Vancouver, British Columbia – August 18, 2020 – GGX Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX”) is pleased to provide an update on its active exploration program at the Gold Drop property in the Greenwood Mining Camp of south-central British Columbia.
The company intends to complete a 5000 metre drill program at the Gold Drop property this year. The first diamond drill hole of the season is underway, testing the airborne deep-penetrating ultra-sonic AMT (Audio-Magnetotelluric) geophysical anomaly that was identified by Earth Science Services Corporation of Oshawa, Ontario (ESSCO). The hole has now been drilled to a depth of 686 metres (2,250 feet) and will be continued to at least 785 metres (2600 feet). So far, quartz veinlets containing pyrite were intersected and have been sampled for assay.
Photo of drill on current hole at Gold Drop property
Once this hole is completed, drilling will advance to other targets identified on the property. The C.O.D. vein will be tested for depth extension by drilling at least two relatively long holes below mineralized zones that were intersected in previous drilling. The structure will be also be drilled at its southern end where the alteration zone remains open along strike.
After that, one or more holes will be drilled to test the new veins exposed west of the C.O.D. vein by trenching last month. Drilling is also planned the Gold Drop mine area, where previous trenches exposed visible gold in quartz veins near the former Gold Drop and North Star mines.
Surface trenching is also underway, concurrent with the drill program. Two new veins were exposed west of the C.O.D. vein, one of which contains visible gold. The excavator then moved to the Rhoderick Dhu area where trenching is being done on quartz veins originally exposed in historic shafts. Finally, trenches are planned for the Gold Drop mine area to extend several known veins.
Photos of excavator at Roderick Dhu (left) and vein exposed in previous trench at Gold Drop (right)
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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