Vancouver, British Columbia (FSCwire) – GGX Gold Corp. (TSXV: GGX) (the “Company†or “GGXâ€) is pleased to announce it has received analytical results for the second batch of drill core samples from the Phase I diamond drilling program at the Company’s Gold Drop Project near Greewood, BC. GGX is currently exploring and defining the COD Vein, a Dentonia/Jewel style quartz vein, located in the Gold Drop Southwest Zone. Trenching during 2017 has exposed the northeast – southwest striking COD vein for over 160 meter strike length. The second batch of drill core samples returned significant gold and silver values including a broad intersection in hole COD17-14 (grading 4.59 g/t Gold and 38.64 g/t Silver over 16.03 meters with a high grade core grading 10.96 g/t Gold and 89.86 g/t Silver over 5.97 meters).
The Company had previously received analytical results for 68 trench channel samples. These samples returned anomalous to high grade values for gold, including high values of 43.2 g/t Gold and 224 g/t Silver (News release of July 26, 2017). The first batch of drill core samples for the COD Vein returned up to 24.1 g/t Gold and 192 g/t Silver (News release of Aug 28, 2017).
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The Phase I drilling program aimed to delineate the COD Vein in the Gold Drop Southwest Zone from 5 pad locations along the North-south trench. The drilling tested the vein along 80 meters of strike length. The drilling commenced south of the C.O.D. mine shaft and progressed systematically to the north. The Phase I drilling totaled 15 holes (691 meters). The objective of the drilling was to determine depth and the dip of the vein exposed at surface and confirm gold and silver mineralization below the channel samples. Drilling to date has confirmed the vein to a vertical depth of 150 feet (46.36 meters), being open at depth.
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Drill core is being geologically logged and sampled at the Greenwood facility. The core samples are sawn in half and stored in a secure location. Core samples are being delivered to the ALS Minerals laboratory in Vancouver to be analyzed for gold by Fire Assay – AA. The second batch of samples was also analyzed for 48 Elements by Four Acid and ICP-AES / ICP-MS. Quality control (QC) samples are inserted at regular intervals.
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The analytical results listed below are from holes COD17-10 to COD17-14, testing the COD Vein. Since true widths cannot be accurately determined from the information available the core lengths (meters) are reported. The Gold, Silver grade is reported in grams per tonne (g/t). The intervals listed below are from the gold and silver bearing vein and adjacent low grade mineralized envelopes. The sampling also revealed other intervals with low grade gold (up to 0.4 g/t gold over 1 meter) in veining and / or host rock.
| HOLE ID |
Core interval Length (m) |
Au g/t weighted average |
Ag g/t weighted average |
| COD17-10 |
5.45 |
0.47 |
4.31 |
| including |
0.27 |
5.85 |
63.3 |
|
|
|
|
| COD17-11 |
3.45 |
1.15 |
7.31 |
| including |
1.00 |
2.13 |
8.61 |
|
|
|
|
| COD17-12 |
2.68 |
1.03 |
13.78 |
| including |
0.79 |
2.89 |
28.6 |
|
|
|
|
| COD17-13 |
3.32 |
1.19 |
11.68 |
| including |
0.67 |
4.97 |
51.2 |
|
|
|
|
| COD17-14 |
16.03 |
4.59 |
38.64 |
| Including |
5.97 |
10.96 |
89.86 |
| including |
0.56 |
38.4 |
339 |
| including |
0.60 |
24.5 |
257 |
Hole COD17-14 intersected a broader zone of veining and gold and silver mineralization grading 4.59 g/t Gold and 38.64 g/t Silver over 16.03 meter core length. Core intervals with the silver-grey mineral that was speculated to be the gold/silver telluride Calaverite have returned significant levels of gold and silver. The two higher grade samples from COD17-14 listed in the preceding table also returned higher tellurium values of 211 g/t (0.56 meters) 140 g/t (0.60 meters).
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Quartz veins in COD17-14
Readers are warned that historical records referred to in this News Release have been examined but not verified by a qualified person. Further work is required to verify that historical assays referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.
On Behalf of the Board of Directors,
Barry Brown, Director
604-488-3900
Investor Relations:Â
Mr. Jack Singh: 604-720-6598
E-mail: [email protected]
“ We don’t have to do this, we get to do this â€Â
The Crew
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Forward Looking Information
This news release includes certain statements that constitute “forward-looking information†within the meaning of applicable securities law, including without limitation, the Company’s information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects†or “does not expectâ€, “is expectedâ€, “anticipates†or “does not anticipateâ€, “plansâ€, “estimates†or “intendsâ€, or stating that certain actions, events or results “mayâ€, “couldâ€, “wouldâ€, “might†or “will†be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks 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; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed at the Gold Drop Property. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/GGXgold09072017_0.pdf
Source: GGX Gold Corp. (TSX Venture:GGX, OTC Pink:GGXXF)
