GFG Resources Inc. reported new high-grade gold assay results from its recently completed 13-hole 2023 Phase 1 drill program at the Montclerg Gold Project, located 40 kilometres ("km") east of Timmins, Ontario. The results released are from eight drill holes completed along the Montclerg gold system where GFG has continuously proven and grown a robust gold system since the Company acquired the asset in October 2021. The Phase 1 drill program was designed to complete infill drilling to confirm continuity in the Montclerg Central area and drill significant step-out holes to determine if gold mineralization occurs over one km to the east. The Phase1 drill program was higher risk by design as the Company believes that the opportunity to discover new zones of gold mineralization at depth and along strike at Montclerg is high. Drill hole MTC-23-045 was designed as a significant northeastern step-out hole testing stratigraphy more than 700 m from the core of MC Central. The hole successfully intersected two new zones of gold mineralization. The upper zone lies along a mafic-felsic volcanic contact returning 2.00 g/t Au over 5.5 m, including 3.83 g/t Au over 1.2m. Mineralization within the mafic volcanic unit consists of thin microfractures infilled with quartz carbonate with up to 3% pyrite and arsenopyrite. Mineralization within the felsic volcanic was typical of the MC Central panel, with up to 15% thin extension veins with arsenopyrite halos. The lower zone lies entirely within the footwall of the felsic volcanic unit returning 1.23 g/t Au over 6.7 m including 3.18 g/t Au over 1.0 m and is characterized by up to 7% extensional quartz-carbonate veining with up to 5% fine-grained disseminated arsenopyrite and pyrite. The presence of considerable gold mineralization this far east of the MC Central bodes well for potential extension of the Montclerg system along strike. The nature of alteration and mineralization observed is very similar to that of the Upper and Lower Main zones at MC Central. Drill hole MTC-23-046 was drilled to test the Montclerg Footwall zones 1 km east of MC Central. The hole was designed to test the mafic stratigraphy south of the gabbro where limited drilling has been completed. The drill hole successfully intersected 1.93 g/t Au over 10.6 m, including 6.63 g/t Au over 0.9m and also including 4.94 g/t Au over 1.9 m in mafic volcanic rocks. The zone appears similar to the Lower Footwall zone at MC Central. The zone is characterized by strongly ankerite-altered mafic volcanics with fine-grained disseminated pyrite and arsenopyrite with up to 15% quartz-carbonate veining. Drill hole MTC-23-048, was designed to test a gap within the Main Zone within the felsic volcanics as well as the extension of the Upper Footwall zone to the east. A broad zone was intersected in felsic volcanics which returned 0.50 g/t Au over 13.9 m. The zone consists of strong sericite-ankerite alteration with up to 15% quartz carbonate veins associated with halos of up to 2% arsenopyrite and pyrite. The Upper Footwall zone was intersected where expected, yielding an intercept of 4.09 g/t Au over 4.1 m including 6.28 g/t Au over 2.3 m. Strongly ankerite-altered mafic volcanics were intersected with up to 10% fine disseminated arsenopyrite and pyrite, and minimal veining. The mafic-hosted Upper Footwall zone observed (4.09 g/t Au over 4.1 m) extends the mineralized envelope modestly to depth. Drill hole MTC-23-054, was designed to test the up-dip extension of the Upper Footwall zone. Two zones were intersected yielding 1.15 g/t Auover 3.8 m and 9.97 g/t Au over 8.1 m. The first zone is characterized by strongly altered massive mafic volcanics with up to 10% arsenopyrite and pyrite, and 3% thin, irregular quartz-carbonate veins. The second zone occurs within a strongly altered mafic flow-top breccia with up to 15% arsenopyrite and pyrite and up to 3% quartz-carbonate veining.

This high-grade intercept from the Upper Footwall zone within the MC Central significantly extends mineralization towards the surface and stands out as one of the best intercepts drilled to-date along the Montclerg trend.