GGX Gold Corp (CVE:GGX) (OTCQB:GGXXF) has started a diamond drilling program on its Gold Drop property in the historic Greenwood mining camp in British Columbia.
The Vancouver-based explorer said Wednesday that drilling is designed to test an anomaly uncovered by an airborne geophysical survey in 2019, which used an enhanced, deep-penetrating ultra-sonic AMT technology from Earth Science Services Corporation (ESCO).
The anomaly is around 1,834 by 1,377 metres and centred at the intersection of three interpreted major fault conduit structural traces along strike to the north of the main COD vein trend.
GGX told shareholders in a statement that it was “excited” to test ESCO’s new technology – the second hole drilled that will test the method. An earlier hole was drilled to test the northern portion to a depth of 718.8 metres and intersected strong magnetite mineralization, with two sections of high magnetic susceptibility.
Geochemical testing revealed copper values averaging 249 parts per million (ppm) copper, 175 ppm zinc and 10% iron. Assay results indicated gold values of 0.02, 0.03 and 0.06 ppm, with the highest assaying 0.09 ppm.
“If successful, the test at the Gold Drop property could result in the discovery of a new gold deposit or even a new gold deposit type,” GGX told shareholders in a statement. “It could also lead to further investigations utilizing the new geophysical technique in other areas of the Greenwood mining camp.”
The COD vein on the property is high-grade and near-surface. Historical production at Gold Drop amounted to 7,572 tonnes at an average grade of 5.2 grams per ton (g/t) of gold and 93.4 g/t of silver, with the majority of production coming before 1942.
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