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GFG Resources Inc (GFG.V)

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0.16500.0000 (0.00%)
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Previous Close0.1650
Open0.1650
Bid0.1600 x 0
Ask0.1700 x 0
Day's Range0.1650 - 0.1650
52 Week Range0.0700 - 0.3050
Volume15,000
Avg. Volume111,859
Market Cap21.875M
Beta (5Y Monthly)1.89
PE Ratio (TTM)N/A
EPS (TTM)-0.0040
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est1.00
  • GFG Provides Results from 2020 Phase 2 Drill Program and Begins 4,000 m Drill Program at the Pen Gold Project West of Timmins, ON
    GlobeNewswire

    GFG Provides Results from 2020 Phase 2 Drill Program and Begins 4,000 m Drill Program at the Pen Gold Project West of Timmins, ON

    Figure 1: Plan Map of Regional Targets on the Pen Gold Project Plan Map of Regional Targets on the Pen Gold Project Figure 2: Plan Map of Boundary Regional Target Plan Map of Boundary Regional Target Figure 3: Cross Section of Hole PEN-20-070 at Boundary Prospect Cross Section of Hole PEN-20-070 at Boundary Prospect Figure 4: Plan Map of Sewell North Prospect Plan Map of Sewell North Prospect Figure 5: Plan Map of Nib Prospect Plan Map of Nib Prospect Figure 6: Plan Map of Broadway Prospect Plan Map of Broadway Prospect Highlights: Discovered gold mineralization on first pass drill testing of the Boundary Trend from hole PEN-20-070 (4.66 g/t Au over 1.2 m and 5.02 g/t Au over 0.7 m);Demonstrated that the Broadway Prospect is prospective over a 1.2 km trend from 600 m step-out hole that hit 5.43 g/t Au over 0.5 m;Hit multiple zones of broad gold mineralization along strike at the Nib Prospect in hole PEN-20-061 (0.81 g/t Au over 10.0 m) and hole PEN-20-062 (6.27 g/t Au over 1.0 m and 0.92 g/t Au over 13.0 m);2021 winter drill program of 4-5,000 m has begun. Priority drill targets include Slate Rock and R66 followed by Boundary, Sewell North and Nib; and Announces fully funded 2021 exploration program of approximately C$3.0 million that includes 8-10,000 m of drilling. SASKATOON, Saskatchewan, Feb. 24, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) reports the remaining results from its Phase 2 2020 drill program at its 100% owned Pen Gold Project (“Pen” and or the “Project”). During the Phase 2 drill program, the Company drilled 8,950 metres (“m”) from 30 holes testing multiple targets at Sewell, Sewell North, Boundary, Nib, HGM, Crawford, Broadway and Broadsword (see Figure 1). The Company also announces that drilling has resumed at Pen and the first drill hole at Slate Rock has been completed. The 2021 winter drill program of 4-5,000 m is designed to follow-up on recent discoveries and test newly generated targets such as the R66 Prospect. The Company anticipates completing the winter drill campaign in April 2021. “We are very pleased to have discovered new gold systems at the Boundary, Sewell North and Broadway targets with our first pass drill testing. Outlining new gold systems validates our methodical and disciplined exploration strategy as these targets are multi-kilometre in size, have no historic drilling and are under till cover.,” stated Brian Skanderbeg, President and CEO. “The follow-up drilling at Nib intercepted several broad zones of gold mineralization. These will require further analysis and drilling to better understand the controls of the gold system and isolate continuity of the high-grade mineralization.” Mr. Skanderbeg added, “Looking ahead, we are excited to begin our fully-funded 2021 winter drill program that will test several targets with 4-5,000 m of drilling. We are optimistic that we can deliver strong results from following up on our more advanced targets and the potential for new discovery at our high-grade R66 target.” 2020 Phase 2 Drill Program Results The Company completed a total of 30 holes (8,950 m) testing numerous targets in the eastern portion of the Project (see Table 1 and Figures 1-6). The Phase 2 drill program was designed to follow-up on the high-grade gold intercepts at the Nib, HGM and Sewell prospects and to test new targets at Sewell North, Boundary, Broadway and Broadsword. Initial results from nine drill holes were reported previously (see news release: “GFG Announces Initial Drill Results from Recently Completed Phase 2 Drill Program at the Pen Gold Project West of Timmins, ON”). Results from all the remaining drill holes from the drill program are outlined below. Boundary The Boundary Trend was identified in 2019 through systematic till sampling and follow-up prospecting that outlined six new gold showings along a three kilometre (“km”) trend within the eastern portion of the Project (see Figure 2). Surface rock grab and channel sampling returned up to 11 grams per tonne gold (“g/t Au”) associated with quartz veined, carbonate-sericite altered mafic volcanic and intrusive rocks. The Company completed six holes along the Boundary Trend and in the westernmost hole, PEN-20-070, two zones were encountered in carbonate-altered mafic volcanic rocks that returned 4.66 g/t Au over 1.2 m at 190.5 m and 5.02 g/t Au over 0.7 m at 264.9 m (see Figure 3). The lower zone is of particular interest as it consists of an interval of high strain and quartz-carbonate flooding at the contact with the underlying sedimentary rock package. Management believes the strain, alteration and structural setting are a strong indicator to host a significant gold system and plans to follow-up drilling in the 2021 winter drill program. Sewell NorthReconnaissance drilling at the Sewell North Prospect in 2020 identified a new gold zone along a parallel structure approximately one km north of the Sewell Prospect. Hole PEN-20-054 encountered a quartz-carbonate vein system in strongly sheared and altered diorite that returned 4.56 g/t Au over 0.7 m at 15.7 m downhole. Initial follow-up drilling has confirmed that the style of veining and alteration is analogous to the Sewell Prospect which has returned values up to 33.80 g/t Au over 1.05 m (see Figure 4). A structural study of recently completed drone magnetic survey data has highlighted several priority structural corridors that the Company plans to drill test as part of the winter drill program. NibPrevious drilling by GFG at the Nib Prospect identified several northeast-trending gold zones within quartz-carbonate veined and variably albite-silica-carbonate altered diorite with associated arsenopyrite and pyrrhotite mineralization. Four holes were completed during the Phase 2 program to test for strike and depth extensions to the intercept in hole PEN-20-047 which returned 71.27 g/t Au over 8.5 m. This follow-up drilling has successfully traced multiple vein zones on strike and at depth with values up to 6.27 g/t Au over 1.0 m and 0.92 g/t Au over 13.0 m in hole PEN-20-062 and 0.81 g/t Au over 10.0 m in hole PEN-20-061 (see Figure 5). These holes were drilled as 50 m step-outs along strike to the northeast and southwest. While unable to trace the very high-grade intercept, the consistent character and width of the vein zones are significant and deserve further consideration. The Company is currently analyzing the recently acquired data to better understand the controls of the system to guide future drill programs. Broadway In 2020, the Company drilled three holes to determine the extent of the gold system along the Broadway Trend with 300 m and 600 m step-outs holes from hole PEN-19-040 that returned 7.30 g/t Au over 0.7 m in veined and carbonate-altered diorite (see news release: “GFG Provides Exploration Update and Initiates 2020 Drill Program at Pen Gold Project West of Timmins, ON”). As predicted from the extent of the till gold-grain anomaly, these reconnaissance drill holes have now successfully traced the gold system for over one km from the surface showing in the north to hole PEN-20-065 in the south that returned 5.43 g/t Au over 0.5 m (see Figure 6). Given the scale and consistent character of the intersected veins, the Broadway Trend remains a high priority exploration target. 2021 Phase 1 Drill ProgramThe Company has resumed drilling at the Project with a plan to drill 4-5,000 m over the coming winter months. The fully funded drill program will have a primary focus on the Slate Rock and R66 targets in the west block of the Project and other priority targets such as Sewell North, Boundary, Broadway and Nib in the east block of the property (see Figure 1). Slate Rock Gold mineralization at Slate Rock occurs in a multi-phase diorite intrusion and has been traced intermittently with gold grains in till, surface rock samples and drill core for a strike length of over three km. Exploration has been focused up-ice of boulder samples that returned up to 18.0 g/t Au at the head of a till anomaly that peaked at 220 grains of gold (84% pristine). Initial drilling in 2019 returned significant intercepts such as 0.47 g/t Au over 25.3m including 3.58 g/t Au over 1.0 m associated with intense quartz-sericite-albite alteration, pyrite-magnetite mineralization and quartz-carbonate veining. In 2020, drill hole PEN-20-047, collared 800 m to the west, encountered multiple mineralized zones including a visible gold bearing interval that graded 0.29 g/t Au over 25.5m including 2.36 g/t Au over 1.0 m. As part of the winter drill program, the Company plans to drill four holes to follow-up on this visible gold bearing interval and related geophysical anomalies beneath Slate Rock Lake. R66 Prospecting of a priority regional structural target in 2020 identified a significant new gold showing, R66, in the west block of the property in a low-lying area with no documented historic gold exploration or drilling (see news release: “GFG Identifies New High-Grade Gold Target and Provides Drilling Update at the Pen Gold Project, West of Timmins, ON”). The recently discovered, northeast-trending quartz-carbonate veining, occurs within highly strained and carbonate altered intermediate to mafic volcanic rocks and has returned outcrop sample results up to 8.39, 11.10, 21.60 and 65.90 g/t Au. Veining occurs proximal to a prominent mafic-ultramafic contact and along a northeast structural corridor that shows a distinct magnetite destruction signature. As part of the on-going drill program, the Company plans to test the depth extension of the veins discovered on surface and to test several regional targets along the one-kilometer corridor. Outlook In 2021, the Company will continue to prioritize its focus on the Pen Gold Project with a budget of approximately C$3.0 million. The 2021 exploration plans at Pen are fully funded and include 8-10,000 m of drilling, drone magnetic surveys, prospecting, mapping and till sampling. In addition to its activities in Canada, the Company continues to execute on its strategic process to advance its 100% owned Rattlesnake Hills Gold Project (“RSH”) in Wyoming. The Company remains confident that it will have the opportunity outline a plan to advance the RSH project in the coming months. Table 1: Select Results from the 2020 Phase 2 Drill Program at the Pen Gold Project Hole IDFromToLength (m)Au (g/t)TargetPEN-20-061280.0290.010.00.81Nibincluding281.0282.01.03.21and377.5378.51.01.25and406.2408.22.01.13PEN-20-06250.051.01.00.69Niband122.0135.013.00.92including127.0131.04.01.58and including128.0129.01.02.64and274.0275.01.00.84and293.0294.01.01.15and331.0332.01.06.27and367.0368.31.31.17PEN-20-063196.5198.01.50.66Broadwayand214.5215.51.00.51PEN-20-065115.0115.50.55.43Broadwayand128.2129.21.00.54PEN-20-06941.042.01.00.76Boundaryand66.067.01.00.92and77.478.41.00.53and90.091.01.00.76and235.8236.70.90.76PEN-20-070108.0109.01.00.83Boundaryand190.5191.71.24.66and204.4205.41.00.82and263.5266.53.01.70including264.85265.50.655.02and292.0294.02.00.63and323.0324.01.01.42PEN-20-072320.0321.01.00.53CrawfordPEN-20-07454.054.50.50.60North SewellPEN-20-075167.0168.01.00.55SewellPEN-20-07769.071.02.00.64BroadswordPEN-20-08019.020.01.00.98Sewelland37.739.72.01.16and82.383.31.01.22PEN-20-08159.561.01.51.29Sewelland110.0114.04.01.03including110.0111.01.03.10 *Gold intervals reported in the above table are at 0.2 g/t cut-off and a minimum 0.5 gram per metre product. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 70-90% of drilled thickness. Figure 1: Plan Map of Regional Targets on the Pen Gold Projecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/29e9def9-4ed2-4d48-8b41-c748a02025c4 Figure 2: Plan Map of Boundary Regional Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/8ea7d4d6-1a66-406f-b3c5-c93384df95a1 Figure 3: Cross Section of Hole PEN-20-070 at Boundary Prospecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/e39a3ded-5bee-47b1-9467-4b90761e1ff5 Figure 4: Plan Map of Sewell North Prospecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/aa45c55e-70fe-46fc-9452-bd24c22c25b2 Figure 5: Plan Map of Nib Prospecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/a04633c3-f474-4068-8575-6aba3256f7b1 Figure 6: Plan Map of Broadway Prospecthttps://www.globenewswire.com/NewsRoom/AttachmentNg/aacf75cc-e7b8-4143-84b1-e3591a2da7e1 About the Pen Gold Project The Pen property is located approximately 40 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. About GFG Resources Inc. GFG Resources 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 owns 100% of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold 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 kilometres southwest of Casper, Wyoming, U.S. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold. For further information, please contact: Brian Skanderbeg, President & CEOPhone: (306) 931-0930 or Marc Lepage, Vice President, Business Development Phone: (306) 931-0930 Email: info@gfgresources.comWebsite: www.gfgresources.com Stay Connected with UsTwitter: @GFGResourcesLinkedIn: https://www.linkedin.com/company/gfgresources/Facebook: https://www.facebook.com/GFGResourcesInc/ Qualified Persons Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Mr. Skanderbeg has reviewed the sampling and QA/QC procedures and results thereof as verification of the sampling data disclosed above and has approved the information contained in this news release. Sampling and Quality ControlDrill core samples are analyzed for gold by Activation Laboratories Ltd. in Timmins, Ontario. Gold analysis consists of the preparation of a 500-gram pulp and an assay of a 50-gram aliquot by Pb collection fire assay with an Atomic Absorption Spectrometry finish (Package 1A2-50. Samples assaying above 5 ppm Au are routinely re-run using a gravimetric finish (Package 1A3-50). Mineralized zones containing visible gold are analyzed by a screen metallic fire assay method. Selected samples are also undergoing multi-element analysis for 59 other elements using a four-acid digestion and an ICP-MS finish (Package MA250) by Bureau Veritas Commodities Canada Ltd. in Vancouver, British Columbia. Quality control and assurance measures include the monitoring of results for inserted certified reference materials, coarse blanks and preparation duplicates of drill core. Sampling protocols, quality control and assurance measures and geochemical results related to historic till, rock grab, and drill core samples quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates. CAUTION REGARDING FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States. In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive. Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.

  • GFG Announces the Grant of Stock Options
    GlobeNewswire

    GFG Announces the Grant of Stock Options

    SASKATOON, Saskatchewan, Feb. 16, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) pursuant to the Company’s annual executive compensation program, the Company announced that it has granted stock options to officers, employees and senior consultants to purchase up to an aggregate of 1,245,000 common shares of the Company. The stock options have various vesting periods and are exercisable for a period of five years at a price of $0.165 per common share. The Company is also pleased to announce that the Company’s President and CEO and its Board of Directors will maintain their reduced annual cash compensation in a continued effort to maximize the Company’s in-the-ground exploration expenditures. In lieu of the reduced compensation, the Company will grant the President and CEO and its Board of Directors stock options to purchase an aggregate of 651,241 common shares of the Company. These options vest over the next four quarters, beginning March 31, 2021, and are exercisable for a period of five years at a price of $0.165 per common share. The incentive and compensation stock options were granted in accordance with the Company’s Stock Option Plan which provides for the issuance of up to 10% of the issued capital at any time. Including the grants above, the Company has a total of 7,550,069 options outstanding, representing 5.7% of the issued capital of the Company. About GFG Resources Inc. GFG Resources 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 owns 100% of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold 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 kilometres southwest of Casper, Wyoming, U.S. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold. For further information, please contact: Brian Skanderbeg, President & CEOPhone: (306) 931-0930 or Marc Lepage, Vice President, Business Development Phone: (306) 931-0930 Email: info@gfgresources.comWebsite: www.gfgresources.com Stay Connected with UsTwitter: @GFGResourcesLinkedIn: https://www.linkedin.com/company/gfgresources/ Facebook: https://www.facebook.com/GFGResourcesInc/ CAUTION REGARDING FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting timelines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States. In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive. Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.

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

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

    Figure 1: Plan Map of Regional Targets on the Pen Gold Project Plan Map of Regional Targets on the Pen Gold Project Figure 2: Plan Map of Deerfoot Regional Target Pen Gold Project: Plan Map of Deerfoot Regional Target Figure 3: Long Section Map of HGM Prospect Pen Gold Project Long Section Map of HGM Prospect Figure 4: Plan Map of Nib Prospect Pen Gold Project: Plan Map of Nib Prospect Figure 5: Cross Section Map of Nib Prospect Pen Gold Project: Cross Section Map of Nib Prospect SASKATOON, Saskatchewan, Dec. 17, 2020 (GLOBE NEWSWIRE) -- 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.”“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. 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.”2020 Phase 2 Initial Drill Program Results The Company completed a total of 30 holes (8,900 m) testing numerous targets in the eastern portion of the Project (see Table 1 and Figures 1-5). The Phase 2 drill program was designed to follow-up on the high-grade gold discovery at the Nib Prospect (PEN-20-47: 71.27 grams of gold per tonne (“g/t Au”) over 8.5 m, including 511.00 g/t Au over 1.15 m), conduct step-out holes at the HGM and Sewell prospects and to test earlier stage targets at Sewell North, Boundary, Broadway and Broadsword. These initial drill results are from the Sewell North, HGM, Nib and the Boundary prospects.Sewell North Prospect Reconnaissance drilling with three holes at the Sewell North Prospect intercepted a new gold discovery along a parallel structure approximately one km north of the Sewell Prospect (see Figure 2). Prior to GFG, the target area had seen no drill testing. Hole PEN-20-054 returned 4.56 g/t Au over 0.7 m at 15.7 m downhole. Gold mineralization is hosted in a quartz-pyrite-tourmaline vein system associated with strongly-sheared, albite-silica altered diorite, a geological setting is similar to the Timmins West Mine, which is located 20 km to the northeast. Based on these encouraging results, two follow-up holes have been completed with assays pending. The Company plans to drill test this prospective zone further in early 2021.HGM Prospect Previous drilling at the HGM Prospect has outlined several distinct zones of gold mineralization with high-grade intervals that include 21.59 g/t Au over 3.9 m and 7.53 g/t Au over 2.2 m. As part of the 2020 drill program, two holes were drilled to test for the western and depth extensions to these zones (see Figure 3).Hole PEN-20-052 was designed to test the up-dip western continuity of the system. The hole intersected four distinct zones of gold mineralization associated with disseminated pyrite within silica-carbonate altered, quartz-veined mafic volcanic stratigraphy between 150 and 290 m downhole. Results include 0.55 g/t Au over 5.0 m, 1.24 g/t Au over 1.50 m and 0.88 g/t Au over 4.5 m.Hole PEN-20-053 was designed to test the western plunge continuity of the system. The hole intersected three distinct zones of mineralization associated with disseminated pyrite within silica-carbonate altered, quartz-veined mafic volcanic stratigraphy between 375 and 407 m downhole. Results include 1.03 g/t Au over 1.3 m, 1.17 g/t Au over 2.0 m and 0.98 g/t Au over 1.8 m.The program was successful in confirming the stacked nature of the mineralization and the continuity of the system both down-plunge and up-dip to the west. The system remains open at depth and down-plunge.Nib Prospect Previous drilling by GFG outlined three distinct northeast-trending mineralized zones within sheared and altered diorite at the Nib Prospect. Phase 2 drilling included four holes that focused on the uppermost zone where hole PEN-20-47 encountered 71.27 g/t Au over 8.5 m at 50 m below surface and on the strike and depth extensions of several footwall vein systems.Assays have been received for two holes that tested the depth continuity of the Nib mineralization on 25 and 50 m step-outs (see Figures 4 and 5).   The two holes outlined new zones and extended those intercepted in hole PEN-20-47 to depth, albeit at lower grades. Hole PEN-20-59 returned 1.65 g/t Au over 1.7 m and 0.57 g/t over 3.6 m from depths of 110 and 142 m downhole. Hole PEN-20-60 intersected several zones of mineralization from depths of 249 to 495 m downhole highlighted by returned 0.90 g/t Au over 3.0 m, 0.81 g/t Au over 6.0 m and 1.14 g/t Au over 6.0 m. Gold mineralization is associated with disseminated pyrite-arsenopyrite within quartz-veined and variably albite-silica-carbonate altered diorite. The system remains open at depth and assays are pending on two holes that tested the strike continuity of the system on 50 m step-outs.Boundary Prospect The Boundary Prospect was identified in 2019 through systematic till sampling and follow-up prospecting that outlined six new gold showings along a three km trend within the eastern portion of the Project. Surface rock grab and channel sampling returned up to 11 g/t Au associated with quartz veined, carbonate-sericite altered mafic volcanic rocks. During the 2020 Phase 2 drill program, GFG completed six holes testing a number of targets along the trend. To date, results have been received for 2 holes that returned no significant intercepts while results from the remaining four holes are pending.Outlook Following a significant 2020 exploration program, the Company will now focus on reviewing and analyzing the received and pending drill results and prepare for its up-coming drill program of approximately 5,000 m that is scheduled to begin in late January. The up-coming program is fully funded as the Company maintains a strong cash position of approximately C$4.3 million.The Company continues to see significant delays in assay lab turnaround, in some instances over seven weeks, and anticipates receiving the remaining assay results in the new year. Once received, the Company looks forward to providing an update.Departure of Vice President Exploration, U.S. The Company announces that Mr. Timothy Brown, Vice President Exploration, U.S., will be leaving the Company effective December 31, 2020 to pursue a new professional opportunity.Brian Skanderbeg, President and CEO stated: “On behalf of the Company, I would like to thank Tim for his many contributions at our Rattlesnake Hills Gold Project, and to GFG as whole, over the last four years and wish him much success in his future endeavors”.Table 1: Selected Results from the 2020 Phase 2 Drill Program at the Pen Gold ProjectHole ID From (m) To (m) Length (m) Au g/t Target PEN-20-052 128.5 130.0 1.5 0.49 HGM  and 146.0 151.0 5.0 0.55    157.0 159.0 2.0 0.49    168.0 169.5 1.5 1.24    257.5 260.5 1.5 1.16    282.5 287.0 4.5 0.88  PEN-20-053 375.0 376.3 1.3 1.03 HGM  and 384.0 386.0 2.0 1.17    405.5 407.3 1.8 0.98    464.4 465.2 0.8 0.98    482.6 484.2 1.6 0.47    490.2 494.2 4.0 0.24  PEN-20-054 15.7 16.4 0.7 4.56 Sewell North PEN-20-055 224.5 225.0 0.5 0.72 Sewell North PEN-20-056 176.9 177.6 0.7 0.47 Sewell North PEN-20-057 87.0 88.5 1.5 0.50 Boundary PEN-20-058 no significant assays Boundary PEN-20-059 109.8 111.5 1.7 1.65 Nib  and 138.5 142.0 3.5 0.57  PEN-20-060 148.2 148.7 0.5 0.62 Nib and 246.6 249.6 3.0 0.90    268.5 275.6 7.1 0.30    308.4 313.4 5.0 0.23    331.0 337.0 6.0 0.81    374.0 380.0 6.0 1.14    493.0 494.0 1.0 0.63    494.0 495.0 2.0 0.61  *Gold intervals reported in the above table are at 0.2 g/t cut-off and a minimum 0.5 gram per metre product. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 70-90% of drilled thickness. Click on Figures to Expand Image Figure 1: Plan Map of Regional Targets on the Pen Gold Project Figure 2: Plan Map of Deerfoot Regional Target Figure 3: Long Section Map of HGM ProspectFigure 4: Plan Map of Nib ProspectFigure 5: Cross Section Map of Nib ProspectAbout GFG Resources Inc.GFG Resources 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 owns 100% of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold 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 kilometres southwest of Casper, Wyoming, U.S. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold.For further information, please contact: Brian Skanderbeg, President & CEO Phone: (306) 931-0930 or Marc Lepage, Vice President, Business Development Phone: (306) 931-0930 Email: info@gfgresources.com Website: www.gfgresources.com  Stay Connected with Us Twitter: @GFGResources LinkedIn: https://www.linkedin.com/company/gfgresources/ Facebook: https://www.facebook.com/GFGResourcesInc/Qualified Persons Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Mr. Skanderbeg has reviewed the sampling and QA/QC procedures and results thereof as verification of the sampling data disclosed above and has approved the information contained in this news release.Sampling and Quality Control Drill core samples are being analyzed for gold by Activation Laboratories Ltd. in Timmins, Ontario. Gold analysis consists of the preparation of a 500-gram pulp and an assay of a 50-gram aliquot by Pb collection fire assay with an Atomic Absorption Spectrometry finish (Package 1A2-50. Samples assaying above 5 ppm Au are routinely re-run using a gravimetric finish (Package 1A3-50). Mineralized zones containing visible gold are analyzed by a screen metallic fire assay method. Selected samples are also undergoing multi-element analysis for 59 other elements using a four-acid digestion and an ICP-MS finish (Package MA250) by Bureau Veritas Commodities Canada Ltd. in Vancouver, British Columbia. Quality control and assurance measures include the monitoring of results for inserted certified reference materials, coarse blanks and preparation duplicates of drill core.Sampling protocols, quality control and assurance measures and geochemical results related to historic till, rock grab, and drill core samples quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates.CAUTION REGARDING FORWARD-LOOKING INFORMATIONAll statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States. In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project.Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive.Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.Maps accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/792afe47-96ea-42ef-8714-c157f66c30a9https://www.globenewswire.com/NewsRoom/AttachmentNg/aec67aff-1d17-4cd8-8391-2c2312ee000ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/59d153ef-51ae-4181-9fbb-718ccdc6aa2dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/a33dd033-cb3f-4125-88da-7012a0716ed7https://www.globenewswire.com/NewsRoom/AttachmentNg/682af61c-0349-4dd2-8554-3e72b3f89949