InvestmentPitch Media Video Discusses GGX Gold's "Exclusivity Letter" with Golden Dawn Minerals to Conduct Due Diligence Prior to the Potential Acquisition of Golden Dawn's Kettle River Claim Group - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2019) - GGX Gold (TSXV: GGX) (OTCQB: GGXXF) (FSE: 3SR2) has signed an "Exclusivity Letter" with Golden Dawn Minerals (TSXV:GOM) to potentially acquire Golden Dawn's Kettle River Claim Group. GGX Gold has a sixty day "Exclusivity Period" to conduct its due diligence investigation for a possible acquisition.
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During this period, GGX Gold will investigate claim standings, exploration data and complete an independent third-party valuation of the Kettle River Claim Group, located in the Greenwood Mining Camp of southern British Columbia. After the Exclusivity Period, GGX may negotiate a mutually acceptable "Definitive Agreement" with Golden Dawn for acquisition of all or part of the Kettle River Claim Group, which consists of 2 separate claim blocks, the Phoenix and the Tam O'Shanter claim blocks.
The first block, referred to as the Phoenix claim block, is directly adjacent to the Gold Drop property owned by GGX Gold.
The 10,321 hectare Phoenix claim block consists of:
• 51 mineral tenure claims
• 57 Crown grants with sub-surface rights covering the historic Phoenix mine
• 24 Crown grants with surface rights that include old town site lots from Phoenix
• 20 Crown grants with sub-surface rights over historic mine workings
• 49 documented mineral showings
• 30+ historical past producing mines
This claim block also includes the historic Phoenix mine, which originally operated as an underground operation from the early 1890's. In 1956 Granby Mining started an open pit mining operation which ran until 1978. During the open pit mining period the Phoenix Mine produced 21.5 million tonnes at a grade of 0.9% copper and 1.12 grams per tonne gold, containing more than 1 million ounces of gold, 18 million ounces of silver and 575 million pounds of copper.
The second claim block, referred to as the Tam O'Shanter claim block, is a 1,400 hectare land package consisting of 10 mineral tenure claims which lie five kilometers west of the Phoenix Block. It is prospective for gold, copper and silver, with four main areas of known mineralization on the property, including the Bengal Zone, Deadwood Zone, Tam O'Shanter, and Iva Lenore.
The Greenwood mining camp is one of the most prolific mining camps in Canada, with a long history of mining having produced 1.4 Million Ounces Gold, 10 Million Ounces Silver and 0.7 Billion pounds Copper. Since most of the historic mines were focused on copper, the iron-rich skarn zones of mineralization were largely ignored. It will therefore be important to re-evaluate all of the skarn deposits for gold.
George Sookochoff, President, stated: "As we continue to develop the Gold Drop property with its high grade gold, silver and tellurium veins we will now have an opportunity to significantly expand our land position in the prolific Greenwood mining camp. During the next 60 days our team will be evaluating the 120 years of exploration data that has been recently compiled for the first time ever on the Phoenix claim block. I am confident the results of the review will be positive allowing us to negotiate and complete a Definitive Agreement."
For more information, please visit the company's website at www.ggxgold.com, contact George Sookochoff, President, at 604-488-3900 or email george@GGXgold.com. For Investor Relations contact Jack Singh at 604-720-6598 or email at ir@ggxgold.com.
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