- Among the largest landholders in one of the most prolific mining camps in North America
- Flagship Gold Drop project is near-surface high-grade gold
- Experienced management
What GGX Gold does:
GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) is a junior explorer in one of the most prolific gold-copper camps in North America, namely the Greenwood Republic camp in mining- friendly British Columbia.
The Vancouver-based group's flagship site is the high grade, near surface, Gold Drop property, which was mined intermittently from 1919 to the 1980s.
Historical production amounted to 7,572 tonnes at an average grade of 5.2 grams per ton (g/t) of gold and 93.4 g/t of silver, with the majority of production coming before 1942.
GGX's attention has particularly focused at the COD vein on the property, which is high-grade and near-surface.
The northeast-southwest striking vein is traced by a series of shafts and pits for 1,500 metres (m) and reported to have a maximum width of 1.5m at surface. Drill assay highlights have included 129 grams per ton (g/t) gold and 1,154 g/t silver over 7.28m.
The company has also uncovered tellurium, which it says is rarer than rare earth elements, and used in solar panel technology, with assays including 823 g/t tellurium over 7.28m and 640 g/t tellurium over a 6.90m core length.
The wider Greenwood district was once home to 26 mines and the area has produced 1.4 million ounces of gold, 10 million ounces of silver and 0.7 billion pounds of copper, as well as lead and zinc.
GGX is revisiting the area and says it's bringing with it new and advanced exploration methods along with a new understanding of the geological model of the Greenwood camp.
How is it doing:
Positive exploration findings have dominated the company's news flow in recent months.
Last November, it reported that two new quartz veins - Perky and Lively - have been unearthed at Gold Drop in the COD West area.
Seven rock samples were collected from Perky, of which one was a grab sample and six were channel samples. The grab sample contained visible gold and assayed 47.6 grams per ton (g/t) gold.
At Lively, where ten channel samples were taken, assays for gold ranged from 0.13 to 6.94 g/t, while the average was 1.89 g/t gold. The Perky vein was exposed over a strike of 13.8m, while the Lively vein was exposed over 29.5m.
A month beforehand, the company told investors it had received an assay from a sample at the Amandy vein of 23.5 grams per ton (g/t) gold, 437 g/t silver, 198 g/t tellurium and 0.7% lead.
In total, GGX received results from three prospecting samples on the Mt Rhoderick Dhu area of the property, which is north of the high-grade, near surface COD vein.
On March 9 this year, GGX reported more drill assays from the COD vein, including a highlight being one which hit 9.14 grams per ton (g/t) gold over 0.4 meters from a depth of 18.03 metres (m), which was testing the northern edge of an area high-grade mineralization identified in 2018.
The same hole also encountered 9.66 g/t of gold over 0.5m (from 20.24m depth) and 3.34 g/t of the precious metal over 1.09m, from 21.40m depth. GGX said this hole had hit a "large, mineralized quartz vein," which was 5.3 metres thick.
GGX also said it had arranged the placing at C$0.1463 per unit for gross proceeds of C$300,000. Each units consist of one share and a full share purchase warrant, which may be exercised for three years at C$0.2438 per share.
The proceeds will be used for general working capital and continued exploration at the Gold Drop asset, it added.
Inflection points:
- More exploration results from Gold Drop
- Acquisition of more ground
- Gold price moves
Contact the author at giles@proactiveinvestors.com