GGX Gold Corp (CVE:GGX) (OTCQB:GGXXF) told investors it is preparing for this spring's diamond drilling program on the Gold Drop property in British Columbia, which is earmarked to begin in early April. It also announced a financing.
The spring program will focus on the COD vein, which lies in the southwest zone, further testing its southern extension.
READ: GGX Gold says re-analysis of Gold Drop core confirms high grade tellurium
The firm hit near-surface, high-grade gold, silver and tellurium in this part of the vein during last year's diamond drilling.
Highlights included 129 g/t (grams per ton) gold, 1,154 g/t silver and 823 g/t tellurium over a length of 7.28 meters. Another hole hit 107 g/t (grams per ton) gold, 880 g/t silver, and 640 g/t tellurium over a core length of 6.90 meters.
Other targets in the Gold Drop Southwest Zone include the COD north region, where no previous diamond drilling has been completed.
Trenching last year here showed numerous vein showings with grab samples up to 15.45 g/t (grams per ton) gold, 159 g/t silver and 114.5 g/t (grams per ton) tellurium.
Non-brokered placing
Also on Wednesday, GGX said it had arranged a non-brokered private placing of 4.2 million flow-through units at a price of C$0.12 each for gross proceeds of $504,000, to be used for continued exploration at Gold Drop.
Each flow-through unit consists of one share and one share purchase warrant. Each whole warrant allows the holder to buy, for 18 months, one additional non-flow-through common share at C$0.15 per share.
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