GFG High-Grade Gold Mineralization at Montclerg Site in Timmins, Ontario
GFG Resources Inc. reports continued high-grade gold assay results from its recently completed 17-hole 2022 Phase 2 drill program at the Montclerg Gold Project, located 40 kilometres (“km”) east of Timmins, Ontario. The latest results are from eight drill holes from the MC Central target and demonstrate strong continuity and continued expansion of the gold system.
During the Phase 2 drill program, the Company completed a total of 17 holes (3,541 m) on the Goldarm Property located east of Timmins, Ontario. The Phase 2 drill program was designed to complete infill drilling to advance Montclerg towards resource, step-out holes to grow the Montclerg gold system and to begin testing high-priority gold targets within the Goldarm Property such as the Aljo Gold Mine target
Of the 17 holes completed, 14 holes were completed at Montclerg and three holes at Aljo. To date, GFG has received 12 holes from the 17-hole program and anticipates announcing the remaining holes during the first quarter of 2023.
“We are very excited with the results from Montclerg as they continue to outline a robust gold system. The high hit rate, growing continuity and scale of the gold system shows the immense potential of the project. Our progress reinforces our belief in the regional prospectivity of this extremely well-endowed and infrastructure rich region,” stated Brian Skanderbeg, President and CEO of GFG. “We are most encouraged by our best Lower Footwall Zone intercept to date as it demonstrates high-grade continuity that we can effectively model and target. This is such an exciting time as the majority of holes drilled to date have been above 150 m depth and with the continuity we are outlining, there is significant potential for us to continue to grow the Montclerg gold system and make further discoveries across the Goldarm Property.”
2023 Exploration Program
In 2023, the Company will focus on growing the Montclerg gold deposit and testing five high-priority gold and gold-copper targets within its Goldarm Property. Starting in the first quarter, the Company plans to begin a 3-4,000 m drill program at Montclerg and Goldarm Property. For the year, the Company plans to complete approximately 8-10,000 m of drilling at multiple permitted and drill ready targets on the Goldarm Property. 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.
Commentary on Assay Results
MTC-22-033 was a step-out of MTC-21-001, testing the western continuity of the Lower Footwall Zone. At shallow depths, the Upper Main Zone was intersected in fractured and brecciated, felsic volcanics with grades of 2.03 g/t Au over 1.8 m and 0.59 g/t over 5.0 m.
MTC-22-036 was a shallow hole designed to test the up-dip extension of hole MTC-21-005 and MTC-22-035 that returned 4.82 g/t Au over 26.0 m and 9.85 g/t Au over 16.0 m (see news releases dated February 10, 2022 and January 18, 2023) respectively in the Upper Footwall Zone (Figure 4). The hole successfully intersected a broad zone of mineralization grading 6.67 g/t Au over 6.0 m including 10.59 g/t Au over 3.5 m; demonstrating up-dip continuity. The mineralized zone is hosted in massive and brecciated, mafic volcanics with strong ankerite alteration with quartz-carbonate veining of up to 10%. Sulphide disseminations and stringers range from 1 to 10% pyrite and trace to 2% arsenopyrite.
MTC-22-037 was a step out hole up-dip of MTC-22-030 to test the continuity of the Upper Footwall Zone. The zone returned 2.47 g/t Au over 8.3 m including 9.19 g/t Au over 1.8 m confirming dip and strike continuity. The mineralized zone is hosted in moderate to pervasive ankerite-sericite altered, brecciated, mafic volcanic rocks with clusters of quartz veining up to 10% of the rock. Sulphide disseminations and stringers range from trace to 10% pyrite and trace to 2% arsenopyrite.
MTC-22-038 was designed as an easterly step out to MTC-22-030 that returned 3.40 g/t Au over 15.0 m in the Upper Footwall Zone. The hole returned 2.8 g/t Au over 3.0 m in ankerite-altered, mafic volcanics. Quartz and quartz-carbonate veining comprised up to 25% of the interval. Trace pyrite disseminations and stringers are present through the interval.
MTC-22-039 was drilled to test the easterly strike extent of Upper Footwall Zone in an untested area to the east of historical drill hole 06-Mat-01. This hole confirmed eastern continuity and returned 4.02 g/t Au over 10.3 m. The mineralized zone is associated with patches of strong sericite, ankerite alteration and strong silica alteration as vein halos. Quartz veining ranges from trace to 60% of host rock. Sulphide disseminations and stringers range from trace to 15% pyrite and trace to 15% arsenopyrite.
MTC-22-041 was drilled as an infill hole to test the Upper Footwall Zone between MTC-22-036 and MTC-22-037. This zone returned 3.29 g/t Au over 4.8 m including 8.38 g/t Au over 1.1 m; demonstrating continuity. The interval is hosted in strongly to pervasively ankerite-altered, brecciated, mafic volcanics with quartz veins ranging from trace to 90%. Sulphide disseminations and stringers range from trace to 8% pyrite and trace to 4% arsenopyrite.
MTC-22-042 was drilled to test the strike and depth continuity of the Lower Footwall Zone (Figure 5). The Lower Footwall Zone is hosted in sericite-ankerite-altered, mafic stratigraphy and returned 8.46 g/t Au over 5.0 m including 16.40 g/t Au over 2.0 m. This is the broadest and highest-grade interval returned to date from the Lower Footwall Zone. The hole had stacked intervals of mineralization associated with the Lower Main and Lower Footwall Zones.
The Lower Main Zone was intersected at three separate intervals including intervals of 1.07 g/t Au over 36.1 m and 2.67 g/t over 2.5 m. The two intersections are hosted in silica-sericite altered and brecciated, felsic volcanics with trace to 3% quartz and quartz-carbonate veining. Sulphides range from trace to 5% pyrite and trace to 15% arsenopyrite with higher sulphide content proximal to veins within the brecciated host rock. Quartz and quartz-carbonate veining comprises trace to 30%. Sulphide disseminations and stringers range from 2 to 20% pyrite and trace to 15% arsenopyrite.
Please refer to the following links for further information on the results:
https://www.globenewswire.com/NewsRoom/AttachmentNg/579c8131-2486-451b-88be-723855d2a0d9
Figure 2: Goldarm Property Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f0ca032-915f-4c12-b96a-85f2e3c4b691
Figure 3: Montclerg Gold Project Plan View Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/a911aefe-d329-4045-87ec-892dffd3a476
Figure 4: Montclerg Gold Project Cross Section Map A-A’ (Hole MTC-22-036)
https://www.globenewswire.com/NewsRoom/AttachmentNg/66e2ad17-18ca-4713-a741-00673a8fa5b1
Figure 5: Montclerg Gold Project Cross Section Map B-B’ (Hole MTC-22-042)
https://www.globenewswire.com/NewsRoom/AttachmentNg/4723578f-e971-4af7-8143-b414c6c6da90
About the Goldarm Property
The Goldarm Property is a large and highly prospective land package east of the Timmins Gold Camp (see Figures 1-2). The consolidated Goldarm Property covers approximately 30 kilometres (“km”) of the Pipestone Deformation Zone and the North Pipestone Deformation Zone. Within the Goldarm Property, there are several highly prospective gold targets such as the Aljo Gold Mine region, the Carr target and the Montclerg Gold Project which is the most advanced target. The Montclerg Gold Project covers 10 km of the highly prospective Pipestone Deformation Zone and is located 48 km east of the prolific Timmins Gold Camp and is adjacent to multiple current and historic gold mines (see Figure 1).
About GFG Resources Inc.
GFG is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions, Ontario and Wyoming. In Ontario, the Company operates three gold projects, each large and highly prospective gold properties within the prolific gold district of Timmins, Ontario, Canada.
The projects have similar geological settings that host most of the gold deposits found in the Timmins Gold Camp which have produced over 70 million ounces of gold. The Company also owns 100% of the Rattlesnake Hills Gold Project, a district scale gold exploration project located approximately 100 km southwest of Casper, Wyoming, U.S. In Wyoming, the Company has partnered with Group 11 Technologies Inc. through an option and earn-in agreement to advance the Company’s Rattlesnake Hills Gold Project with a technology that could revolutionize the gold mining industry.
For further information, please contact:
Brian Skanderbeg, President & CEO
or
Marc Lepage, V.P., Business Development
Phone: (306) 931-0930
Email: info@gfgresources.com
Website: www.gfgresources.com
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Tags: Northern Ontario / Exploration / Gold / All Articles