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GFG Resources Expands Presence in Timmins - Acquires the Montclerg Gold Project East of the Prolific Timmins Gold District
SASKATOON, Saskatchewan, Oct. 05, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce that it
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, Oct. 05, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with International Explorers and Prospectors Inc. (“IEP”) to acquire a 100% interest in the Montclerg Gold Project (and/or the “Project”). The Montclerg Gold Project is located 48 kilometres (“km”) east of the prolific Timmins Gold Camp and is surrounded by multiple current and historic gold mines (See Figure 1). The Project consists of five patented mining claims and 110 unpatented mining claims that cover 10 km of the highly prospective Pipestone Deformation Zone (See Figure 2) which hosts multiple gold deposits and mines in one of the most prolific gold districts in the world. Brian Skanderbeg, President and CEO of GFG, commented, “The acquisition of the Montclerg Gold Project is a great opportunity to add a more advanced and drill ready exploration project that has a robust and underexplored gold system outlined. In addition to the known gold zones, we believe there is significant exploration potential to extend the system and discover additional mineralized zones. We look forward to implementing our exploration strategy and advancing the Montclerg Gold Project alongside our Pen and Dore gold projects located west of Timmins.” Montclerg Gold Project Details The Montclerg Gold Project overlaps the Pipestone Deformation Zone, a major northern splay of the Porcupine Destor Deformation Zone, approximately 8.5 km east of Grace Gold’s Clavos gold deposit and 37 km west of Mayfair Resources’ Fen-Gibb gold deposit. The two gold prospects at the Montclerg Gold Project, MC and CX, occur north and south of the Pipestone Deformation Zone, respectively, and are associated with east-northeast trending fault zones that bisect the metasedimentary, felsic volcanic, mafic volcanic and felsic porphyric rocks of the area. Since the discovery of gold at the MC prospect in 1938, a total of 19,730 metres (“m”) have been drilled in 96 holes that sporadically test the trend over a 1.5 km strike length. The vast majority of holes, approximately 80, were drilled prior to 1967 and focused on depths of less than 150 m. These historic holes were not sampled completely with only the most intensely veined intervals assayed. Drilling in 2016...