GFG Resources Inc. reported continued high-grade gold assay results from its 2022 Phase 2 drill program at the Montclerg Gold Project, located 40 kilometres east of Timmins, Ontario. Results from the final five drill holes from the 2022 Phase 2 program demonstrate strong continuity and further expansion east of the Montclerg gold system and the high-grade potential at Aljo. Overall, the Phase 2 drill program successfully achieved its objectives of growing and demonstrating continuity at Montclerg, extending gold mineralization at least 1 km to the east and outlining the significant opportunity present at Aljo for a second robust gold system on the Goldarm Property.

In 2023, the Company's focus will be on defining and growing the Montclerg gold deposit and testing five high- priority gold and gold-copper targets within its Goldarm Property. For the year, the Company plans to complete 10- 12,000 m of drilling in three phases at multiple permitted and drill ready targets on the Goldarm Property. The Phase 1 2023 drill program has started with a goal to complete approximately 3,000 m of drilling from 12-14 holes at the Montclerg Gold Project and is expected to be completed near the end of April.

In addition to the planned drill programs, GFG will continue to complete extensive surface exploration across the Goldarm Property which covers 30 km of the Pipestone and North Pipestone deformation zones and is surrounded by significant gold mining infrastructure. The 2023 exploration budget will be approximately CAD 3.0 million and is fully funded. MTC-22-043 - was drilled to test the shallow felsic mineralization 40 m west of hole MTC-21-012, which intersected several zones of mineralization including 1.48 g/t Au over 22.6 m and 8.46 g/t Au over 5.0 m. The hole successfully intersected Upper Main and Lower Main Zones with a notable interval of 2.06 g/t Au over 7.5 m. Mineralization is hosted in massive and fractured felsic volcanics with patchy silica, moderate to strong sericite alteration and quartz veining up to 20%.

Sulphides are dominantly disseminated with pyrite ranging from trace to 2% and arsenopyrite ranging from trace to 5%. MTC-22-044 - was the most significant eastern step-out hole drilled to date. The hole was drilled approximately 1 km east of the MC Central area to confirm stratigraphy and test gold mineralization continuity, specifically the high-grade Lower Footwall Zone.

The hole successfully intersected two significant zones and is highlighted by 0.96 g/t Au over 9.7 m and 0.82 g/t Au over 7.7 m. The lithology and mineralization in this hole are similar in character to the Upper Footwall Zone in the MC Central area and demonstrate prospectivity to the east. The mineralized zone is hosted in grey-green mafic volcanic stratigraphy that exhibits variable textures including brecciation, flow banding and hyaloclastite intervals. Sericite and carbonate alteration are patchy to pervasive and moderate to strong in intensity.

Quartz and quartz-carbonate veining comprise up to 20% of the rock and are irregular to chaotic in nature. Pyrite occurs as trace to 12% in veins, disseminations and in breccias. Arsenopyrite comprises up to 8% and is mostly proximal to or within veining.

Follow-up drilling is warranted and is on-going in the 2023 Phase1 drill program. ALJ-22-001 - was drilled to test 35 m east of the known Aljo Mine workings. The hole successfully intersected 1.06 g/t Au over 10.3 m. Sporadic and irregular veinlets of quartz veins up to 10% and trace wispy carbonate veins occur in clusters.

Strong sericite and carbonate alteration occur as vein halos. Pyrite, pyrrhotite and chalcopyrite occurs as disseminations throughout the host rock and within veins in trace amounts. ALJ-22-002 - was drilled 25 m east of historical drilling which returned 83.63 g/t Au over 1.8 m (1), on the Southern Aljo trend.

The hole successfully intersected several intervals of high grade: 1) 3.03 g/t Au over 12.9 m including 59.80 g/t Au over 0.6 m; 2) 1.32 g/t Au over 14.9 m; and 3) 6.58 g/t Au over 4.3 m including 27.40 g/t Au over 1.0 m. These intervals are hosted in green to purple brecciated mafics. Silica-carbonate alteration is weak to intense and occurs as fracture fill or vein halos. Quartz and quartz-carbonate veins and breccias comprise up to 20% of the intervals.

Sulphides are present with pyrite and pyrrhotite occurring as disseminations and veins in the host rock from trace up to 10%. ALJ-22-003 - was drilled to test the historically defined "grey zone" and Kingswood Shear. The hole successfully intersected three zones of low-grade mineralization highlighted by 0.30 g/t Au over 14.4 m. Sericite-carbonate alteration is moderate to intense.

Quartz and quartz-carbonate veining occurs as fracture fill and isolated veinlets up to 15% in brecciated rock. Pyrite is disseminated and within the veins from trace to 2% while pyrrhotite occurs in trace amounts within the mineralized veins.