GFG Resources Expands the Goldarm Property with the Acquisition of the Aljo Mine Gold Claims in the Timmins Gold District

About this update from Gfg Resources, Inc.

[{"type":"text","content":" SASKATOON, Saskatchewan, April 06, 2022 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces that it has entered into a binding letter of intent (the “Agreement”) with private, arm’s length vendors (the “Vendors”) to acquire a 100% interest in 14 unpatented mining claims (the “Coulson Claims”) adjacent to the Goldarm Property (See Figure 1). Brian Skanderbeg, President and CEO of GFG, commented, “We are happy to add the strategic Coulson Claims that host historic underground development at the Aljo Mine to our recently consolidated land package. The high-grade gold values and the fact that gold mineralization exists in a variety of geological settings and orientations demonstrates the prospectivity of the property and our contiguous Goldarm Property.” The Aljo Mine 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 uncerta...

More updates from Gfg Resources, Inc.