GGL Resources Corp. Announces Private Placement and Start of Ground Geophysical Survey and Sampling Program at Gold Point Project, Nevada
GGL Resources Corp. Announces Private Placement and Start of Ground Geophysical Survey and
Sampling Program at Gold Point Project, Nevada
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
Vancouver, BC – February 13, 202 4 – GGL Resources Corp. (TSX -V: GGL) (“GGL” or the
“Company”) announces a non-brokered private placement offering (the “Offering”) to consist of the sale
of up to 6,000,000 common shares at a price of $0.05 per share, to raise gross proceeds of up to $300,000.
Insiders may participate in the private placement and finders’ fees or brokers’ commissions may be paid in
accordance with TSX Venture Exchange policies.
All securities issued as part of the Offering will be subject to a hold period in Canada of four months plus
one day from closing. The proceeds from the Offering, which is subject to TSX Venture Exchange
acceptance, will be used for exploration and development activities at the Company’s Gold Point Project
in the Walker Lane Trend of western Nevada and for general working capital purposes.
Exploration update
GGL is pleased to announce that it has commenced an Induced Polarization (IP) Survey over the Le Champ
copper-molybdenum porphyry target at its road-accessible Gold Point Project in the Walker Lane Trend of
Western Nevada.
The IP survey will be centered over abundant stockwork veining and silica alteration identified by recent
mapping at Le Champ. This alteration is believed to mark the upper levels of a buried porphyry system.
The strongly elevated molybdenum values and more subdued, b ut still noteworthy, copper results are
consistent with a leached system, and suggest that stronger mineralization could be found at depth. It is
anticipated that the IP survey could delineate this sulphide mineralization.
Geological mapping at Le Champ identified six separate intrusive phases within the S ylvania Plutonic
Complex hosting extensive stockwork and sheeted vein zones. The strongest molybdenum -in-soil
anomalies are associated with the stockwork zones. Copper-in-soil geochemistry is moderately anomalous
throughout the target area with the strongest values near shallowly south -dipping fault structures and
stockwork zones.
Large m agmatic breccias containing limonite altered cubes and clots , often up to 2 cm across, were
identified on the north side of the target area near historical workings containing copper mineralization. A
float sample comprising limonite clots collected from the breccia returned 6.29% copper and 203 g/t silver.
The exact timing of the brecciation is not yet known, but is thought to be a late event as it includes clasts
of mafic dykes which are seen elsewhere on surface cutting the other intrusive phases.
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Surface Sampling
Field crews will also complete s ystematic surveying and sampling of veins on newly acquired claims,
located about 700 m along strike to the west of the main underground workings on the Orleans Vein (see
news release date January 16, 2024). There are numerous historical surface and underground workings on
the new claims. These workings have not yet been mapped or sampled by the Company, but mineralization
closely resembles that found in high-grade veins system elsewhere on the Gold Point property.
Setting of Le Champ
Le Champ is located about 3.5 km west of the gold -rich veins that have been the focus of historical
exploration at Gold Point. The porphyry lies within the Late to Middle-Jurassic Sylvania Granitic Complex,
a multi-phase intrusive suite that covers an area greater than 400 km 2 along the Nevada-California border
stretching between Fish Lake Valley to the north and Death Valley to the south. It typically ranges in
composition from granite to quartz monzonite, but locally contains more mafic phases. This pluton is
similar in age to intrusions that host large porphyry systems in the Yerington district of Walker Lane, 249
km to the northwest.
The Walker Lane hosts four significant known porphyry deposits (Yerington, Ann Mason, Bear, and
MacArthur), all of which are located near Yerington.
The Yerington Mine was operated by the Anaconda Company from 1952 until 1979 and produced
approximately 1.744 billion pounds of copper at an average grade 0.54% copper. This deposit, along with
the Bear and MacArthur deposit are currently held by Lion Copper and Gold.
The Ann Mason deposit is owned by Hudbay Minerals Inc. and contains 2.2 billion tonnes of measured and
indicated resources grading 0.29% copper and 67 ppm molybdenum.
About Gold Point
The Gold Point Project is accessed by Highway 774 and comprises 375 lode claims and 7 patented claims
covering a total area of approximately 7,443 acres (30.1 km 2). It is situated within the Walker Lane, a
major mineral belt that has seen significant historical production from gold, silver, and copper mines. Many
companies are actively exploring in the belt including several majors.
The Gold Point Project covers several past-producing underground mines that explored along parts of four
prominent vein structures. These main structures are paralleled by several other lightly explored structures.
The mines operated intermittently from the 1880s to the early 1960s, produci ng gold and silver from
mesothermal veins. The mineralization is strongly oxidized to the bottom of the workings, which reached
a maximum depth of 1,020 ft (311 m) downdip.
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng.,
a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the
purposes of National Instrument 43-101.
About GGL Resources Corp.
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GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and
advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The
Company has optioned and wholly owned claims in the Gold Point district of the prolific Walker Lane
Trend, Nevada. The Gold Point claims cover several gold -silver veins, four of which host past producing
high-grade mines , and an exciting new porphyry discovery . The Company also owns the McConnell
Project, which hosts epithermal gold veins and a n under explored porphyry copper -gold prospect in the
Kemess District of north-central British Colombia. GGL also holds diamond royalties on mineral leases
adjacent to the Gahcho Kué diamond mine in the Northwest Territories.
ON BEHALF OF THE BOARD
“W. Douglas Eaton”
Doug Eaton
CEO and Director
For further information concerning GGL Resources Corp. or its various exploration projects please visit
our website at www.gglresourcescorp.com or contact:
Investor Inquiries
Richard Drechsler
Corporate Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
Corporate Information
Linda Knight
Corporate Secretary
Tel: (604) 688-0546
The securities referred to in this news release have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available. This news release does not constitute an offer of
securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United
States must be made by means of a prospectus containing detailed information about the company and management,
as well as financial statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Information contained in this news release contains forward -looking statements. These statements reflect
management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance.
Forward-looking statements are statements that are not historical facts and are generally, but not always, identified
by the words “evaluate”, “potential”, “likely”, “possible”, “cut-off grades” “noteworthy”, “consistent”, “suggest”,
“delineate”, “closely resembles” and similar expressions, or that events or conditions “may”, “could” or “will”
occur. GGL cautions that all forward-looking statements are inherently uncertain, and that actual performance may
be affected by a number of material factors, many of which are bey ond the control of GGL. Such factors include,
among other things: risks and uncertainties relating to exploration and development and the results thereof, including
the results of the recently completed drill program, the impact on future mineral resource estimates, the potential for
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new discoveries, and the results of future metallurgical programs, as well as the ability of GGL to obtain additional
financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of
commodities, operating hazards and risks, competition and other risks and uncertainties, including those described
in GGL’s financial statements available under the GGL profile at www.sedarplus.ca. Accordingly, actual and future
events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed
or implied in the forward -looking information. Except as required under applicable securities legislati on, GGL
undertakes no obligation to publicly update or revise forward-looking information.