Vancouver, British Columbia--(Newsfile Corp. - November 21, 2017) - GGX Gold (TSXV: GGX) (OTC Pink: GGXXF) has announced its intention to raise up to $250,000 through the issuance of up to 2.5 million units priced at $0.10 per unit in a non-brokered private placement. Each unit consists of 1 share and 1 full warrant, with each warrant exercisable at $0.15 for 3 years, subject to an acceleration clause. The shares are trading at $0.135 and with 27.7 million shares outstanding, the company is capitalized at $3.7 million.
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The company is currently working on the Gold Drop Property, located 40 kilometres from Grand Forks, British Columbia in the Greenwood District.
The 2017 fall program, consisting of soil sampling and prospecting, took place in the Gold Drop Southwest Zone and the Gold Drop Main Zone. The soil sampling program in the Gold Drop southwest zone helped identify a new vein exposure in a small, 2 meter deep historic adit 175 meters north of the C.O.D. trench. The adit is driven on a North-south striking quartz vein that is on strike with the C.O.D. Vein, and appears to be of the same Detonia/Jewel style quartz vein.
Another vein exposure north of the trench was also located by hand pitting on local quartz float. Reported grab sample assay results from several areas at high grade Gold Drop Property, where a total of 11 samples returned values above 1 gram per Tonne Gold. Bedrock quartz samples from the small hand pit material returned values of 4.97 grams per tonne gold and 30.7 grams per tonne silver. Samples of boulder material found outside of the small adit returned values of 1.28 grams per tonne gold and 6.97 grams per tonne silver.
Part of the fall prospecting focused on locating and sampling the Silent Friend and Ken veins near the Gold Drop Main Zone. Both of these returned significant values including 297 grams per tonne gold and 1290 grams per tonne silver sampled in dump pile quartz from what is believed to be the southern Silent Friend showing.
Samples of dump pile material from a mineshaft north of this exposure assayed 6.98 grams per tonne gold and 38.6 grams per tonne silver. Material from a mineshaft to the south, speculated to be the Ken mineshaft, assayed 4.47 grams per tonne gold and 23.0 grams per tonne silver.
The company also prospected 6 crown grants, southwest of the Dentonia mine, in the central portion of the Gold Drop Property, where several historic trenches pits and workings were found and sampled, with one sample from an exploration pits assaying 6.13 grams per tonne gold and 30.3 grams per tonne silver.
For more information, please visit the company's website at www.ggxgold.com, contact Jack Singh, Investor Relations, at 604-720-6598, or by email at [email protected].
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