GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) told investors that it had hit 235 metres (m) of magnetite mineralization with a hole into the large, deep geophysical anomaly at its flagship Gold Drop project in British Columbia.
As reported in the summer, the anomaly, which was interpreted as a pipe-like structure measuring 1,834 by 1,377 m, was identified by Earth Science Services of Ontario.
The last hole that was sunk at Gold Drop tested the anomaly to a depth of 718.8 m on October 21.
This was one of three holes planned to test the feature, with the other two holes to be permitted in 2020. The hole showed that the magnetite mineralization continues to 714.8 metres depth, for a total mineralized interval of over 235 metres, GGX said in today's statement.
Notably, the origin of the magnetite mineralization remains unexplained, said GGX, but added that magnetite is commonly associated with skarn-type copper-gold deposits formed by the replacement of limestone.
This is an important deposit type in the Greenwood camp with the largest being the Phoenix and Motherlode deposits.
The Phoenix has produced 28,341 kg of gold, 183,036 kg of silver and 235,693 tonnes of copper and the Motherlode produced 6,648 kg gold, 22,083 kg silver, and 34,918 tonnes of copper.
But, GGX noted too that there is no major limestone unit known in the vicinity of this deep drill hole at Gold Drop.