GGX Gold Exploration Update
GGX Gold Exploration Update
Vancouver, British Columbia – January 6, 2020 –Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF),
(FRA: 3SR2) (the “Company” or “GGX”) provides the following update on its exploration
programs at its Gold Drop property in the Greenwood Mining Camp. Results are provided for
the last hole drilled on the COD vein, surface prospecting samples, and the deep drill hole that
tested a large geophysical anomaly.
The last hole drilled on the COD vein, Hole COD19-49 was drilled to test the COD vein at depth
below other holes drilled in 2019. This hole intersected two quartz veined zones containing
pyrite that have elevated gold contents. The results are provided in the table below.
Hole From To Length
(m)
Gold
(g/t)
Silver
(g/t)
Tellurium
(ppm)
Description
COD19-49 119.27 119.84 0.57 2.48 24.2 9.7 Quartz veinlets, pyrite
COD19-49 128.62 129.06 0.44 3.33 4.7 13.7 Quartz veinlets, pyrite
Prospecting was done at the end of the field season for 2019 to evaluate targets for trenching
and drilling in the coming year. One sample assayed 55.8 grams per tonne gold, 379 grams per
tonne silver and 270 ppm tellurium. This grab sample was from a previously unknown
occurrence of frost-heaved blocks of vein quartz containing pyrite. This site will be a priority for
follow up trenching.
Hole AMT19-01 was a designed to test a large geophysical anomaly and was drilled to a depth of
718.8 metres (2,358 feet). The core was logged for geological features and sampled at intervals
ranging up to 3.05 metres in length. Geochemical results indicate elevated copper, zinc and iron
between 90.31 and 718.7 metres (628 metres). Copper values averaged 249 ppm Cu in 38 of 62
samples that contained 100 ppm or greater copper, with values ranging from 102 to 837 ppm
Cu. The highest copper value was for a 0.32 metre sample at 714.06 metres depth, where
sulphide mineralization (pyrrhotite and pyrite) was observed. Zinc averaged 175 ppm Zn in 48
of 62 samples containing ppm 100 or greater zinc, with values ranging from 102 to 572 ppm Zn.
Iron averaged 10.0% Fe in 48 of 62 samples containing 5% or greater iron, with values ranging
from 5.27 to 12% Fe.
The geochemically elevated values for copper, zinc and iron are associated with calc-silicate
altered rocks and magnetite mineralization observed in the drill core. The calc-silicate alteration
is developed locally, and the magnetite varies in intensity from veinlets to fine disseminations.
This is interpreted as weak, skarn-type mineralization formed by iron-rich fluids that also carried
copper and zinc. Historically, skarn-type copper-gold deposits were the main source of metals
produced in the Greenwood camp. The Phoenix deposit produced 28,341 kg of gold, 183,036 kg
of silver and 235,693 tonnes of copper and the Motherlode produced 6,648 kg gold, 22,083 kg
silver, and 34,918 tonnes copper.
Skarn type mineralization typically occurs at or near the margins of porphy ry-type granitoid
intrusions, which likely generated metal -rich hydrothermal fluids that replaced calcareous rocks
(limestone or dolomite). Porphyry dikes were intersected in hole AMT19 -01, and although
calcareous units were not seen in the core, limeston e is known to be a minor component of the
Knob Hill Group, through which this drill hole passed. Since the alteration and mineralization is
January 6, 2020 TSX.v : GGX
FRA : 3SR2
OTCQB : GGXXD
GGX Gold News Release
weakly developed, it is interpreted as distal. The conclusion is that this hole passed through a
skarn-type magnetite calc-silicate replacement zone, possibly on the periphery of a larger skarn
deposit. Hole AMT19-01 may have intersected the edge of a major skarn deposit that is yet to be
identified.
Further investigations will be done, including petrographic studies of the alteration minerals. A
review of the geophysical results is also planned. Additional geophysical surveying may be done
prior to drilling additional holes. Hole AMT19 -01 was the first of three holes planned to target
the geophysical anomaly; the other two holes remain to be drilled (see image below).
Location of hole AMT19-01 within geophysical anomaly (red) and location of C.O.D. veins
(green).
Analytical results reported above were provided by ALS Laboratories in N orth Vancouver, BC.,
which is an independent and accredited commercial laboratory. Analyses for gold were done by
fire assay with AA finish on 50 gram sub -samples, or by metallics sieve analyses. Analyses for
silver and tellurium were by four acid digest ion with ICP-MS finish. Silver results greater than
100 ppm, and Tellurium results greater than 500 ppm, were reanalyzed using a four-acid digestion
and ICP-AES or AAS finish on a 0.4g sub-sample. Quality control was monitored using analytical
results for reference standards and blank samples inserted into the sample stream at a frequency
of 5% each.
David Martin, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant
to the Company, approved the technical information in this release.
GGX Gold News Release
On Behalf of the Board of Directors
Barry Brown, President,
604-488-3900
Investor Relations: Mr. Jack Singh, 604-488-3900, [email protected]
“We don’t have to do this,
we get to do this”
~The Crew
Forward Looking Statement
This News Release may contain forward -looking statements including but not limited to
comments regarding the acquisition of certain mineral claims. Forward -looking statements
address future events and conditions and therefore involve inherent risks and unc ertainties.
Actual results may differ materially from those currently anticipated in such statements and the
company undertakes no obligation to update such statements, except as required by law.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions,
estimates and forecasts about the business and the industry and markets in which the Company
operates, including that: the current price of and demand for minerals being targeted by the
Company will be sustained or will i mprove; the Company will be able to obtain required
exploration licences and other permits; general business and economic conditions will not
change in a material adverse manner; financing will be available if and when needed on
reasonable terms; the Compa ny will not experience any material accident; and the Company
will be able to identify and acquire additional mineral interests on reasonable terms or at all.
Forward-looking statements are not guarantees of future performance and involve risks,
uncertainties and assumptions which are difficult to predict. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including: that resource exploration
GGX Gold News Release
and development is a speculative business; that environmental laws and reg ulations may
become more onerous; that the Company may not be able to raise additional funds when
necessary; fluctuations in currency exchange rates; fluctuating prices of commodities;
operating hazards and risks; competition; potential inability to find s uitable acquisition
opportunities and/or complete the same; and other risks and uncertainties listed in the
Company’s public filings. These risks, as well as others, could cause actual results and events to
vary significantly. Accordingly, readers should n ot place undue reliance on forward -looking
statements and information, which are qualified in their entirety by this cautionary statement.
There can be no assurance that forward -looking information, or the material factors or
assumptions used to develop such forward looking information, will prove to be accurate. The
Company does not undertake any obligations to release publicly any revisions for updating any
voluntary forward-looking statements, except as required by applicable securities law.
Neither 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