GFG Announces Initial Drill Results from Recently Completed Phase 2 Drill Program at the Pen Gold Project West of Timmins

“We are encouraged by these initial results as we discovered a new gold zone at Sewell North, successfully expanded the HGM system up-dip and along strike and confirmed mineralization at depth at the Nib Prospect," stated Brian Skanderbeg, President and CEO.

"With the drill program now complete, our focus will be on analyzing the significant amount of data that we have accumulated in 2020. We look forward to receiving the remaining assays from 21 holes and to starting the new year with an aggressive 5,000 m drill program.”

GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) reports initial results from nine holes from its recently completed 8,900 metre (“m”), Phase 2 2020 drill program at its 100% owned Pen Gold Project (the “Project”). During the Phase 2 drill program, the Company completed a total of 30 holes testing multiple targets at the Sewell, HGM, Crawford, Nib, Boundary, Broadway and Broadsword regional targets (see Figure 1). The remaining 21 holes are being processed and the Company will release the results as they become available.

A significant exploration program is being planned for 2021 to further follow-up on recent discoveries and test newly generated targets such as the R66 Prospect. The Company expects to begin the 2021 program in late-January with approximately 5,000 m of drilling to be completed in Q1.

The Project is located approximately 40 kilometres (“km”) west of the prolific Timmins Gold District in Ontario. The contiguous land package, one of the largest in the region, consists of approximately 475 square km and is situated between Newmont’s Borden Gold Mine and Pan American Silver’s Timmins West Mine. The Project covers an approximately 55-kilometre-long section of Archean greenstone that contains the interpreted western extension of the Porcupine-Destor Fault Zone within the same geological setting that hosts many of the gold deposits found in the Timmins Gold Camp.

“In 2020, we set out to drill 12,000 m and complete a significant regional surface program; we executed the plan successfully and were below budget,” stated Brian Skanderbeg, President and CEO. “This year our team performed exceptionally well by developing new high-grade gold targets such as R66, testing 12 different targets, yielding new discoveries, expanding several known zones and engaging Alamos Gold as a strategic partner. We accomplished this during a time that brought unique challenges to us all.”

 

Tags: Northern Ontario / Exploration / Gold / All Articles