GGX GOLD CORP UPDATE ON THE 2017 EXPLORATION PROGRAM ON THE GOLD DROP PROPERTY GREENWOOD BC
GGX Gold Corp Update On The 2017 Exploration Program
On The Gold Drop Property Greenwood BC
Vancouver, British Columbia – May 30, 2017 – GGX Gold Corp. (TSXV: GGX) (the “Company” or “GGX”) is pleased to announce an update for the 2017 exploration program at its high grade Gold Drop property, located near Greenwood in southern British Columbia. The Company has also expanded the Gold Drop property to the west by staking of additional mineral claims. The property now covers an area of approximately 4200 hectares. The property covers geologically prospective ground in the well-mineralized Greenwood Mining Division. The property hosts numerous low-sulfide, gold and silver bearing quartz veins or vein systems, four of which were previously mined. The focus of the current work is to locate and sample reported veins and document historic workings.
The 2017 exploration program will focus on 6 priority areas, covering areas of gold and silver bearing veins (B.C. MINFILE occurrences and other veins reported in historic B.C. assessment reports). These priority areas are the Gold Drop – North Star vein system, Ken vein and Silent Friend veins in the eastern region; Amandy vein and Roderick Dhu vein in the northwest region; and Tel – C.O.D. veins in the southwest region (Southwest Zone). An area of high grade gold and silver mineralization discovered in 2015 at a trench at the North Star vein is high priority target for the Company. Grab samples from this trench returned 159 g/t Au (grams per tonne) and 744 g/t Ag, 12.2 g/t Au and 78 g/t Ag; and 12.5 g/t Au and 100 g/t Ag.
Phase I of the 2017 work program on the Gold Drop property is currently underway with initial focus on the Gold Drop Southwest Zone. Gold and silver bearing quartz veins are reported in this region of the property. One reported quartz vein in this region is referred to as the C.O.D. The northeast-southwest striking C.O.D. vein is reported to be traced by a series of shafts and pits for a distance of 1500 metres and reported to have a maximum width of 1.5 metres at surface. The Company has located historic workings during May in the area of this reported vein, including shafts and trenches. One located shaft is the C.O.D shaft which is reported to be approximately 20 metres deep. A 1988 quartz vein grab sample from a trench in this region southwest of the C.O.D. shaft was reported to return 20.8 g/t Au and 115.6 g/t Ag (Tel 2 gold and silver occurrence).
The Company has located and sampled new exposures of a vein interpreted by Company management to be the C.O.D. vein. New showings of this vein have been exposed by recent logging activity in the area. Several of these exposures were sampled during May. These have been further exposed in May by excavator pitting and hand trenching.
Historic shaft in southwest region of Gold Drop Property
Banded chalcedonic quartz has been reported in a historic trench southwest of the C.O.D shaft. This material is of possible epithermal origin. A historic sample was reported to return s of 0.608 oz./ton Au (20.8 grams / tonne) and 3.38 oz./ton Ag (115.8 grams / tonne). These historic trenches were located in May but have filled in over time. The Company has identified the area of the C.O.D. vein and the reported chalcedonic quartz as a trenching target.
Other discoveries during May include an exposure described by Company personnel as a chalcedonic vein breccia. This exposure is located further northeast of the C.O.D. shaft. Due to the steepness of the area the vein has been hand trenched and chip sampled.
Mineralized quartz stockwork has also been discovered, hand trenched and sampled in a 1 metre shear zone striking east – west (steeply dipping). The host rock is silicified with pyrite and trace bornite. Native copper has also been observed. Nearby is a heavily altered, limonite stained shear with rare quartz stringers.
A silicified granodiorite dyke with significant quantities of arsenopyrite, pyrite and trace amounts of chalcopyrite, bornite and native copper has been located within the newly staked western claims. This showing was exposed by hand trenching during May. Chip sampling has been conducted at this exposure with samples submitted for analysis.
A total of 39 rock samples have been collected during May, 2017 on the Gold Drop Southwest Zone. These samples have been submitted to ALS Minerals in North Vancouver for gold analysis. Multi-element analysis is also being conducted for select samples. Gold and multi-element analyses are pending.
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
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 expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “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.
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