GGX Gold Starts Drilling to Test Deep Geophysical Target - Historic Gold Mining Camp - Greenwood BC
Tuesday, October 1, 2019 4:50 PM
VANCOUVER, BC / ACCESSWIRE / October 1, 2019 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce that it has now commenced drilling to test a large, deep geophysical anomaly at its Gold Drop property in the Greenwood Mining Camp.
A drill is now setup on the first of three sites designed to test 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 target is a porphyry-type copper gold deposit. For more information, see the video posted on the corporate website.
The anomaly is located at the intersection of corridors identified as "conduit-fault-structural traces". Two of these are coincident with the trend of the C.O.D. vein system and a probable NW-trending cross-fault. The correlation of anomaly corridors with known geological features provides some confidence in the result.
Drilling at the C.O.D. vein and C.O.D. North vein has been halted, and the rig was moved to a new site selected to test the AMT geophysical anomaly. As of September 26, a total of 2,486 metres have been drilled in 49 holes on the main C.O.D. vein, and an additional 705.2 metres drilled in 10 holes on the COD North vein and one hole on the Everest vein. Assay results are pending.
David Martin, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, approved the technical information in this release.
The Company also announces the resignation of Mr. George Sookochoff as President. The Company would like to thank Mr. Sookochoff for his time and wish him well in his future endeavours. Mr. Barry Brown current CEO and director, of the Company will assume the duties of President.
On Behalf of the Board of Directors
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
SOURCE: GGX Gold Corp.