Vancouver, British Columbia – January 13, 2021 – GGX Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX”) is pleased to provide an update on its exploration drilling program at the Gold Drop property in the Greenwood Mining Camp of south-central British Columbia.
Diamond drilling is now complete for the year 2020 at the Gold Drop property. A total of 3,865 metres was drilled in 37 holes. This includes one hole (AMT20-01) to test a deep geophysical porphyry target (786 metres), 19 holes (1,894 Metres) drilled to test the C.O.D. vein structure, and 17 holes (1,185 metres) drilled to test the Perky vein.
The Perky vein is a new discovery vein where high-grade assay results were obtained from surface trenching. This vein is located 200 metres west of C.O.D Grab and channel sample results ranged up to 54.0 grams per tonne gold, 303 grams per tonne silver and 134.0 grams per tonne tellurium. Channel samples assays averaged 22.7 grams per tonne gold, 107.6 grams per tonne silver and 67.0 grams per tonnes tellurium over a sampled length of 10.3 metres (refer to news release dated November 11).
Drilling was done to test the Perky vein at shallow depths beneath the surface trench and two of these holes were extended eastward underneath the projected extension of the C.O.D. vein. The drilling to date on the Perky structure was positive in that multiple vein intersections were obtained. Visually, best intercepts were holes PKY20-07 and 08, which contained visible gold and pyrite +/- telluride mineralization in quartz veins (see table below)
|PKY20-08||0.00||2.89||2.89||gold, telluride, pyrite|
All of the assay results for the 2020 program have not yet been received. Results were received for AMT20-01 and the first 7 holes on the C.O.D. vein. A total of 80 samples were assayed for hole AMT20-01, which returned locally anomalous gold values ranging up to 0.53 grams per tonne gold for intersections of quartz veinlets carrying pyrite. The first 7 holes on the C.O.D. vein were drilled to test its depth extension, for which anomalous gold values ranging up to 0.89 grams per tonne gold were obtained. Assays are pending for all remaining holes.
Additional drilling is planned to further explore the Perky and C.O.D. veins and to test the Lively and Rhoderick Dhu prospects. On the eastern part of the property, the Ken vein, which contains visible gold, remains to be tested. Three-dimensional modeling of the Gold Drop and North Star mine workings is also underway from which additional drill targets will be generated.
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.
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