GGX Gold Intersects 235 metres of Magnetite Mineralization at Geophysical Target

GGX Gold Intersects 235 metres of Magnetite

Mineralization at Geophysical Target

Vancouver, British Columbia – December 6, 2019 – GGX Gold Corp. (TSX-v: GGX), (OTCQB:

GGXXF), (FRA: 3SR2) (the “Company” or “GGX”) is pleased to provide an update on its last

drill hole that tested a large, deep geophysical anomaly at its Gold Drop property in the Greenwood

Mining Camp.

As previously announced in a news release dated July 24, an airborne audio magnetotelluric

(AMT) geophysical anomaly was identified on the property by Earth Science Services Corporation

of Oshawa, Ontario (ESSCO). The anomaly is interpreted as a pipe -like structure that measures

1834 by 1377 metres in width. For more information, see the video posted on the corporate

website.

The last hole drilled on the Gold Drop property in 2019, Hole AMT19-01, tested this geophysical

feature and was competed to a depth of 718.8 metres (2,358 feet) on October 21 . This hole was

one of three holes proposed to test the feature (the other two holes will be permitted in 2020). As

described in a previous news release , the hole intersected calc -silicate alteration (patches of

epidote-calcite-garnet) and disseminated magnetite mineralization starting at 479 meters depth .

The magnetite mineralization continues to 714.8 metres depth, for a total mineralized interval of

over 235 metres. Magnetite varies in abundance, being strongest within greenstone and weakest

in cherty host rocks (and absent in rhyolite and porphyry dikes) . Magnetite was not detected in

only the last 4 metres of the hole, which passed through cherty a rgillite and a 1 metre thick

porphyry dike. This last 4 metres could be a weakly mineralized interval in which case additional

mineralization could lie below the bottom of the hole. Minor visible sulphide mineralization was

observed between 699.4 and 714 .8 metres depth, consisting of iron sulphides (pyrite and

pyrrhotite), possibly indicating a gradation to sulphide mineralization.

December 6, 2019 TSX.v : GGX

FRA : 3SR2

OTCQB : GGXXF

GGX Gold News Release

Location of hole AMT19-01 within geophysical anomaly (red) and location of C.O.D. veins

(green).

The first appearance of strong magnetite mineralization at 479 meters closely corresponds to the

predicted start of the modeled anomalous zone (the start of the zone was predicted at 441 metres

depth by ESSCO) so it appears th e magnetite mineralization is the source o f the geophysical

anomaly.

The origin of the magnetite mineralization remains unexplained. It ’s style of occurrence and

association with calc-silicate alteration suggests a hydrothermal genesis, possibly sourced from an

underlying intrusion. Magnetite is commonly associated with skarn -type copper-gold deposits

that are formed by replacement of limestone, an important deposit type in the Greenwood camp

with the largest being the Phoenix and Motherlode deposits. The Phoenix 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. However, there is no major limestone unit

known in the vicinity of this deep drill hole at Gold Drop.

For hole AMT19-01, the core assays are pending, and petrography will be conducted on selected

samples to aid in mineral identification. For the geophysical anomaly, further refinement of the

model may be useful prior to drilling another hole next year.

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.

On Behalf of the Board of Directors

Barry Brown, President,

604-488-3900

[email protected]

GGX Gold News Release

Investor Relations: Mr. Jack Singh, 604-488-3900, [email protected]

GGX Gold News Release

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

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