GGX Gold Corp Intersected in 5.68 meters at 2.51 g/t Gold COD Vein - Gold Drop Property - Greenwood BC
GGX Gold Corp. has announced further exploration results from its Gold Drop property in British Columbia. Drill hole COD20-11 revealed a significant mineralized quartz vein with a thickness of 5.3 meters, grading 2.51 grams per tonne gold. The highest assays included 9.14 g/t over 0.4 meters and 9.66 g/t over 0.5 meters. However, further holes did not yield significant metal values. Additionally, the company is raising $300,000 through a private placement at $0.1463 per unit to support ongoing exploration efforts.
- Drill hole COD20-11 intersected a significant mineralized quartz vein with a thickness of 5.3 meters, grading 2.51 grams per tonne gold.
- High assay values reported include 9.14 grams per tonne over 0.4 meters and 9.66 grams per tonne over 0.5 meters.
- The company plans to utilize proceeds from a non-brokered private placement of $300,000 for exploration at Gold Drop.
- Subsequent drill holes (12-16) reported no significant precious metal values.
- Hole 16 failed to intersect any quartz veins, indicating possible challenges in resource estimation.
VANCOUVER, BC / ACCESSWIRE / March 9, 2021 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce further results of its 2020 exploration program at the Gold Drop property in the Greenwood Mining Camp of south-central British Columbia.
Photo of core from hole COD20-15 showing large intercept of quartz pegmatite.
Gold assay results were received for drill holes 11 to 16 on the C.O.D vein. Highlights include a large, mineralized quartz vein (5.3 meters thick) intersected in hole 11 extending from 18.43 to 23.71 meters. The immediate wall rock assayed 9.14 grams per tonne gold over 0.4 meters and values of 9.66 grams per tonne gold over 0.5 meters and 3.34 grams per tonne gold over 1.09 meters were obtained within the vein (see table below).
Hole | From (m) | To (m) | Length (m) | Gold (g/t) | Rock Type |
COD20-11 | 18.03 | 18.43 | 0.4 | 9.14 | quartz vein, altered rock |
COD20-11 | 18.43 | 20.24 | 1.81 | 0.34 | quartz vein, pyrite |
COD20-11 | 20.24 | 20.74 | 0.50 | 9.66 | quartz vein |
COD20-11 | 20.74 | 21.40 | 0.66 | 0.86 | altered Rock |
COD20-11 | 21.40 | 22.49 | 1.09 | 3.34 | quartz vein, pyrite |
COD20-11 | 22.49 | 23.71 | 1.22 | 0.79 | quartz vein, pyrite |
Abbreviations: g/t = grams per tonne, m = meters | |||||
The weighted average for the intercept from 18.03 to 23.71 meters in hole COD20-11 is:
5.68 meters grading 2.51 grams per tonne gold
Holes COD20-11 was drilled to test the northern edge of an area high-grade mineralization that was discovered in 2018 and drilled in 2018 and 2019. The significant result for this hole shows that the mineralized zone extends further north than previously defined.
Holes 12 to 15 were drilled to intersect the COD vein from its west side, north of the high-grade zone. Holes 12, 13 and 15 intersected a massive quartz-rich pegmatite body making up to 13 meters length in the core, with no significant precious metal values. Hole 14 intersected clay altered granodiorite with no significant precious metal values, possibly indicating the vein zone pinches down to a fault zone at this spot.
Hole 16 was drilled to test the southern extension of the COD Vein, near a previous intercept obtained in hole COD18-42 of 6.58 grams per tonne gold over 0.35 meters. Hole 16 failed to intersect any quartz veins.
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. Quartz vein material in drill core was analyzed by the metallics screening method. 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.
The Company also announces that is has arranged a non-brokered private placement at a price of
The proceeds of the private placement will be used for general working capital and continued exploration work at the Company's Gold Drop property near Greenwood in Southern British Columbia.
A finder's fee may be paid to eligible finders in accordance to the TSX-V policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offerings and payment of finders' fees are both subject to approval by the TSX-V
On Behalf of the Board of Directors
Barry Brown, CEO
604-488-3900
Office@GGXgold.com
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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