VANCOUVER, BC / ACCESSWIRE / March 20, 2019 / GGX Gold Corp. (TSX-V: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX“) is pleased to announce it has begun preparing for the spring 2019 diamond drilling program on the Gold Drop Property, located in Southern British Columbia. The program is scheduled to begin in early April. The spring drilling program will focus on the COD vein located in the Gold Drop Southwest Zone. The program will further test the southern extension of the COD vein. The Company intersected near-surface, high- grade gold, silver and tellurium in this part of the vein during 2018 diamond drilling.
- 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.
The highlights of the 2018 diamond drilling program are drill holes COD18-67 and COD18-70 that intersected near-surface, high-grade gold, silver and tellurium in the southern extension of the COD vein. COD18-67 intersected 129 grams per tonne (g/t) gold, 1154 g/t silver & 823 g/t tellurium over 7.28-meter core length while COD18-70 intersected 107 g/t gold, 880 g/t silver & 640 g/t tellurium over 6.90-meter core length (News Releases of January 11, January 18 and March 18, 2019). The COD vein system has been traced by trenching and diamond drilling for close to 400 meters along strike. The vein system is open along strike and at depth.
Intersections for 2017 and 2018 diamond drill holes at the C.O.D. vein include the following (please refer to the Company’s website for News Releases announcing these results):
| Hole ID | Interval Length (m) | Gold (gpt) | Silver (gpt) | Te (gpt) |
| COD17-14 COD18-3 COD18-26 COD18-32 COD18-33 COD18-34 COD18-37 COD18-45 COD18-46 COD18-49 COD18-54 COD18-61 COD18-63 COD18-67 COD18-68 COD18-69 COD18-70 | 16.03 2.1 1.4 1.51 2.98 3.41 3.95 2.05 1.47 1.47 1.66 1.38 1.17 7.28 2.76 7.46 6.9 | 4.59 14.62 10.3 3.67 8.65 6.16 8.23 50.15 54.9 9.52 7.6 5.29 28 129.1 8.77 5.76 107.5 | 38.64 150.2 1.09 67.2 47.6 72.4 67.36 375 379 118 60.2 32.4 424.7 1,154.90 85.4 67.9 880 | 102 0.24 30.4 37.3 31 38.53 72.2 34.1 31.4 150.4 823 56.3 61.2 640 |
Other targets in the Gold Drop Southwest Zone include the COD north region. No previous diamond drilling has been completed in this region. The 2018 trenching program exposed numerous vein showings with grab samples up to 15.45 g/t gold, 159 g/t silver Ag and 114.5 g/t tellurium. A chip sample (0.4 meters long) returned 21.7 g/t gold, 216 g/t silver and 149 g/t tellurium (News Release of February 27, 2019).
Data from the previous exploration programs is currently under review to identify other specific exploration targets.
The Company is also pleased to announce that it has arranged a non-brokered private placement of 4.2 million flow through units at a price of Cdn$0.12 per unit for gross proceeds of $504,000. Each Flow-Through Unit consists of one common share that qualifies as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act and one
transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 18 months from the date of issue, one additional non-flow-through common share of the Issuer at an exercise price of Cdn$0.15 per share. The proceeds of the private placement will be used for continued exploration work including diamond drilling and trenching 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.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and consultant for GGX Gold Corp., is responsible for the technical information contained in this News Release.
To view the Original News release with pictures please go to the website or contact the company.
On Behalf of the Board of Directors,
Barry Brown, Director
604-488-3900
[email protected]
Tags: #BC, #Drilling, #Tellerium #GoldDrop, gold