- GFG Resources (TSXV:GFG) have released assay results for the final six holes of a winter drilling program at the Pen Gold Project in Ontario
- The company was targeting the site’s Nib, HGM and Slate Rock East prospects
- The best result came from Nib, which returned an assay of 71.27 grams per tonne gold over 8.5 metres
- The Slate Rock target returned lower-grade assays of 0.22 grams per tonne over 7.3 metres, and 0.31 grams per tonne over 14.2 metres
- The HGM prospect returned assays of 7.53 grams per tonne gold over 2.2 metres and 25.96 grams per tonne gold over one metre
- GFG Resources (GFG) is down five per cent and is trading at C$0.24 per share
GFG Resources (TSXV:GFG) have released assay results for the final six holes of a winter drilling program at the Pen Gold Project in Ontario.
The 3,300-metre program was targeting the Nib, HGM and the Slate Rock East mineral prospects on the site.
The best results came from the Nib target, which the company only recently identified on the site. Nib returned 71.27 grams per tonne gold over 8.5 metres.
The HGM prospect returned assays of 7.53 grams per tonne gold over 2.2 metres and 25.96 grams per tonne gold over one metre.
While the Slate rock prospect returned comparatively lower grade assays, the company still maintains it’s a high priority target. Assays from Slate Rock included 0.22 grams per tonne over 7.3 metres and 0.31 grams per tonne over 14.2 metres.
President and CEO of GFG Resources, Brian Skanderbeg said the results of the phase one program were significant. He went on to outline the company’s plans at the site moving forward.
“Following a successful financing in May, which included welcoming Alamos Gold Inc as a strategic investor, we are in a position to outline a more aggressive exploration program for the second half of 2020.
“Beginning in July, we will resume drilling at the project with a primary focus on the Nib discovery and will test other highly prospective regional targets.
“The revised exploration program will be our largest drill campaign to date, and we are confident that we will continue to demonstrate the potential that exists across out 480 square kilometres land package located in one of the highest gold districts in the world,” he said.
Furthermore, the company is expanding the work on the site, doubling its 2020 planned exploration to 8,500 metres.
GFG Resources (GFG) is down five per cent and is trading at C$0.24 per share at 12:25 pm EDT.