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GFG Resources Identifies New Gold Target with up to 7 g/t Gold and Expands Slate Rock Target at the Pen Gold Project West of Timmins, ON
SASKATOON, Saskatchewan, Dec. 09, 2019 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce the res
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, Dec. 09, 2019 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce the results from its recently completed regional prospecting program which has successfully extended existing regional gold targets and outlined new highly prospective areas at its 100% owned Pen Gold Project (“Project”) in Ontario, Canada (see Figures 1-3). The Project is located 40 kilometres west of the prolific Timmins Gold District and is part of a consolidated, underexplored land package of approximately 680 square kilometres that includes the Dore Gold Project. Over the next five months, the Company plans to drill approximately 6,500 metres at the Pen Gold Project. Brian Skanderbeg, President and CEO, commented, “We are very encouraged by these results as they expand current prospects and outline new kilometre scale targets that have never been drill tested. The fact that we can identify a target like Boundary after decades of historic exploration efforts on this property is exciting and demonstrates the opportunities that exist on this very large, underexplored property.” Surface Prospecting ResultsIn its 2019 regional prospecting program, the Company collected 1,395 rock grab and channel samples to assess the prospectivity of priority target areas derived from the integration of geological, structural and geochemical data. Recent prospecting efforts have resulted in the identification of a new mineralized trend (termed ‘Boundary’) and the confirmation of the regional extent of the mineralized system at Slate Rock (see Figures 1-3). These two mineralized trends are over 20 kilometres apart and located in the east and west block of the Project respectively. In addition to the rock samples, the Company collected 165 regional and infill till samples on the Project. The Company expects to receive the results from the till sampling program in the first quarter of 2020. Boundary TargetThe newly identified Boundary target was prioritized for prospecting due to the coincidence of a regional till gold grain anomaly with an area of favorable structural complexity interpreted from airborne magnetics. Prospecting has identified several new gold occurrences along a three kilometre trend (see Figure 2). At eight different locations, grab samples collected from...