VANCOUVER, BC / ACCESSWIRE / October 20, 2020 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to provide an update on its active exploration program at the Gold Drop property in the Greenwood Mining Camp of south-central British Columbia.
The planned drilling program at the Gold Drop property is well underway with 1834.5 meters being completed in 11 holes. The first diamond drill hole was completed at a depth 786.1 metres (2579 feet) to test the airborne geophysical anomaly that was identified by Earth Science Services Corporation of Oshawa, Ontario (ESSCO). Results received so far include samples collected over the first 200 metres of the hole. No significant results were obtained for these samples of selected quartz veins and stringers with associated pyrite.
Drilling on the C.O.D. vein began with 4 holes drilled to test for depth extensions, plus selected sites to in-fill between previous drill intercepts. As of September 30, a total of 1048.4 metres was drilled in 10 holes. The COD structure was intersected at depth where it is developed as a clay altered fault zone. Quartz vein intercepts were obtained in the shallower holes. All assays are currently pending. Further drilling of the COD vein is planned to the south where the alteration zone remains open along strike, and to test the new veins exposed in trenches west of the C.O.D. vein.
For the surface trenching program, the first trench exposed the C.O.D. vein near its southern limit. The exposed structure consisted of a 0.1 metre thick quartz vein containing disseminated pyrite within a 1.0 metre rusty, clay-altered fault zone. Assays received from this material include 10.15, 4.09, 2.99 grams per tonne gold, with the higher sample containing 142 grams per tonne silver. This shows the mineralized C.O.D. vein is present and extends to the bedrock surface beneath the overburden in the area of the high-grade intercepts obtained in 2018 and 2019 (as announced in news releases dated March 18 and October 29, 2019):
- COD18-67: 129 g/t gold, 1,154 g/t silver & 823 g/t tellurium over 7.28 meters core length.
- COD18-70: 107 g/t gold, 880 g/t silver & 640 g/t tellurium over 6.90 meters core length.
- COD19-19: 17.4 g/t gold, 179 g/t silver & 131 g/t tellurium over 4.13 meters core length.
- COD19-23: 33.4 g/t gold, 331 g/t silver & 179 g/t tellurium over 5.50 meters core length.
Assays are pending from the remaining trenches that exposed two new veins (Perky and Lively veins) located west of the C.O.D. vein, and at the Rhoderick Dhu area. The Perky vein contains visible gold.
Mapping and surface rock chip sampling were also done east of Jewel Lake at historic workings of the Gold Drop, North Star, Silent Friend and Ken mines to determine possibilities for trenching and drilling. Drilling is planned for the Ken mine where visible gold was observed where a previous 2017 sample assayed 297 grams per tonne gold and 1,290 grams per tonne silver Sampling was also done at the Highland Valley vein, located south of the Gold Drop mine, where quartz veins are exposed in historic shafts and pits.
Photo of southern C.O.D. vein in trench at Gold Drop property
that assayed up to 10.15 g/t gold and 142 grams per tonne silver.
Photo of geologist at Perky vein trench west of COD vein
(rock saw on top of vein).
This vein contains visible gold.
Photo of Highland Valley prospect showing narrow quartz vein exposed in historic pit.
Map of Gold Drop Property showing areas of interest.
Analyses disclosed in this release were conducted by ALS Global - Geochemistry Analytical Lab in North Vancouver, BC, Canada. ALS is an independent, fully accredited commercial laboratory. Gold was determined by the fire assay method using a 50-gram sample weight and AA finish, with over-limits checked using a 50-gram sample weight and gravimetric finish. Other metals were analyzed as part of a 48-element package using a four-acid digestion and determination by ICP-MS.
David Martin, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, approved the technical information in this release.
On Behalf of the Board of Directors
Barry Brown, CEO
Forward Looking Statement
This News Release may contain forward-looking statements including but not limited to comments regarding the acquisition of certain mineral claims. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Revolver undertakes no obligation to update such statements, except as required by law.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GGX Gold Corp.
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