As described in a previous news release, the hole intersected calc-silicate alteration (patches of epidote-calcite-garnet) and disseminated magnetite mineralization starting at 479 meters depth, which continued to 714 meters depth, for a total mineralized interval of over 235 meters.
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Video Transcript:
I’m Nadika Wiswakula for Investmentpitch Media
GGX Gold has provided an update on its last drill hole that tested a large, deep geophysical anomaly at its Gold Drop property.
The Gold Drop Property is located in the Greenwood mining camp in southern British Columbia, one of the most prolific mining camps in Canada.
As reported on July 24, an airborne audio magnetotelluric geophysical anomaly was identified on the property by Earth Science Services Corporation of Oshawa, Ontario.
The anomaly is interpreted as a pipe-like structure that measures 1834 by 1377 metres in width.
On October 21st, the last hole drilled on the Gold Drop property in 2019, Hole AMT19-01, tested this geophysical feature and was competed to a depth of 718.8 meters or 2,358 feet.
This hole was one of three holes proposed to test the feature, with the other 2 holes being permitted in 2020.
The company has an animation video of this structure on its website.
As described in a previous news release, the hole intersected calc-silicate alteration and disseminated magnetite mineralization starting at 479 meters depth, which continued to 714 meters depth, for a total mineralized interval of over 235 meters.
Magnetite varies in abundance, being strongest within greenstone and weakest in cherty host rocks.
It was only in the last 4 meters, which passed through cherty argillite and a 1 metre thick porphyry dike, that showed no magnetite.
This last 4 metres could be a weakly mineralized interval in which case additional mineralization could lie below the bottom of the hole.
Minor visible sulphide mineralization was observed between 699.4 and 714.8 metres depth, consisting of iron sulphides, possibly indicating a gradation to sulphide mineralization.
The first appearance of strong magnetite mineralization at 479 meters closely corresponds to the predicted start of the modeled anomalous zone, which ESSCO predicted at 441 meters in depth, so it appears the magnetite mineralization is the source of the geophysical anomaly.
Although its origin remains unexplained, its style of occurrence and association with calc-silicate alteration suggests a hydrothermal genesis, possibly sourced from an underlying intrusion.
Magnetite is commonly associated with skarn-type copper-gold deposits that are formed by replacement of limestone, an important deposit type in the Greenwood camp with the largest being the Phoenix and Motherlode deposits.
The Phoenix produced 28,341 kilograms of gold, 183,036 kilograms of silver and 235,693 tonnes of copper and the Motherlode produced 6,648 kilograms of gold, 22,083 kilograms of silver, and 34,918 tonnes copper.
However, there is no major limestone unit known in the vicinity of this deep drill hole at Gold Drop.
The core assays are pending for hole AMT19-01, and petrography will be conducted on selected samples to aid in mineral identification.
For the geophysical anomaly, further refinement of the model may be useful prior to drilling another hole next year.
The shares are trading at $0.08.
For more information, please visit the company’s website at www.ggxgold.com, contact Barry Brown, President, at 604-488-3900 or email office@ggxgold.com
For Investor Relations contact Jack Singh at 604-720-6598 or email at ir@ggxgold.com.
I’m Nadika Wiswakula for Investmentpitch Media
