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GFG Resources Drills 71.27 Grams of Gold per Tonne Over 8.5 Metres at the Pen Gold Project West of Timmins, Ontario
SASKATOON, Saskatchewan, April 06, 2020 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) reports it has intersected a
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, April 06, 2020 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) reports it has intersected a significant high-grade gold system at the Nib Prospect at its 100% owned Pen Gold Project (the “Project”) located 40 kilometres west of the prolific Timmins Gold District in Ontario, Canada. Hole PEN-20-47 intersected 71.27 grams of gold per tonne (“g/t Au”) over 8.5 metres (“m”) including 511.00 g/t Au over 1.15 m at a vertical depth of approximately 50 m below surface (See Table 1 and Figures 1-4). During the first quarter of 2020, the Company completed seven holes (2,751 m) as part of its 2020 Phase 1 drill program. Currently, the Company is drilling the final hole of the program at the HGM Prospect and expects to finish the hole in the coming week. The Phase 1 drill program was designed to test targets at the Nib, HGM and Slate Rock prospects with approximately 3,500 m of drilling. Additional assays will be reported as they become available. “Hole PEN-20-47 is the most significant intercept ever drilled on our 500 square kilometre Pen Gold Project,” stated Brian Skanderbeg, President and CEO. “This exceptional intercept along with the multiple mineralized intervals further downhole demonstrates that the Nib Prospect has the potential to host a large-scale gold system. These recent results in combination with numerous significant intercepts at our other regional targets, validates our view that this portion of the Abitibi has the potential to host multiple gold deposits next to a world-class gold camp. We look forward to follow-up drilling on this very exciting and underexplored target in our Phase 2 2020 drill program in the third quarter.” Nib Prospect Overview At the Nib Prospect, in the central part of the Pen Gold Project, gold mineralization occurs in altered and variably sheared and veined diorite along the western margin of the Reeves Ultramafic Complex (See Figure 1). Extensive swamp and esker cover in this area have hindered historic exploration and prevented explorers from realizing the significance of the gold mineralization at the Nib-Yellowknife occurrence. In 2018, the Company completed initial drill testing of the Nib Prospect and identified three distinct northeast-trending, mineralized zones with hole PEN-18-017 returning 0.89 g/t Au over 7.0 ...