Vancouver, British Columbia–(Newsfile Corp. – August 2, 2017) – GGX Gold (TSXV: GGX) (OTC Pink: GGXXF) has completed the first phase of drilling and has started on phase two drilling on its Gold Drop Property, located 40 kilometres from Grand Forks, British Columbia in the Greenwood District.
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The drill program is targeting the C.O.D. Vein, a Dentonia/Jewel style gold and silver bearing quartz vein in the Gold Drop Southwest zone.
The first phase of diamond drilling, which commenced south of the C.O.D. mine shaft and progressed systemically to the north, consisted of 15 drill holes totaling 2,500 feet (762 metres). This drilling was to confirm mineralization in the first section of the exposed vein, under the series of channel samples announced on July 19th, as well as to determine depth and the dip of the vein exposed at surface.
Drilling confirmed the vein to a vertical depth of 120 feet (36.6 metres), remaining open at depth. This drilling also intersected additional unexpected veining, which will require additional drilling to delineate.
Of note, drill hole COD17-14, drilled at a 75o dip perpendicular to the surface vein, intersected a 55 foot (16.8 metre) core length interval of intensely mineralized quartz vein(s). Pyrite, chalcopyrite, possible telluride and visible gold were observed in this drill core.
Drill core is being geologically logged and sampled at the Greenwood facility, with core samples being delivered to Vancouver to be analyzed for gold by screen metallic fire assay along with additional testing for another 48 elements.
Following review of these first 15 drill holes, which showed encouraging visual results from down hole intercepts, combined with the positive results from the second batch of channel samples announced last week, management initiated the second phase drill program. This second phase of diamond drilling of up to 30 holes will continue to test the northern extension of the C.O.D. vein.
Previous excavator trenching exposed 160 metres of the C.O.D. vein, which remained open in both directions. The vein was channel sampled at 1.5 metre intervals, across an average sample width of one metre. Of the 68 channel samples received to date, grades up to 43.2 grams per tonne gold and 224 grams per tonne silver were reported.
The shares are trading at $0.20 and with 24.2 million shares outstanding, the company is capitalized at $4.8 million.
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