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GGX Gold updates on Gold Drop drilling as it prepares to sink deep hole

As of July 22, the group said, 421 metres have been sunk in seven holes at COD North, which was in addition to the 1,965 metres drilled in 32 holes on the main COD vein

Drill core
An initial deep hole is also planned to test a target zone at depths of between 500 and 800 metres

GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) has updated again on drilling at its flagship Gold Drop project in the Greenwood camp in British Columbia.

In a statement on Wednesday, the company said drilling re-started at the COD North vein on 16 July.

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As of July 22, it added, 421 metres have been sunk in seven holes at COD North, which was in addition to the 1,965 metres drilled in 32 holes on the main COD vein.

An initial batch of samples was submitted to the lab in late June, but assays have not yet been received, the group said.

An initial deep hole is also planned to test a target zone at depths of between 500 and 800 metres. The firm is targeting an anomaly interpreted as a pipe-like structure that measures 1,834 by 1,377 metres. Drill rods and bits have been purchased and a night shift drill crew has been arranged, GGX said.

Flow-through placing terms revised

The company also said today that it has repriced the flow-through portion of the placing it announced on June 18 this year, which had said flow-through units would be priced at C$0.30 each, with non-flow-through units priced at C$0.20 each.

GGX said it would now be offering up to 4 million flow-through units at a price of C$0.25 each, raising gross proceeds of C$1 million.

As before, each flow-through unit will consist of one share and one-half share purchase warrant, with each whole flow-through warrant entitling the holder to purchase one non-flow-through common share for $0.35 for 18 months after closing.

In June, the firm said it would raise up to C$700,000 in non-flow-through financing and today, said the terms of the non-flow through placing remain as announced then.

Each non-flow-through unit will consist of share and one share purchase warrant, with each non-flow-through warrant entitling the holder to purchase one share for C$0.30 for up to 18 months after closing.

The proceeds of the private placement will be used for continued exploration work including diamond drilling and trenching at the Gold Drop property.

GGX shares in Toronto added 3.3% to C$0.32.

Contact the author at [email protected]vestors.com

Follow him on Twitter@Gile74

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Price: 0.075 CAD

TSX-V:GGX
Market: TSX-V
Market Cap: $1.76 m
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