GFG Resources to drill high-grade gold targets at Pen

The Pen gold project in Ontario. Credit: GFG Resources.

GFG Resources (TSXV: GFG; US-OTC: GFGSF) has begun this year’s second-phase, 8,500-metre drill program at the 475-sq.-km Pen project, 40 km west of the Timmins gold district in Ontario.

The program will test high-grade gold targets across four prospective areas of the property. Pen covers a 50-km-long section of Archean greenstone, the interpreted western extension of the Porcupine-Destor fault zone.

The drilling within the Reeves area will follow up on April’s high-grade gold discovery at the Nib prospect, which returned 9 metres of 71.27 grams per tonne gold, starting at 50 metres, by testing its strike and depth extensions.

Within the Tremblay region, three to four holes are planned to test a trend that hosts the Broadway prospect. Drill results from January include 7.3 grams gold over 1 metre. The holes are planned to test southern step-outs of a potential 1.2-km trend.

At Jehann East, three to four priority targets will be tested within the 3-km-long Boundary trend. Within the Deerfoot region, several holes are scheduled to test for extensions of the HGM, Crawford and Sewell North zones.

“We have made significant progress with our summer field program and now are in a position to aggressively drill test several targets with our largest ever drill campaign to date,” Brian Skanderberg, the company’s president and CEO, said in a press release. “With a strong cash balance, robust and successful exploration model and several highly prospective targets, including the Nib discovery in hand, we are well-positioned for an exciting second half of the year.”

In July, GFG announced high-grade rock samples from the western end of the Boundary trend. In June, the company released additional drill results from Pen, reporting intercepts that include 1 metre of 1.31 grams gold from the HGM prospect and 1 metre of 2.36 grams gold from the Slate Rock region.

The first phase of this year’s drilling, completed in the first quarter, included eight holes totalling 3,300 metres.

Pen is between Newmont’s (TSX: NGT; NYSE: NEM) Borden gold project and Pan American Silver’s (TSX: PAAS; NYSE: PAAS) Timmins West mine.

At press time in Toronto, GFG was trading at 26.5¢ within a 52-week range of 7¢ and 44¢. The junior has about 133 million common shares outstanding for a $35-million market capitalization.

— This article first appeared in the Canadian Mining Journal.


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