Mr. Brian Skanderbeg reports

GFG DRILLS 9.97 G/T GOLD OVER 8.1 METRES AT ITS MONTCLERG GOLD PROJECT LOCATED IN THE TIMMINS GOLD DISTRICT: EXTENDING HIGH-GRADE GOLD MINERALIZATION AT THE MC CENTRAL ZONE AND OUTLINING NEW GOLD MINERALIZATION 1 KM TO THE EAST

GFG Resources Inc. has released new, high-grade gold assay results from its recently completed 13-hole 2023 phase 1 drill program at the Montclerg gold project, located 40 kilometres east of Timmins, Ont. (see an attached table). The results released today are from eight drill holes completed along the Montclerg gold system, where GFG has continuously proven and grown a robust gold system since the company acquired the asset in October, 2021.

The phase 1 drill program was designed to complete infill drilling to confirm continuity in the Montclerg Central area and drill significant stepout holes to determine if gold mineralization occurs over one kilometre to the east. The phase 1 drill program was higher risk by design, as the company believes that the opportunity to discover new zones of gold mineralization at depth and along strike at Montclerg is high.

"Over the past year, we have successfully consolidated the Goldarm property, resulting in an extensive and highly prospective regional landholding in an incredibly well-endowed and infrastructure-rich region," stated Brian Skanderbeg, president and chief executive officer of GFG. "Our strategy is twofold: first, to advance and grow the Montclerg gold system into a system of critical mass; and second, to generate, develop and systematically test a pipeline of priority drill targets across the Goldarm property. Our drilling efforts to date have primarily focused on the shallow portions of the system, where we have demonstrated strong continuity and grade. As we expand our exploration to depth and along strike, we continue to intercept high grades and outline new zones of gold mineralization, showcasing Montclerg's strong potential for new discoveries both at depth and to the east. The same holds true for the Aljo mine target and our other fully permitted regional targets. Our progress thus far underscores our commitment to maximizing the value of our assets and driving long-term growth for our stakeholders."

Commentary on assay results

Drill hole MTC-23-045 was designed as a significant northeastern stepout hole testing stratigraphy more than 700 m from the core of MC Central. The hole successfully intersected two new zones of gold mineralization. The upper zone lies along a mafic-felsic volcanic contact returning two grams per tonne gold over 5.5 metres, including 3.83 g/t Au over 1.2 m. Mineralization within the mafic volcanic unit consists of thin microfractures infilled with quartz carbonate with up to 3 per cent pyrite and arsenopyrite. Mineralization within the felsic volcanic was typical of the MC Central panel, with up to 15 per cent thin extension veins with arsenopyrite halos. The lower zone lies entirely within the footwall of the felsic volcanic unit returning 1.23 g/t Au over 6.7 m, including 3.18 g/t Au over 1.0 m, and is characterized by up to 7 per cent extensional quartz-carbonate veining with up to 5 per cent fine-grained disseminated arsenopyrite and pyrite.

The presence of considerable gold mineralization this far east of the MC Central bodes well for potential extension of the Montclerg system along strike. The nature of alteration and mineralization observed is very similar to that of the upper and lower main zones at MC Central.

Drill hole MTC-23-046 was drilled to test the Montclerg footwall zones one km east of MC Central. The hole was designed to test the mafic stratigraphy south of the gabbro, where limited drilling has been completed. The drill hole successfully intersected 1.93 g/t Au over 10.6 m, including 6.63 g/t Au over 0.9 m and 4.94 g/t Au over 1.9 m, in mafic volcanic rocks. The zone appears similar to the lower footwall zone at MC Central. The zone is characterized by strongly ankerite-altered mafic volcanics with fine-grained disseminated pyrite and arsenopyrite with up to 15 per cent quartz-carbonate veining.

The observed mineralization in MTC-23-046 correlates well with a broad interval of low-grade gold intersected in MTC-22-044 approximately 75 m down dip and to the west (see news release dated April 11, 2023). The continuity and moderately higher grades in MTC-23-046 demonstrate the potential for additional mineralized zones in this area that lies one km east of MC Central.

Drill hole MTC-23-048 was designed to test a gap in the main zone within the felsic volcanics as well as the extension of the upper footwall zone to the east. A broad zone was intersected in felsic volcanics, which returned 0.50 g/t Au over 13.9 m. The zone consists of strong sericite-ankerite alteration with up to 15 per cent quartz carbonate veins associated with halos of up to 2 per cent arsenopyrite and pyrite. The upper footwall zone was intersected where expected, yielding an intercept of 4.09 g/t Au over 4.1 m, including 6.28 g/t Au over 2.3 m. Strongly ankerite-altered mafic volcanics were intersected with up to 10 per cent finely disseminated arsenopyrite and pyrite, and minimal veining. The mafic-hosted upper footwall zone observed (4.09 g/t Au over 4.1 m) extends the mineralized envelope modestly to depth.

Drill hole MTC-23-054 was designed to test the up-dip extension of the upper footwall zone. Two zones were intersected, yielding 1.15 g/t Au over 3.8 m and 9.97 g/t Au over 8.1 m. The first zone is characterized by strongly altered massive mafic volcanics with up to 10 per cent arsenopyrite and pyrite, and 3 per cent thin, irregular quartz-carbonate veins. The second zone occurs within a strongly altered mafic flow-top breccia with up to 15 per cent arsenopyrite and pyrite, and up to 3 per cent quartz-carbonate veining.

This high-grade intercept from the upper footwall zone within MC Central significantly extends mineralization toward the surface and stands out as one of the best intercepts drilled to date along the Montclerg trend.

Anders Carlson, vice-president, exploration, commented: "As a newcomer to the Montclerg gold project, I have been impressed by the local high-grade nature of this gold system and recognize the impact of local and regional faulting as major controls on mineralization. As we move forward with future drill programs at Montclerg, it will be vital to understand the nature of gold mineralization to assess gold recoveries while accelerating our appreciation of the system's scale through stepout drilling and refinement of the geological model."

2023 exploration program

In 2023, the company's focus will be on defining and growing the Montclerg gold deposit and testing five high-priority gold and gold-copper targets within its Goldarm property. For the year, the company plans to complete 10,000 m to 12,000 m of drilling at multiple permitted and drill-ready targets on the Goldarm property. In addition to the planned drill programs, GFG will continue to complete extensive surface exploration across the Goldarm property, which covers 30 kilometres of the Pipestone and North Pipestone deformation zones and is surrounded by significant gold-mining infrastructure. The 2023 exploration budget will be approximately $3-million and is fully financed.

About GFG Resources Inc.

GFG is a North American precious metals exploration company focused on district-scale gold projects in Tier 1 mining jurisdictions: Ontario and Wyoming. In Ontario, the company operates three gold projects, each large and highly prospective gold properties within the prolific gold district of Timmins, Ontario, Canada. The projects have similar geological settings that host most of the gold deposits found in the Timmins gold camp, which have produced over 70 million ounces of gold. The company also owns 100 per cent of the Rattlesnake Hills gold project, a district-scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyo., United States. In Wyoming, the company has partnered with Group 11 Technologies Inc. through an option and earn-in agreement to advance the company's Rattlesnake Hills gold project with a technology that could revolutionize the gold-mining industry.

Sampling and quality assurance/quality control

All scientific and technical information contained in this press release has been prepared under the supervision of Brian Skanderbeg, PGeo, president and chief executive officer of GFG, a qualified person within the meaning of National Instrument 43-101.

Drill core samples are being analyzed for gold by Activation Laboratories Ltd. in Timmins, Ont. Gold analysis consists of the preparation of a 500-gram pulp and an assay of a 50-gram aliquot by lead collection fire assay with an atomic absorption spectrometry finish (package 1A2-50). Samples assaying above five parts per million gold are routinely rerun using a gravimetric finish (package 1A3-50). Mineralized zones containing visible gold are analyzed by a screen metallic fire assay method. Selected samples are also undergoing multielement analysis for 59 other elements using a four-acid digestion and an ICP-MS finish (package MA250) by Bureau Veritas Commodities Canada Ltd. in Vancouver, B.C. Quality assurance/quality control measures include the monitoring of results for inserted certified reference materials, coarse blanks and preparation duplicates of drill core.

Drill intercepts are presented using a 0.20 g/t Au cut-off and as drilled length. Composites include internal dilution of up to three m at grades less than 0.2 g/t Au. True width is estimated to be 50 per cent to 90 per cent of drilled length. Sampling protocols, quality assurance/quality control measures and geochemical results related to historical drill core samples quoted in this news release have not been verified by the qualified person and, therefore, must be regarded as estimates.

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