GGX Gold Chip Samples from Newly Discovered Vein at Gold Drop Property Near Greenwood, BC Returned up to 82 gpt Gold and 630 gpt Silver - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2017) - GGX Gold (TSXV: GGX) (OTC Pink: GGXXF) has released the first results from the current chip and grab sampling program at the company's Gold Drop Property, located 40 kilometres from Grand Forks, British Columbia in the Greenwood District.
The initial grab sample of the Everest Vein from the pit returned 31.4 grams per tonne gold and 233 grams per tonne silver. Samples from the first batch returned significant results with values up to 81.8 grams per tonne gold and 630 grams per tonne silver. These samples are from the newly discovered Everest Vein, which was discovered by hand pitting a zone of local quartz float, which exposed the vein in-situ.
The Everest Vein, located approximately 600 metres southwest of the C.O.D. shaft and on strike with the newly exposed C.O.D. Vein, is located in the Gold drop Southwest zone.
Since discovery of the Everest Vein outcrop, the GGX team has completed 40 metres of excavator trenching. Chip and grab samples were taken with chip samples collected at approximately 3.5 metre intervals along the vein, which was approximately 0.4 metres wide. isible gold was found at three locations along the vein exposure.
Chip samples ranged from 6.5 to 81.8 grams per tonne gold, and from 47 to 630 grams per tonne silver.
|Chip Sample||Gold (gpt)||Silver (gpt)|
The company is waiting for analysis of another 5 chip samples and will resume trenching on the Everest Vein when the fire danger rating for the region drops to acceptable levels.
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. Each unit consisted of one share and one 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 $0.17 and with 26.8 million shares outstanding, the company is capitalized at $4.6 million.
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Source: Newsfile Corp.