VANCOUVER, BC / ACCESSWIRE / May 11, 2017 / GGX Gold Corp. (TSX-V: GGX) (the "Company" or "GGX") is pleased to announce it has begun the 2017 exploration program at its high grade Gold Drop property, located near Greenwood in southern British Columbia. The 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. The focus of the current work is to locate and sample reported veins and document historic workings. During the first week of work, sulfide bearing quartz veins and historic workings were located in the southwest region of the property. Excavator trenching will begin shortly to allow for detailed mapping and sampling of selected veins. A diamond drilling program will follow, planned to start in June on priority targets. The property was optioned from Ximen Mining Corp. in 2016 and has a total area of approximately 2150 hectares.
The 2017 program will focus on 6 priority areas, covering areas of gold and silver bearing veins (B.C. MINFILE occurrences and other veins reported in historic B.C. assessment reports). These priority areas are the Gold Drop - North Star vein system, Ken vein and Silent Friend veins in the eastern region; Amandy vein and Roderick Dhu vein in the northwest region; and Tel - C.O.D. veins in the southwest region. An area of high grade gold and silver mineralization discovered in 2015 at a trench at the North Star vein is high priority target for the Company. Grab samples from this trench returned 159 g/t Au (grams per tonne) and 744 g/t Ag, 12.2 g/t Au and 78 g/t Ag; and 12.5 g/t Au and 100 g/t Ag.
Most of the reported historic underground workings (reported 100's of meters) are at the Gold Drop, North Star and Amandy veins. Small-scale intermittent mining was conducted at Gold Drop, North Star, Amandy and Roderick Dhu veins during the period of 1919 - 1941. This included:
- North Star: 6,178 tonnes mined with 3.8 g/t Au and 76.9 g/t Ag recovered.
- Amandy: 1,059 tonnes mined with 10.0 g/t Au and 185.2 g/t Ag recovered.
- Gold Drop: 294 tonnes mined with 16.5 g/t Au and 98.3 g/t Ag recovered.
- Roderick Dhu: 25 tonnes mined with 19.9 g/t Au and 275 g/t Ag recovered
The southwest region of the property is the first area of focus during the current program. Gold and silver bearing quartz veins are reported in this region. A 1988 grab sample in this region from a quartz vein in a trench was reported to return 20.8 g/t Au and 115.6 g/t Ag (Tel 2 occurrence). Recent logging activities in this area have exposed bedrock and float boulders in this area. Sulfide bearing quartz veins in bedrock and vein float have been located in this region since the start of the program on May 1. Sampling of such vein material has commenced. Historic trenches and a shaft have been located. The Company is now referring to this target area as the Gold Drop Southwest Zone. An excavator has recently been mobilized to the property and will begin trenching in this zone shortly. Trenching will follow in other target areas. Diamond drilling is scheduled to begin in June on priority targets.
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Historic shaft in southwest region of Gold Drop Property
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Pyrite bearing quartz float in southwest region of Gold Drop Property
Readers are warned 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 assays referred to in this News Release are accurate.
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
604-488-3900
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.
SOURCE: GGX Gold Corp.