Ximen Mining Corp (CVE:XIM) said GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) is poised to make more progress at the Gold Drop property in British Columbia, after the receipt of a permit by GGX - which now has 100% ownership of the property - to drill test a large, deep geophysical anomaly.
The anomaly, identified from the air by Earth Science Services Corporation of Oshawa, Ontario, is thought to be a pipe-like structure that measures 1834 by 1377 metres, with a target zone at depths between 500 and 800 metres.
The new five-year, area-based exploration permit for Gold Drop that will allow for drilling the anomaly. Three holes are planned at different directions from separate locations.
The new permit also allows exploration trenching and drilling in other areas of the property this year, including an area west of the C.O.D. vein on parallel vein targets, at the Rhoderick Dhu prospect, and at multiple sites at the historic Gold Drop gold mine.
GGX is currently preparing the drill site at the anomaly and will move the rig rhere once it has completed the last hole at the C.O.D. vein.
As of September 2 this year, a total of 2,284 metres have been drilled in 48 holes on the main C.O.D. vein, and a further 685 metres drilled in 10 holes on the COD North vein. Assays from the first drill holes are pending, GGX noted.
Earlier this week, GGX told investors it had made a final option payment to Ximen Mining Corp (CVE:XIM) and now owned 100% of Gold Drop.
Ximen retains a 2.5% net smelter return royalty (NSR royalty) which GGX Gold may buy down 1% of by paying C$1 million
The property lies in one of the most prolific mining camps in Canada - the Greenwood camp -which has generated 1.4 million ounces of gold, 10 million ounces silver and 0.7 billion pounds of copper.
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