GFG Resources Inc. reports the final gold assay results from its 13-hole 2023 Phase 1 drill program at the Montclerg Gold Project, located 40 kilometres east of Timmins, Ontario. The results released are from five 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 MC Central area and drill significant step-out holes up to one km to the east.

Overall, the drill program was successful in proving continuity along strike and at depth in the MC Central and proving the potential for additional discoveries over a km east of MC Central. Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length with a minimum 0.5 gram-metre product. Composites include internal dilution of up to 3 m at grades less than 0.2 g/t Au.

Included intervals are calculated using a 3 g/t cut-off at a minimum 5 gram-metre product. True width is estimated to be 50 to 90% of drilled length. Drill hole MTC-23-052 was drilled to test the mafic volcanic corridor 1.3 km east of MC Central.

The hole was centered on an 800 m wide gap in drilling and intersected 1.09 g/t Au over 0.6 m with weak to moderate quartz-carbonate veinlets rimmed by pyrite. The presence of significant alteration and sulphide coupled with gold mineralization shows that this new area hosts potential for additional mineralized zones within the eastern basalt panel that will be tested in future drill campaigns. Drill hole MTC-23-053 was designed to test the up-dip extension of the Upper Footwall Zone.

One zone was intersected yielding 1.27 g/t Au over 0.8 m. The mineralization is characterized by strongly altered massive mafic volcanics with a 0.1 m wide smokey quartz vein with a strong mineralized halo of arsenopyrite and pyrite. Drill hole MTC-23-055 tested the up-dip extension of the Upper Footwall Zone and intersected 1.70 g/t Au over 2.8 m. The mineralization is characterized by strongly altered massive mafic volcanics with up to 15% quartz-carbonate veins and up to 10% arsenopyrite and pyrite. Drill hole MTC-23-056 was designed to test the Main Zone and the up-dip extension of the Lower Footwall Zone.

Three mineralized intervals were intersected within this hole. A broad zone was intersected in the MC Main Zone grading 0.92 g/t Au over 33.0 m. The Main Zone is characterized by sericite-altered felsic volcanics with up to 30% quartz-carbonate veins and up to 3% arsenopyrite and pyrite. The Lower Footwall Zone yielded 4.05 g/t Au over 1.0 m and is characterized by strongly altered mafic volcanics with up to 8% arsenopyrite and pyrite and 20% quartz-carbonate veins.

Additional mineralization was intersected down-hole in the Lower Footwall Zone yielding 5.78 g/t Au over 1.1 m and is characterized by strongly altered mafic volcanic, 2% quartz-carbonate veins and up to 5% pyrite and arsenopyrite. Drill hole MTC-23-057 tested the down-dip extension of the Lower Footwall Zone. Three mineralized intervals were intersected in this hole.

A narrow zone was intersected in the Main Zone yielding 2.25 g/t Au over 2.3 m. The Main Zone is characterized by sericite-altered felsic volcanics with up to 3% quartz-carbonate veins and up to 5% arsenopyrite, pyrite and pyrrhotite. The Lower Footwall Zone yielded a high-grade intercept of 10.21 g/t Au over 2.7 m including 16.20 g/t Au over 1.5 m and is characterized by strongly altered mafic volcanic, minor veining and up to 20% arsenopyrite and pyrite. This hole is of particular significance as it is the deepest high-grade intercept of the Lower Footwall at Montclerg to-date.

The intercept lies at a vertical depth of 330 m and clearly demonstrates continuity of the gold system at economic grades and widths.