GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) told investors it has now sunk 20 diamond drill holes on the COD vein at the Gold Drop project in British Columbia since the exploration season began in mid-April.
Ten of the holes hit the COD quartz vein at their target depths, of which eight were visibly mineralized with pyrite.
READ: GGX Gold proposes share consolidation
Two of the intercepts also contained possible telluride mineralization and one contained visible gold.
The aim of the rig was to carry out in-fill drilling on the vein to explore the vein between and below significant intercepts obtained last year.
Last year, significantly two holes hit near-surface, high-grade gold, silver and tellurium in a newly discovered southern extension of the vein. Highlight assays included 129 g/t (grams per ton) gold, 1,154 g/t silver and 823 g/t tellurium over 7.28 meters core length.
Further drilling planned
Further exploratory drilling is also being planned to further test the southern extension of the COD vein, on the Everest vein that was discovered in 2018, and on the COD North vein.
Another target is the Gold Drop mine, the firm said.
Consolidation ahead
Wednesday, GGX announced plans for a share roll-back, consolidating its shares on a three-to-one basis (3:1).
The firm said it believed the move was necessary for new equity investment to finance continuing business activities and assist in overall marketing efforts.
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