GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) is gearing up to put a unique technology to use at a newly discovered anomaly on the company’s Gold Drop property in British Columbia.
Vancouver-based GGX said Thursday that it is planning to drill a high priority geophysical target using the Stargate II Drill Target Modeling System that promises to acquire data from much greater depths than other geophysical systems.
GGX shares added 7.4% on Thursday morning in Toronto at C$0.29 and 24.2% on OTC markets at US$0.05.
The new 1,834 metre by 1,377 metre anomaly will require drilling to a depth of at least 400 and up to 764 metres, making it the deepest to be drilled on the Gold Drop property.
A successful test could result in the discovery of a new gold deposit or a new gold deposit type, the company said in a statement.
The location of the anomaly is near an intersection coincident with the trend of the COD vein system, which GGX believes could house a northwest-trending fault.
Stargate II, developed by Ontario-based Earth Science Services Corporation (ESSCO), incorporates Acoustic EM analysis, an enhanced, deep-penetrating ultra-sonic geophysical survey. While currently still in the precommercialization stage, ESSCO performed Stargate II surveys in Washington State and British Columbia between 2014 and 2015.
In a statement, GGX said it is “excited” to have the opportunity to engage this new technology with a drill test planned in the coming weeks.
Drilling looks promising
The junior explorer recently announced new results from the main COD vein on the Gold Drop property, drilling a total of 1923 metres on the structure.
Fourteen of the 32 holes intersected the quartz vein at the target depths and contained varying amounts of pyrite mineralization, with one intercepting visible gold.
Drilling will continue at COD North with plans to test the Everest vein, where a gold-bearing vein was discovered in 2018, and at the Gold Drop mine, where gold in quartz is visible on surface.
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