (306) 931-0930 Email: info@gfgresources.com Website: www.gfgresources.com
Footnote: (1)Historical drill intercepts are referenced from the 1989 Kingswood Explorations Ltd. assessment report # 42A09NW0568 authored by Ken Lapierre.
(2) Drill intercepts are historical and GFG’s QP has not verified the laboratory accreditation, analytical method, sample size or QA/QC procedures utilized for the historic drill results. True widths have not been estimated.
Sampling and Quality Control All scientific and technical information contained in this press release has been prepared under the supervision of Anders Carlson, P.Geo. and Vice President, Exploration of GFG, a qualified person within the meaning of National Instrument 43-101.
Drill core samples are being analyzed for gold by Activation Laboratories Ltd. in Timmins, Ontario. Gold analysis consists of the preparation of a 500-gram pulp and an assay of a 50-gram aliquot by Pb collection fire assay with an Atomic Absorption Spectrometry finish (Package 1A2-50. Samples assaying above 5 ppm Au are routinely re-run using a gravimetric finish (Package 1A3-50). Selected samples are also undergoing multi-element analysis for 59 other elements using a four-acid digestion and an ICP-MS finish (Package MA250) by Bureau Veritas Commodities Canada Ltd. in Vancouver, British Columbia. Quality control and assurance measures include the monitoring of results for inserted certified reference materials, coarse blanks and preparation duplicates of drill core.
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 30 to 90% of drilled length. Sampling protocols, quality control and assurance measures and geochemical results related to historic drill core samples quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Canada and the United States will continue to support the development of mining projects in Canada and the United States. In addition, the similarity or proximity of other gold deposits to the Company’s projects is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Goldarm Property, the Pen Gold Project and the Dore Gold Project.
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 and the additional risks described in the Company’s most recently filed annual and interim MD&A 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.
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