GGX GOLD PHASE ONE DRILLING ON THE GOLD DROP PROPERTY UNDERWAY
GGX Gold Phase One Drilling on the Gold Drop Property Underway Historic Gold Mining Camp Greenwood BC
Vancouver, British Columbia – July 11, 2017 – GGX Gold Corp. (TSXV: GGX) (the “Company” or “GGX”) is pleased to announce the commencement of the 2017 drilling program on the High Grade Gold Drop property, located near Greenwood BC.
Phase one of the drill program targets the COD vein in the Gold Drop Southwest zone. The vein being targeted is the Dentonia/Jewel style quartz vein called the C.O.D. The 2017 prospecting program returned grab samples of upwards to 19.6 g/t Au on the Claire extension. To date 200 meters of trenching has since exposed over 160m of vein. There are 15 proposed drill holes targeting the vein from 5 drill pads at various locations along the long trench. The drill has successfully mobilized to the first drill pad and drilling has begun.
The Gold Drop 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 (Gold Drop, North Star, Amandy and Roderick Dhu veins).
June 2017 Trenching at Gold Drop Southwest Zone (area of historic C.O.D shaft)
The Company also wishes to advise all subscribers and finders from its private placements that took place during the period from June to October 2016 that the Company is accelerating the term of these warrants. The term of the $0.20 warrants associated with these placements may be accelerated in the event that the issuer’s shares trade at or above a price of $0.25 per share for a period of 10 consecutive days. During late October 2016 after the final closing, the shares of the Company traded in this range. The warrants being accelerated at $0.20 are attached to the $0.15 private placements that took place over the period. Warrant holders now have 30 days to exercise their warrants or they will be terminated.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release