GGX Gold Releases Drill Results of 24 gpt Gold and 192 gpt Silver from Gold Drop Project Near Grand Forks, B.C. - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2017) -GGX Gold (TSXV: GGX) (OTC Pink: GGXXF) has released the first batch of analytical results from the Phase I diamond drill program from the company's Gold Drop Project, located 40 kilometres from Grand Forks, British Columbia in the Greenwood District.
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The company is currently exploring and defining the COD Vein, a Dentonia/Jewel style quartz vein, in the Gold Drop Southwest zone. Trenching during 2017 has exposed the northeast - southwest striking COD vein for over a 160 metre strike length. To date, results for 68 trench channel samples have been received, with samples returning anomalous to high grade values for gold, up to 43.2 grams per tonne gold and 224 grams per tonne silver.
The Phase I drilling program, consisted of 15 holes totaling 691 metres, aimed to delineate the COD vein in the Gold Drop Southwest zone from 5 pad locations along the North-south trench. The drilling commenced south of the COD mine shaft and progressed systematically to the north, testing the vein along 80 metres of strike length.
The objective of the drilling was to determine depth and the dip of the vein exposed at surface and confirm gold and silver mineralization below the channel samples. Drilling to date has confirmed the vein to a vertical depth of 120 feet, or 36.6 meters, being open at depth. Drill core is being geologically logged and sampled at the Greenwood facility.
The analytical results listed below are from the first nine drill holes in the COD area. Other low grade mineralization intervals were found in the host rock
| HOLE ID | From | To | Core Interval Length | Gold gpt | Silver gpt |
| COD17-2 | 8.96 | 9.36 | 0.4 | 1.86 | 11 |
| CAD17-2 | 11.5 | 12.14 | 0.64 | 5.08 | 40.4 |
| COD17-3 | 15.93 | 16.15 | 0.22 | 8.76 | 68.9 |
| COD17-3 | 16.15 | 16.63 | 0.48 | 24.1 | 192 |
| COD17-4 | 10.54 | 11.82 | 1.28 | 1.64 | 11.4 |
| COD17-4 | 11.82 | 12.97 | 1.15 | 0.75 | 5.5 |
| COD17-4 | 22.53 | 23.19 | 0.66 | 3.22 | 31.2 |
| COD17-4 | 25.04 | 25.48 | 0.44 | 3.16 | 33.7 |
| COD17-5 | 27.37 | 29.26 | 1.89 | 4.11 | 53 |
| COD17-7 | 5.55 | 6.05 | 0.5 | 0.82 | 5.1 |
| COD17-7 | 6.05 | 6.57 | 0.52 | 1.21 | 9.6 |
| COD17-8 | 11.67 | 12.37 | 0.7 | 1.69 | 14.8 |
| COD17-9 | 14.5 | 15.23 | 0.73 | 7.37 | 55 |
| COD17-9 | 15.98 | 16.33 | 0.35 | 14.85 | 164 |
| COD17-9 | 16.33 | 16.96 | 0.63 | 0.26 | 3.1 |
The company recently closed an oversubscribed non-brokered private placement, raising gross proceeds of $480,000 from the issuance of 2.4 million flow-through units, priced at $0.20, with each unit consisting of 1 share and 1 warrant, with each warrant exercisable to purchase an addition flow through share at $0.25 for 60 months, subject to an acceleration clause.
The shares are trading at $0.155 and with 26.9 million shares outstanding, the company is capitalized at $4.2 million.
For more information, please visit the company's website at www.ggxgold.com, contact Jack Singh, Investor Relations, at 604-720-6598, or by email at ir@ggxgold.com.
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