Multiple Veins With Visible Gold At Aljo Mine

Multiple Veins With Visible Gold At Aljo Mine

SASKATOON – GFG Resources Inc. reported on the final gold assay results from the recently completed 2023 Phase 2 drill program at its Goldarm Project, located 40 kilometres (km) east of Timmins, Ontario. The results are from the Aljo Mine Target located 30 kilometres east of the Montclerg Gold Project. This is the second drill program completed on the Aljo target and additional drilling is warranted based on the strong results and nature of the gold system.

In the Phase 2 drill program, the Company completed a total of 3,613 m from 15 holes (7 at Montclerg and 8 at Aljo). The program focused on step-out and in-fill drilling at Montclerg and tested a spectrum of targets at Aljo located within the Goldarm Property east of Timmins, Ontario.

“Our 2023 drilling programs have yielded meaningful results, contributing to a year of substantial progress for GFG,” said Brian Skanderbeg, President and CEO. “We have successfully infilled and expanded the Montclerg gold system and have exceeded our initial expectations at Aljo, where we’ve discovered high-grade mineralization and a more extensive gold system than what was previously understood from historical data.

As we move into 2024, we remain dedicated to the expansion of Montclerg and Aljo. We are determined to build upon the discoveries made this year. Alongside our drilling efforts, we are methodically developing a robust pipeline of drill targets across our portfolio of Timmins properties, which spans over 800 square kilometres. The potential for uncovering new gold systems within these properties is substantial, given the considerable areas that have yet to be thoroughly explored.

The year ahead is set to be one of strategic exploration and drilling, with a focus on both advancing our current projects and the exciting possibility of new discoveries. With our strategic planning, a team committed to meticulous exploration, and an understanding of the geological potential of our properties, we are well-positioned to sustain our momentum and deliver shareholder value.”

Anders Carlson, Vice President, Exploration, said, “The high-grade zone intersected in the footwall of the Aljo Mine workings in hole ALJ-23-004 represents an exciting new target along the Kingswood Shear zone that has not been targeted by previous drilling. Understanding the association of high-grade gold mineralization to regionally extensive quartz-feldspar porphyry dykes will be an important step for our team as we continue to explore the highly prospective Aljo Mine area.”

ALJ-23-004 was drilled to test the extent of gold mineralization directly below historical underground workings of the Aljo Mine. The hole returned anomalous gold values from surface to approximately 265 m downhole in mafic volcanics with high-grade vein intervals. These higher-grade zones, yielding up to 3.65 g/t Au over 6.3 m, with multiple occurrences of visible gold including 18.40 g/t Au over 1.1 m, occur in close-proximity and internal to quartz-feldspar porphyry dykes. Alteration within the Aljo Mine sequence is characterized by moderate to strongly pervasive sericite, ankerite, silica and chlorite alteration that is overprinted by a quartz-carbonate stockwork array. Sulphide mineralization within the Aljo Mine is generally low and rarely exceeds 7% pyrite and pyrrhotite with lesser chalcopyrite and arsenopyrite.

The footwall of the Aljo Mine is less altered yet is more abundant in sulphide with up to 25% blebby and patchy disseminated pyrite within the host mafic volcanics. Near the base of the hole a gabbroic unit was intersected and hosts a quartz-carbonate vein that returned the hole’s best result of 13.35 g/t Au over 3.6 m including 32.94 g/t Au over 1.4 m. This is the first hole that GFG has drilled below the ljo Mine workings and demonstrates there is more to the system than historical records show. Additional testing will be prioritized as hole ALJ-23-004 ended in high-grade gold mineralization.

ALJ-23-005 was drilled to test the down-dip extension of high-grade mineralization intersected in ALJ-22-002 that yielded 3.03 g/t Au over 12.9 m. The hole intersected several mineralized intervals south of the Aljo Mine workings including 0.36 g/t Au over 14.1 m associated with up to 15% blebby pyrite in mafic volcanics.

ALJ-23-009 was drilled to test a historic trench in close proximity to the north Aljo Mine shaft. The hole intersected a narrow zone of quartz-carbonate veining yielding 20.30 g/t Au over 0.5 m with up to 5% blebby and disseminated pyrite and pyrrhotite in mafic volcanics. The zone lies within a metre of the mafic-ultramafic contact and speaks to the local high-grade nature of this north Aljo zone.

ALJ-23-011 was designed to confirm historical high-grade intercepts approximately 200 m northwest of the Aljo Mine workings. The hole returned multiple intervals of gold mineralization in mafic volcanics 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 with visible gold. Quartz-feldspar porphyry dykes were also intersected in the hole and occur in close association with gold mineralization. Alteration in the hole was generally weak to moderate consisting mainly of patchy sericite, carbonate, silica, chlorite and biotite that is overprinted by a similar quartz-carbonate fracture array observed in ALJ-23-011 within the Aljo Mine sequence. The presence of high-grade gold in association with porphyry dykes outside of the immediate Aljo Mine area speaks to the exploration potential of the region.

Drillholes ALJ-23-006, 007, 008 and 010 returned anomalous grades of up to 2.27 g/t Au over 1.2 m. These holes were targeting a surface trench several hundred metres long straddling a major mafic-ultramafic contact that had not been tested by historical drilling. A 120 m deep shaft was sunk along this trench with grab samples from GFG yielding up to 276 g/t Au. The Company still views this corridor of mineralization as highly prospective and will test alternative structural models with further drilling.