GGX GOLD LAUNCHES PHASE TWO DRILLING PROGRAM
GGX Gold Launches Phase Two Drilling Program
The Gold Drop Property
Vancouver, British Columbia – August 1, 2017 – GGX Gold Corp. (TSXV: GGX) (the “Company” or “GGX”) GGX Gold is pleased to announce the completion of the first phase of drilling and the beginning of phase two drilling on the Gold Drop Property near Greenwood, BC. The drill program is targeting the C.O.D. Vein, a Dentonia/Jewel style gold and silver bearing quartz vein in the Gold Drop Southwest zone.
The first phase of diamond drilling consisted of 15 drill holes totaling 2500 feet (762 meters). The drilling commenced south of the C.O.D. mine shaft and progressed systematically to the north. The first phase of drilling was to confirm mineralization in the first section of the exposed vein under the series of channel samples that were completed and announced on July 19, 2017. As well the company wanted to determine depth and the dip of the vein exposed at surface. Drilling to date has confirmed the vein to a vertical depth of 120 feet (36.6 meters), being open at depth. The first phase of drilling also intersected additional unexpected veining of which additional drilling is required to delineate. Of note, drill hole COD17-14 (which was drilled at 75° dip perpendicular to the surface vein) intersected a 55 foot (16.8 meters) core length interval of intensely mineralized quartz vein(s). Pyrite, chalcopyrite, possible telluride and visible gold have been observed in the COD17-14 drill core.
Drill core is being geologically logged and sampled at the Greenwood facility. Core samples are being delivered to the ALS Minerals laboratory in Vancouver to be analyzed for gold by screen metallic fire assay and for 48 other elements by Four Acid and ICP-MS. Quality control (QC) samples are inserted at regular intervals.
Upon a review of the first 15 drill holes which had encouraging visual results from down hole intercepts, combined with the positive results received from the second batch of channel samples announced July 26, 2017, management has initiated a second phase drill program.
The second phase of diamond drilling will consist of up to 30 drill holes continuing to test the northern extension of the C.O.D. vein.
Earlier this year The Company exposed 160 meters of the C.O.D Vein by means of excavator trenching. The vein is still open in both directions. The vein has been channel sampled at 1.5 meter intervals across an average sample width of one meter. To date analytical results for 68 channel samples have been received, with samples returning anomalous to high grade values for gold, up to 43.2 g/t Gold and 224 g/t Silver (News release of July 26, 2017).
The Company also announces it has granted 800,000 options at an exercise price of $0.20. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the Company.
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
Mr. Jack Singh: 604-720-6598 E-mail: firstname.lastname@example.org
“ We don’t have to do this, we get to do this ”
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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