GGX Gold set to drill three holes into Gold Drop anomaly after receiving exploration permit
The anomaly, identified from the air by Earth Science Services Corporation, is thought to be a pipe-like structure that measures 1834 by 1377 metres
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GGX Gold Corp's Gold Drop property in situated in one of the most prolific gold-copper mining camps of North America, the Greenwood-Republic mining camp. The current 2019 drill program is following up on the 2018 drilling which intercepted high grade gold-silver results (129 g/t gold and 1,154 g/t silver over 7.28 meters) from the near surface COD vein which is projected to be 1.5 km in length. In addition tellurium grades were announced with up to 3,860 g/t tellurium, including 823 g/t tellurium over 7.28-meter core length and 640 g/t tellurium over 6.90-meter core length.
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The anomaly, identified from the air by Earth Science Services Corporation, is thought to be a pipe-like structure that measures 1834 by 1377 metres
The property lies in one of the most prolific mining camps in Canada - the Greenwood camp
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As of July 22, the group said, 421 metres have been sunk in seven holes at COD North, which was in addition to the 1,965 metres drilled in 32 holes on the main COD vein
Gold Drop is the Vancouver-based group's flagship site is the high grade, near surface property, which was mined intermittently from 1919 to the 1980s
McKinney camp lies southeast of Mount Baldy and comprises several mines, the main one being Cariboo
Crews will arrive at the base in Greenwood and initially start drilling at the COD north vein, said GGX
Crews will arrive next week at the base in Greenwood and initially start drilling at the COD north vein
GGX said it is planning to drill a high priority geophysical target using the Stargate II Drill Target Modeling System
A successful test using the Stargate II technology could result in the discovery of a new gold deposit or a new gold deposit type, according to GGX
The firm said it had completed 32 diamond drill holes on the COD vein and moved the drill rig to the COD North vein
Trench samples from the COD North vein collected last year returned results of up to 21.7 grams per ton gold
The firm said funds raised will be used for continued exploration work at the Gold Drop property, potential project acquisitions, property option payments as well as general working capital
GGX said its common shares will start trading on a consolidated basis on June 14, 2019
Ten of the holes hit the COD quartz vein at their target depths, of which eight were visibly mineralized with pyrite
Ten of the holes hit the COD quartz vein at their target depths, of which eight were visibly mineralized with pyrite
The firm said management and the board of directors believe the consolidation is necessary to facilitate new equity investment in the company to finance continuing business activities and assist in its overall marketing efforts
The Vancouver-based company signed an exclusivity agreement with Golden Dawn Minerals, giving GGX a 60-day period to conduct due diligence on a possible acquisition in the prolific mining camp
The company announced it has appointed mining veteran George Sookochoff as president
The work will be at the so-called C.O.D vein, which is open along strike and at depth