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GFG Identifies New High-Grade Gold Target and provides update at Pen Gold Project, West of Timmins

Nov 13, 2020

GFG Resources Inc. has identified a new high-grade gold target with grab samples of up to 65.90 grams of gold per tonne from a recent prospecting program at its 100% owned, district-scale, Pen Gold Project. In addition to its surface exploration program, the Company is well advanced on its Phase 2 drill program at the Project. To date, the Company has completed 5,200 metres of the 8,500 metre drill program and expects to complete the program in December 2020. Following the Phase 2 drill program, the Company will resume drilling with a plan to drill 4-5,000 metres in the first quarter of 2021.

The new gold target, the R66 Prospect, is located 2.3 kilometres southeast of the Slate Rock Prospect where the Company has been actively drilling (See Figure 1). The R66 target and area was highlighted as a high priority target during the Company’s regional structural interpretation when it consolidated the Project in 2018. The R66 surface showing consists of a pair of northeast-trending quartz veins with trace to one percent pyrite and chalcopyrite within sericite-carbonate altered, highly strained mafic to intermediate volcanic rocks. Grab samples of the vein and adjacent wall rocks returned values that include 7.57, 28.60, 52.10 and 65.90 g/t Au (See Table 1).

The R66 target area is highly attractive as it is located along a northeast-structural corridor in direct proximity to a major first and second order structural intersection. Also relevant is the presence of broad intrusion-hosted mineralization at the Slate Rock target and Timiskaming conglomerates hosting anomalous gold mineralization immediately to the north. The veins are sub-parallel to the strain fabric and exposed intermittently over a strike length of 25 metres in a low-lying area in the central part of the west block of the Project. The area has had limited historical surface exploration or drilling, and the Company intends to conduct additional surface stripping and sampling to advance the R66 Prospect to a drill-ready stage by the first quarter of 2021.  

Brian Skanderbeg, President and CEO commented, “The R66 Prospect results are the highest grade surface samples to have been recorded on the western portion of the property and demonstrate the opportunity to make new gold discoveries at the Project. The high-grade results demand further attention and we will advance this prospect to a drill ready stage in the coming months with an objective to drill test the target in the first quarter of 2021.

“Our expanded Phase 2 2020 drill program is progressing well with 15 holes completed to date at several targets including four holes at our new Nib discovery. We are optimistic we will be able to provide initial assay results in the near term and consistent news flow over the next several quarters.”

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