Vancouver, British Columbia – September 5, 2019 – GGX Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX”) is pleased to announce that it is now fully permitted to drill test a large, deep geophysical anomaly at its Gold Drop property in the Greenwood Mining Camp.
The Company recently received a new 5-year, area-based exploration permit for the Gold Drop property that will allow drilling of a large, deep geophysical anomaly. 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, with a target zone at depths between 500 and 800 metres. Three drill holes are planned to test this anomaly at different directions from separate locations. The proposed holes are included in the new permit work plan. Thanks to prompt action by the B.C. Ministry of Energy, Mines and Petroleum Resources in response to the Company’s request, one site was added to the existing permitted work for this year. The remaining two sites are in next year’s plan. The Company is now preparing the drill site and will move the drill rig once it has completed the last hole at the C.O.D. vein.
The new permit also allows exploration trenching and drilling in other areas of the property this year, including an area west of the C.O.D. vein on parallel vein targets, at the Rhoderick Dhu prospect, and at multiple sites at the historic Gold Drop gold mine.
Stargate II Anomaly Map:
Drilling at the C.O.D. North vein was completed, and the rig was moved back to the main C.O.D. vein to test below the best mineralized area identified to date. As of September 2, a total of 2,284 metres have been drilled in 48 holes on the main C.O.D. vein, and an additional 685 metres drilled in 10 holes on the COD North vein. Assays from the first drill holes are pending.
Photo of C.O.D. vein quartz containing pyrite and gold-telluride mineralization in
hole COD19-45 at 167 feet (50.9 meters) depth
On Behalf of the Board of Directors
Barry Brown, Director
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.
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