VANCOUVER, BC /ACCESSWIRE/March 25, 2022/ GGX Gold Corp. (TSXV: GGX) (OTCQB: GGXF) (FRA: 3SR2) (the “Company” or “GGX”) is pleased to announce plans for the 2022 exploration program on the Company’s 100% owned Gold Drop property in the Greenwood Mining Camp in British Columbia, Canada.
Map of the Gold Drop property showing the veins and locations of the Gold Drop and North Star mines.
A surface drilling program of up to 2,000 meters is scheduled to begin in April on the Gold Drop property. Drilling is now planned in the North Star and Gold Drop mining zones, in the Highland Valley vein and in the Ken vein.
Map of the Gold Drop property showing exploration areas.
For 2022, GGX plans to drill approximately 1,500 meters in the Gold Drop and North Star mine areas to intersect the Gold Drop vein near the workings and follow the structure at depth. Drilling is also planned from this zone to intersect the Dentonia vein where it should extend at depth on the Gold Drop property. Drilling is also planned for the Highland Valley vein to determine its projected extent.
The historic Gold Drop and North Star mines are located east of Jewel Lake on the Gold Drop property. Total mine production is recorded at 840 ounces of gold and 2,426 ounces of silver from 6,513 tonnes. The historic underground mines were developed on the Gold Drop vein, which has been traced on surface and in underground workings over a length of over 400m and an elevation range of approximately 80m. It is a very irregular vein that pinches and swells from narrow quartz stringers to over 3.5m wide, mineralized with pyrite with less galena, chalcopyrite, sphalerite, tellurides and minor free gold. The only recorded diamond drilling for this vein was 6 holes totaling 483 meters drilled in 1981 without significant results. Chip sampling carried out on the North Star vein in 2013 returned results varying between 0.08 and 81.0 g/t gold and between 0.4 and 427.0 g/t silver, with averages for 7 chip ties of 8.78 g/t gold and 47.0 g/t silver over a width of 0.36 meters.
The Gold Drop vein is approximately 500 m to the east and parallel to the Dentonia vein, which is on the adjacent property to the west that is not owned by GGX Gold Corp. The Dentonia vein was developed by 4 shafts with interconnected stopes on 5 levels up to 120m deep. Total production is recorded at 43,354 ounces of gold and 258,973 ounces of silver from 124,644 tonnes. The vein is traced on the surface over 1.8 km and to a depth of approximately 200 m. The Dentonia vein is expected to strike the Gold Drop property at depth and will be tested by deep drilling from surface in the North Star Mine area.
The Ken Vein is located approximately 860 meters east of the Gold Drop Vein and is exposed in two short drifts on a narrow quartz vein. Exploration trenching in 2014 exposed a 0.30 meter wide discontinuous quartz vein trending northeast and plunging southeast that contains pyrite, chalcopyrite, malachite and galena. In this trench, two grab samples were taken and returned results of 0.51 and 0.81 grams per tonne of gold. In 2017, a grab sample was taken from the entrance to one of the historic galleries, consisting of a piece of quartz containing visible gold, grading 297 grams of gold per tonne. In 2020, a chip sample taken from the exposed vein at the gallery assayed 0.12 g/t gold. Mapping was done in 2021 to precisely locate the old access drifts, which indicates that the vein strikes northeast (30 degrees) and dips 60 degrees to the southeast. This orientation is parallel to the Gold Drop and Dentonia veins.
The Highland Valley vein is located on the southern part of the Gold Drop property approximately 1.8 km from the North Star mine. Historical sampling from 1985 indicates 13.4 grams per tonne of gold over 1.2 metres. Two grab samples taken in 2020 returned 4.76 and 2.57 grams of gold per tonne in an area of a historic gallery and pit that exposed two 0.1 and 0.2 meter quartz veins wide.
The analyzes disclosed in this press release were performed by ALS Global – Geochemistry Analytical Lab in North Vancouver, BC, Canada. ALS is an independent and fully accredited commercial laboratory. All mineralized vein samples were assayed by metal sieve method (ALS code Au-SCR24) with fire assay gold determination. For the other samples, gold was determined by the fire assay method using a sample weight of 50 grams and an AA finish. Other metals were analyzed as part of a 48-element ensemble using four-acid digestion and ICP-MS determination.
Readers are cautioned that the historical documents referred to in this press release have been reviewed but not verified by a qualified person. Further work is required to verify that the historical records referenced in this press release are accurate.
Gold visible in new discovery vein at COD West.
Raymond Kitchen, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has approved the technical information contained in this press release.
Preparing for downhole study at Perky Vein in 2021
On behalf of the Board of Directors
Quinn Field-Dyte, President
Drilling at Lively Vein in 2021
This press 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 then-current expectations, beliefs, assumptions, estimates and forecasts about the business, industry and markets in which the Company operates, including that: current price and demand minerals targeted by the Company will be maintained or improved; the Company will be able to obtain the necessary exploration licenses and other permits; general business and economic conditions will not change materially adversely; funding 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 that 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 activity; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds if necessary; exchange rate fluctuations; fluctuating commodity prices; operating hazards and risks; competetion; the potential inability to find and/or realize suitable acquisition opportunities; and other risks and uncertainties listed in the Company’s public documents. These and other risks could cause actual results and events to vary materially. 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 any forward-looking information or the material factors or assumptions used in making such forward-looking information will prove to be accurate. The Company undertakes no obligation to publicly disclose any revision to update any voluntary forward-looking statement, except as required by applicable securities law.
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