Vancouver, British Columbia – March 28 -2022 – GGX Gold Corp. (TSX-V: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX”) is pleased to announce plans for the 2022 exploration program at the Company’s 100% owned Gold Drop property in the Greenwood Mining Camp in British Columbia, Canada.
A surface drill program consisting of up to 2000 meters is being scheduled to commence in April on the Gold Drop property. Drilling is now being planned at the North Star and Gold Drop mine areas, Highland Valley vein and Ken vein.
For 2022, GGX is planning to drill an estimated 1500 meters in the Gold Drop and North Star mines areas to intersect the Gold Drop vein near the workings and follow the structure to depth. Drilling is also planned from this area to intersect the Dentonia vein where it is projected to extend onto the Gold Drop property at depth. Drilling is also planned for the Highland Valley vein to determine follow its projected extent.
The historic Gold Drop and North Star mines are located east of Jewel Lake on the Gold Drop property. Total production from the mines is recorded as 840 ounces of gold and 2,426 ounces of silver from 6,513 tonnes. The historic underground mines were developed on the Gold Drop vein, which has been traced on surface and in underground workings for a strike length of over 400 m and over an elevation range of about 80 m. It is is a highly irregular vein that pinches and swells from narrow quartz stringers to greater than 3.5 m wide, mineralized with pyrite with lesser galena, chalcopyrite, sphalerite, tellurides and minor free gold. The only diamond drilling recorded for this vein was 6 holes totalling 483 meters drilled 1981 with no significant results. Chip sampling conducted on the North Star vein in 2013 returned results that ranged between 0.08 and 81.0 g/t gold and between 0.4 and 427.0 g/t silver, with averages for 7 chip traverses of 8.78 g/t gold and 47.0 g/t silver over a width of 0.36 meters.
The Gold Drop vein lies about 500 m east of, and parallel to, the Dentonia vein, which occurs on the adjacent property to the west that is not owned by GGX Gold Corp. The Dentonia vein was developed by 4 shafts with interconnected workings on 5 levels to a depth of 120 m. Total production is recorded as 43,354 ounces of gold and 258,973 ounces of silver from 124,644 tonnes. The vein is traced on surface for 1.8 km and to a depth of about 200m. The Dentonia vein is projected to extend onto the Gold Drop property at depth and will be tested by deep drilling from the surface in the North Star mine area.
The Ken vein is located approximately 860 meters east of the Gold Drop vein and is exposed in two short adits on a narrow quartz vein. Exploration trenching in 2014 exposed a discontinuous 0.30 metre wide quartz vein striking northeast and dipping southeast that contains pyrite, chalcopyrite, malachite and galena. From this trench, two grab samples were collected that returned results of 0.51 and 0.81 grams per tonne gold. In 2017, a grab sample was collected at the entrance to one of the historic adits, consisting of a piece of quartz containing visible gold, which assayed 297 grams per tonne gold. In 2020, a chip sample collected across the vein exposed at the adit assayed 0.12 g/t gold. Mapping was conducted in 2021 to accurately locate the old adits which indicates the vein strikes northeast (30 degrees) and dips 60 degrees southeast. This orientation is parallel to the Gold Drop and the Dentonia veins.
The Highland Valley vein is located on southern part the Gold Drop property approximately 1.8 km from the North Star mine. Historic sampling from 1985 is reported as 13.4 grams per tonne gold over 1.2 metres. Two grab samples collected in 2020 returned 4.76 and 2.57 grams per tonne gold from an area of an historic adit and a pit that exposed two quartz veins 0.1 and 0.2 meter wide.
Analyses disclosed in this release were conducted by ALS Global – Geochemistry Analytical Lab in North Vancouver, BC, Canada. ALS is an independent, fully accredited commercial laboratory. All mineralized vein samples were analyzed by the metallics sieve method (ALS Code Au-SCR24) with gold determination by fire assay. For other samples, gold was determined by the fire assay method using a 50-gram sample weight and AA finish. Other metals were analyzed as part of a 48-element package using a four-acid digestion and determination by ICP-MS.
Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
Raymond Kitchen, 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
Quinn Field – Dyte , President
Investor Relations: IR@GGXgold.com
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.