Vancouver, British Columbia – October 24, 2019 – GGX Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX”) is pleased to provide an update on its first drill hole to test a large, deep geophysical anomaly at its Gold Drop property in the Greenwood Mining Camp.
As of October 19, hole AMT19-01 had reached a depth of 658m. After the first few hundred meters, mineralization was intersected. Patches of epidote-calcite-garnet alteration up to 10 centimeters in length occur throughout the hole. At approximately 479 meters depth, magnetite mineralization appears in the form of fine disseminations and millimeter-scale veinlets. The magnetite is easily identified using a hand-held pencil magnet (see photo below). The magnetite mineralization is strongest where it is hosted by greenstone but also occurs within chert host rock. It continues intermittently to at least 577 meters depth (crews are continuing to log). Visible sulphide mineralization has not been identified in association with the magnetite.
Photos of drill core from AMT19-01 showing pencil magnet deflected by magnetite disseminated in greenstone with epidote alteration and magnetite occurring in veinlets
The source of the magnetite mineralization is unknown. It is too abundant to be an original accessory mineral in the host rocks and its occurrence in veinlets suggests a hydrothermal genesis. Its appearance at 479 meters closely corresponds to the predicted start of the modeled anomalous zone (the start of the zone was predicted at 441 metres depth by ESSCO) so it appears the magnetite mineralization could be the source of the geophysical anomaly. Further investigations will be carried out, including geochemical analyses of the core and petrographic studies.
As previously announced in a news release dated July 24, an airborne audio magnetotelluric (AMT) geophysical anomaly was identified on the property by Earth Science Services Corporation of Oshawa, Ontario (ESSCO). The anomaly is interpreted as a pipe-like structure that measures 1834 by 1377 metres in width. For more information, see the video posted on the corporate website.
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
Mr. Jack Singh,
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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