GFG Resources Inc. announces new high-grade gold assay results from its recently completed 17-hole 2022 Phase 2 drill program at the Montclerg Gold Project, located 40 kilometres (“km”) east of Timmins, Ontario. The results released are from four drill holes in the MC Central target where GFG has continuously proven and grown a robust gold system since the Company acquired Montclerg in October 2021. During the Phase 2 drill program, the Company completed a total of 17 holes (3,541 m) on the Goldarm Property located east of Timmins, Ontario.

The Phase 2 drill program was designed to complete infill drilling to advance Montclerg towards resource, step-out holes to grow the Montclerg gold system and to begin testing high-priority gold targets within the Goldarm Property such as the Aljo Gold Mine target (“Aljo”). Of the 17 holes completed, 14 holes were completed at Montclerg and three holes at Aljo. In addition to the great results, the Company is optimistic that the remaining holes will return strong results as significant mineralized zones were observed.

Drill Hole MTC-22-031 was drilled to test the Lower Footwall Zone's western and depth continuity. Pervasive carbonate alteration and moderate to high strain within the mafic volcanics marks mineralization. Gold mineralization is associated with trace to 20% pyrite and trace to 10% arsenopyrite disseminations with moderate quartz veining of the host rock.

This zone returned 2.78 g/t Au over 7.4 m and includes 7.83 g/t Au over 2.3 m. The hole confirmed western strike continuity of Lower Footwall mineralization as well as continuity of the Upper Main Zone to the west of MTC-22-001. Drill Hole MTC-22-034 was designed to test the Upper and Lower Main Zones 30 m below MTC-22-023. The hole demonstrated depth continuity with strong to moderate silica, and patchy to pervasive sericite alteration of the felsic volcanics.

Mineralization is associated with trace to 5% quartz veining, trace to 5% disseminated arsenopyrite and trace to 1% pyrite in the wall rocks. The zone returned 1.34 g/t Au over 15.1 m. The Upper Footwall Zone was intercepted further downhole and comprises strong carbonate and weak silica alteration of mafic volcanics. It exhibits moderate brecciation and shearing and trace to 30% quartz veining.

Disseminated pyrite, 5 to 20%, and lesser arsenopyrite, trace to 10%, occur in the wall rocks. The zone returned 8.96 g/t Au over 5.4 m confirming the extension of the Upper Footwall Zone at depth. Drill hole MTC-22-035 was drilled 30 m down-dip of hole MTC-22-005 to test the depth continuity of the Lower Footwall Zone that returned 4.82 g/t Au over 26.0 m. The Upper Main Zone mineralization comprises patchy to strong silica and minor sericite alteration of felsic volcanics with irregular quartz veining.

Disseminated pyrite, trace to 1% and arsenopyrite, trace to 5%, occur throughout the wall rock. The Main Zone mineralization returned 2.31 g/t Au over 13.2 m, including 4.07 g/t Au over 5.1 m. Further downhole, mineralization of the Lower Footwall Zone comprises strong to pervasive carbonate alteration and patchy sericite altered mafic volcanics. There is localized blocky texture and fracturing with quartz veining ranging from 0.5 to 20%.

Disseminated pyrite, 2 to 30%, and lesser arsenopyrite, trace to 5%, occur in the wall rocks. This zone returned 9.85 g/t Au over 16.0 m including 14.99 g/t Au over 7.5 m. This confirms that the Lower Footwall Zone identified in hole MTC-22-005 continues to extend to depth, with significant widths interpreted to reflect the intersection between moderately north-dipping Upper Footwall Zone mineralization and sub-horizontal mineralization associated with the Lower Main Zone.