GFG Resources Completes Acquisition of the Aljo Mine Gold Claims, Expanding the Goldarm Property in the Timmins Gold District

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[{"type":"text","content":" SASKATOON, Saskatchewan, April 27, 2022 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces that it has finalized the previously announced acquisition (the “Agreement”) of 100% interest in 14 unpatented mining claims (the “Coulson Claims”) with private, arm’s length vendors (the “Vendors”). The Coulson Claims are adjacent to the Company’s newly consolidated Goldarm Property (See Figure 1) east of the prolific Timmins Gold District. The historic Aljo Mine is located on the Coulson Claims and was the focus of underground exploration and development during the early 1900’s, including two shafts to depths of 400 and 575 feet. Limited, intermittent production occurred through the 1940’s. More recently, Kingswood Exploration completed surface exploration and drilling on the property between 1988 and 1992. This historic drilling returned high-grade gold mineralization associated with quartz-carbonate veins in highly carbonate-altered mafic volcanic rocks (See Table 1). Gold mineralization is also documented in the adjacent ultramafic and porphyric felsic intrusive rocks which, along with the presence of extensional- and shear-vein systems, provides support for multiple mineralized zones and the overall high prospectivity of the area. Table 1: Highlights from Historic Drill Intercepts on the Coulson Claims (1) Hole ID From (m) To (m) Interval (m) Au g/t DC822 74.68 76.20 1.52 15.40   85.92 86.87 0.94 10.92 K-2-88 151.49 153.31 1.83 14.34 BC-90-4 19.20 21.03 1.83 82.60 BC-90-5 78.64 80.16 1.52 11.20 BC-90-6 58.83 59.44 0.61 83.44 BC-92-12 72.24 74.07 1.83 9.24   76.60 76.99 0.40 72.24 BC-92-21 102.78 106.07 3.29 5.46 (1) Drill intercepts are historical and GFG’s QP has not verified the laboratory accreditation, analytical method, sample size or QA/QC procedures utilized for the historic drill results. True widths have not been estimated. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource on the Coulson Claims to date and it is uncertain if further exploration will result in the Coulson Claims being defined as a Mineral Resource. Terms of the Agreement Under the terms of the Agreement, GFG has acquired a 100% interest in the Coulson Claims in consideration of the following: the issuance of 700,000 common shar...

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