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FRG: Phase 2 Program at Alotta Hits Big

What you need to know:
• This morning, FRG announced assay results from the rest of hole-012 as well as the results for hole-013 drilled at the Alimony Zone.
• Hole-013 intersected 0.66 g/t Au over 112m (from 35m), including 1.04 g/t over 56m.
• This Phase 2 program, with 50% of assays reported, has already exceeded expectations with 2 out of 2 drill holes intersecting meaningful gold intervals (~800m apart).
• The La Estrella Coal Project in Colombia is expected to produce its first coal from the bulk sample imminently.

This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) announced the remaining gold assay results from hole ALT-25-12 and results from hole ALT-25-013 both of which intersected strong gold results over wide intervals. Particularly, hole-012 intersected including 2.03 g/t Au over 77m as part of a wider interval of the previously released high-grade intercept of 105 g/t Au over 1.25m. Hole-013 also intersected impressive results of 0.66 g/t Au over 112m. Notably, hole-013 was drilled at the Alimony Zone which is ~800m away from the Payoff Zone (where hole-012 was drilled), marking a new discovery at the Alotta Project. Assays are pending from two remaining holes as part of the four-hole Phase 2 program. The two remaining holes were drilled at the Commission target (see Figure 1 below). We are maintaining our BUY rating and increasing our target price to $1.20/share (previously $1.00/share) on FRG.

Highlights from today’s release:
• Hole ALT-25-012 (Payoff Zone): 2.03 g/t Au over 76.9m (from 223m), including 3.4 g/t over 44.8m, and including 17.7 g/t over 8.2m including 105 g/t over 1.3m (previously reported).
• Hole ALT-25-013 (Alimony Zone): 0.66 g/t Au over 112.2m (from 35m), including 1.04 g/t over 55.5m and including 25.8 g/t over 1.6m.