Yahoo Finance InvestmentPitch Media Video Discusses GGX Gold’s and its 2022 Drill Program at its 100%-Owned Gold Drop Property in the Greenwood Mining Camp in Southern British Columbia
VANCOUVER, British Columbia, March 29, 2022 (GLOBE NEWSWIRE) -- GGX Gold Corp. (TSXV:GGX) (OTCQB:GGXXF) (FSE:3SR) announced plans for its 2022 drill program at its 100%-owned Gold Drop Property in the Greenwood Mining Camp in southern British Columbia. The Gold Drop Property is located 3 kilometers north of Greenwood, in the prolific Greenwood mining camp, which has a long history of mining having produced 1.4 million ounces gold, 10 million ounces silver and 0.7 billion pounds copper.
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A surface drill program consisting of up to 2,000 meters is scheduled to start in April on the Gold Drop property at the North Star and Gold Drop mine areas, and at the Highland Valley and Ken veins. GGX is planning to drill an estimated 1,500 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.
The historic Gold Drop and North Star mines, located east of Jewel Lake, reported production of 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 meters and over an elevation range of about 80 meters. It is a highly irregular vein that pinches and swells from narrow quartz stringers to greater than 3.5 meters wide and is mineralized with pyrite with lesser galena, chalcopyrite, sphalerite, tellurides and minor free gold.
The Gold Drop vein lies about 500 meters east of, and parallel to, the Dentonia vein, which occurs on the adjacent property that is not owned by GGX Gold. The Dentonia vein, traced on surface for 1.8 km and to a depth of about 200m, was developed by 4 shafts with interconnected workings on 5 levels to a depth of 120 meters. Total production is recorded as 43,354 ounces of gold and 258,973 ounces of silver from 124,644 tonnes. 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.
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 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-meter 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 g/t 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 g/t gold. In 2020, a chip sample collected across the vein exposed at the adit assayed 0.12 g/t gold.
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 g/t gold over 1.2 metres. Two grab samples collected in 2020 returned 4.76 and 2.57 g/t gold from an area of an historic adit and a pit that exposed two quartz veins 0.1 and 0.2 meters wide.
Management cautions that historical records have been examined but not verified by a Qualified Person.
The shares are trading at $0.15. For more information, please visit the company’s website at www.GGXgold.com, contact Quinn Field-Dyte, President, at 604-488-3900 or email office@GGXgold.com or for investor relations email IR@GGXgold.com.
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