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GFG Resources, a precious metals exploration company focused on district scale gold projects in Ontario and Wyoming, has finalized its acquisition of the Montclerg Gold Project in Ontario

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GFG Resource’s Montclerg Gold Project, located 48 kilometres east of the prolific Timmins Gold Camp, consists of five patented mining claims and 110 unpatented mining claims. The land tenure includes 10 kilometres of the highly prospective Pipestone Deformation Zone which hosts multiple gold deposits and mines in one of the most prolific gold districts in the world.

Additional Information:

Company: GFG Resources
Website: http://www.GFGresources.com
Stock Symbol: TSXV: GFG
Date Published: Oct 29, 2021
Transcript: Available

Video Transcript:

I’m Merry Lou Proudfoot for Investmentpitch Media

GFG Resources, a precious metals exploration company focused on district scale gold projects in Ontario and Wyoming, has finalized its acquisition of the Montclerg Gold Project in Ontario.

The Montclerg Gold Project, located 48 kilometres east of the prolific Timmins Gold Camp, consists of five patented mining claims and 110 unpatented mining claims.

The land tenure includes 10 kilometres of the highly prospective Pipestone Deformation Zone which hosts multiple gold deposits and mines in one of the most prolific gold districts in the world.

The Montclerg Gold Project overlaps the Pipestone Deformation Zone, a major northern splay of the Porcupine Destor Deformation Zone, approximately 8.5 kilometres east of Grace Gold’s Clavos gold deposit and 37 kilometres west of Mayfair Resources’ Fen-Gibb gold deposit.

The two gold prospects at the Montclerg Gold Project, MC and CX, occur north of and within the Pipestone Deformation Zone, respectively, and are associated with east-northeast trending fault zones that bisect the metasedimentary, felsic volcanic, mafic volcanic and felsic porphyry rocks of the area.

The CX prospect, occurring about 350 metres south of the MC prospect, is hosted directly within the Pipestone Deformation Zone and was first drilled in 1987.

Since the discovery of gold at the MC prospect in 1938, a total of 19,730 metres have been drilled in 96 holes that sporadically test the trend over a 1.5 kilometre strike length.

The vast majority of these historic holes, approximately 80, were drilled prior to 1967 and focused on depths of less than 150 metres and were not sampled completely with only the most intensely veined intervals assayed.

Drilling in 2016 demonstrated the existence of up to five separate gold zones within the MC prospect.

Drill core shows three upper zones with composite grade and thickness on the order of 0.74 grams of gold over 124.5 metres.

Two deeper zones were intersected in several drill holes that tested the mafic volcanic footwall stratigraphy.

These two deeper zones are higher grade and have returned up to 3.69 grams per tonne gold over 7.4 metres, including 9.23 grams per tonne gold over 2.2 metres and 6.05 grams per tonne over 2.0 metres.

Both the MC and CX prospects have only been drilled sporadically along strike and have only been tested to shallow depths of less than 200 metres vertically, remaining open at depth and along strike.

Importantly, the deeper high-grade zones at the MC prospect demonstrate the high prospectivity of the footwall mafic volcanic rocks.

The geology and character of mineralization is analogous to the Clavos gold deposit with the mineralization at CX occurring in close proximity to a quartz-feldspar porphyry body that intruded along the contact of the metasedimentary and ultramafic rocks.

This table show select highlighted historic drill holes from the Montclerg Gold Project.

Under the terms of the Agreement, the company has the right to acquire 100% of the Project by completing a series of staged equity payments, transferring assessment credits and spending $1.0 million in exploration expenditures over the next 24 months.

Brian Skanderbeg, President and CEO, stated: “This acquisition fits our strategy of exploring in top tier jurisdictions, leverages our skill set and local Timmins team, lowers our exploration risk and encompasses a system with scale and numerous advanced drill targets. Before year-end, we plan to complete a resampling program of historic core, drone geophysics and approximately 3,000 metres of drilling from our current cash on hand. With the combination of our Timmins exploration programs and the on-going advancements at our Rattlesnake Hills Gold Project with our partners Group 11 Technologies, we anticipate an exciting and catalyst-rich news flow for the remainder of this year and 2022.”

The shares are trading at $0.165.

For more information, please visit the company’s website at www.GFGresources.com, contact Brian Skanderbeg, President and CEO, or Marc Lepage, VP Business Development at 306-931-0930 or by email at info@GFGresources.com.

I’m Merry Lou Proudfoot for Investmentpitch Media