GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) posted results on Thursday from the first ten holes of its flagship Gold Drop property in the famous Greenwood Mining Camp in British Columbia, which showed potential economic mineralization.
Gold Drop is a high-grade, near-surface asset, which was mined intermittently from 1919 to the 1980s, with previous production coming in at 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 output pre-dating 1942.
READ: GGX Gold says drilling commenced to test large, deep geophysical anomaly at its Gold Drop property
In a statement today, GGX said significant assay results had been received in five of the ten holes.
Highlight assays included an intercept of 0.38 metres (m) from around 28m depth at 145 grams per ton (g/t) gold, 1,430 g/t silver and greater than 500 parts per million (ppm) tellurium. Also encountered was 0.54m from 15m depth with 10.6 g/t gold and 51.1 g/t silver.
"Overall, the results confirm the presence of potentially economic mineralization in the COD vein at the Gold Drop property. The drilling was done above, below and along strike of the best intercepts from 2018, and the results add to the list of mineralized intercepts obtained last year," the company said.
Gold Drop lies in one of the most prolific mining camps in Canada - the Greenwood camp - which has generated 1.4 million ounces of gold, 10 million ounces silver and 0.7 billion pounds of copper.
Shares fell 7.5% to C$0.18 each in Toronto.
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