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GGX Gold Corp.

GGX Gold making headway at Gold Drop but Phoenix project could spark explorer's touchpaper

Snapshot

Gold Drop is the Vancouver-based group's flagship site is the high grade, near surface property, which was mined intermittently from 1919 to the 1980s

BC landscape

Quick facts: GGX Gold Corp.

Price: $0.27

Market: TSX-V
Market Cap: $4.5 m
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  • Operates in one of the most prolific gold-copper camps in North America, namely the Greenwood Republic camp, British Columbia

  • Flagship site is the high grade, near surface Gold Drop property, mined intermittently from 1919 to the 1980s

  • In May 2019, the firm also signed an 'exclusivity letter' for a possible acquisition of the adjacent Phoenix gold-copper-silver project in Grand Forks

 

What GGX does:

GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) is a busy metals 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 grammes per tonne (g/t) of gold and 93.4 g/t of silver, with the majority of production coming before 1942.

Meanwhile, the wider Greenwood district was once home to 26 mines, which produced more than 1.2 million ounces of gold and over 270,000 tonnes of copper, as well as silver, lead and zinc.

In addition, in May this year, the firm also signed an 'exclusivity letter' for a possible acquisition of the adjacent Phoenix gold-copper- silver project in Grand Forks from Golden Dawn Minerals, which is to focus away from exploration.

Phoenix is the site of over 30 high grade past producing mines and a former open pit mine, owned by Granby mining, which produced over 1 million ounces gold, 6.5 million ounces silver and 518 million pounds of copper. GGX has 60 days to conduct due diligence.

GGX plans to explore beneath the open pit and the 30 past producing smaller mines using an airborne survey called ZTEM in a bid to find the source of the extensive mineralization and mines at surface. Then the plan would be to drill targets shortly thereafter.

How it is doing:

This month (July) GGX field crews have returned to base at the Gold Drop to start initial drilling at the COD north vein, where samples late last year ranged up to 21.7 grams per tonne (g/t) of gold over 0.4 metres.

Then they will turn to drill a new geophysical target, which was identified by the Stargate II technology - a deep-penetrating ultra-sonic AMT (Audio-Magnetotellurics) geophysical survey conducted by Earth Science Services Corp.

The anomaly measures 1,834 by 1,377 metres and is interpreted as a pipe-like structure that tops out at about 360 metres, requiring drilling to a depth of at least 400 and up to 764 metres. This will be the deepest ever to be drilled at Gold Drop.

Gold Drop continues to throw up impressive drill assays. Of two drilled holes in 2018, one hit 50.1 grams per tonne (g/t) of gold and 375 g/t of silver over a 2.05 meter core length, including 167.5 g/t of gold, 1,370 g/t of silver and over 500 g/t of tellurium over a 0.46 meter core length

Previous drill highlights over the past two years have included 50.1 g/t (grams per ton) gold over 2.05 meters, 54.9 g/t gold over 1.47 meters and 4.59 g/t (grams per ton) gold over 16.03 meters at the COD vein.

Tellurium, a rare metal with green credentials, also offers another potential boost to the project. GGX has found some of the highest grades of the material in the world. It is used as an alloy to prevent rust but also in solar panels, so demand is growing for this rare material.

In June, the firm announced that it had raised C$1.7 million via a placing to advance its British Columbia assets.

Inflection points:

  • Finalized acquisition of Phoenix project
  • Start of exploration at Phoenix
  • Further finds at Gold Drop

What the president says:

George Sookochoff, who became president of GGX Gold in April, and has followed the Phoenix property for years, said: "It's probably one of the best projects that I've seen in my 35 year career."

"In addition to the former mine, there's 30 past producing smaller mines in this area, on the property, and when you see such a high concentration of mines and mineralization, from my experience, naturally you say there's something bigger going on there - there's something below that they haven't touched yet."

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GGX Gold going Star Wars to model their flagship property Gold Drop

GGX Gold Corp (CVE:GGX-OTCQB: GGXXF) President George Sookochoff joined Steve Darling in the Vancouver studio of Proactive Investors to discuss the company drilling a high-priority geophysical target at its Gold Drop property in the Greenwood mining camp. Sookochoff talked about the...

on 07/04/2019

4 min read