GGL Doubles the Length of Precious Metals Rich Vein Systems at its Gold Point Project, Nevada
VANCOUVER, BC / ACCESSWIRE / March 20, 2024 / GGL Resources Corp. (TSX-V:GGL) ("GGL" or the "Company") is pleased to announce high-grade gold and silver results from recent surface and underground sampling on newly staked claims at its road-accessible Gold Point Project in the Walker Lane Trend of Western Nevada.
A total of 86 rock samples were collected from surface and 14 from underground workings on the newly acquired veins, located 700 m along strike to the west of the main underground workings on the historical Orleans Mine. Of these, 13 samples yielded values greater than 5 g/t gold and 12 greater than 100 g/t silver. Highlight values are shown below.
Type | Vein | Width | Gold (g/t) | Silver (g/t) |
Underground chip* | Unnamed | 0.15 m | 50.3 | 506 |
Underground grab | Cook | 43.8 | 36.2 | |
Float | Lime Point | 41.3 | 196 | |
Underground chip* | Unnamed | 0.30 m | 15.2 | 75.1 |
Float | Unnamed | 14.6 | 235 | |
Float | Lime Point | 14.4 | 98.5 | |
Underground chip* | Cook | 1.10 m | 9.99 | 212 |
Underground chip* | Cook | 0.50 m | 6.01 | 242 |
Underground chip* | Cook | 0.40 m | 5.88 | 127 |
Underground grab | Cook | 1.45 | 415 |
*Underground chip sample widths are restricted by the width of accessible workings and may not represent the entire width of the vein.
The new claims mostly cover an area with low topographic relief, where hummocks that host the vein exposures are surrounded by extensive alluvial cover. Six well-mineralized vein zones were identified on the claims. Veins and faults follow two sub-parallel orientations, which are found throughout the property. These have similar strikes but differ in their apparent dip. Higher-grade mineralization tends to be located at or near the convergences of structures with different orientations. These structural junctions are considered high-priority exploration targets.
Seven adits or shafts were identified during the recent program, and preliminary surveying and reconnaissance sampling were completed in four of these underground workings. The largest of these workings, the Cook Mine, comprises more than 300 m of horizontal development on two levels along the Cook Vein. Only the 100' level was surveyed during the 2024 work program.
The veins at Gold Point are responding well to modern exploration and, where explored to date, show excellent lateral and vertical continuity. Higher grade ore shoots that were stoped by historical miners are flanked by lower-grade mineralization that needs to be systematically evaluated. Limited drilling has discovered areas of high-grade mineralization that lie along strike of the underground workings and has shown that the mineralized structures are often much wider than the historical drifts and stopes.
Induced Polarization Survey
An Induced Polarization survey was completed in February 2024 over the Le Champ porphyry target. Results from the survey will be announced once they have been received and interpreted.
The survey comprised nine lines, spaced 300 m apart, totaling approximately 50 line-km. It was centered over abundant stockwork veining and silica alteration identified by recent mapping at Le Champ. This alteration is believed to mark the upper levels of a buried porphyry system. The strongly elevated molybdenum values and more subdued, but still noteworthy, copper results are consistent with a leached system, and suggest that stronger mineralization could be found at depth.
Geological mapping at Le Champ identified six separate intrusive phases within the Sylvania Plutonic Complex hosting extensive stockwork and sheeted vein zones. The strongest molybdenum-in-soil anomalies are associated with the stockwork zones. Copper-in-soil geochemistry is moderately anomalous throughout the target area with the strongest values near shallowly south-dipping fault structures and stockwork zones.
Large magmatic breccias containing goethite altered cubes and clots, often over 2 cm across, were identified on the north side of the target area near historical workings containing copper mineralization. A float sample comprising limonite clots collected from the breccia returned 6.29% copper and 203 g/t silver. The exact timing of the brecciation is not yet known but is thought to be a late event as it includes clasts of mafic dykes which are seen elsewhere on surface cutting the other intrusive phases.
About Gold Point
The Gold Point Project is accessed by Highway 774 and comprises 378 lode claims and 7 patented claims covering a total area of approximately 7,443 acres (30.1 km2). It is situated within the Walker Lane, a major mineral belt that has seen significant historical production from gold, silver and copper mines. Many companies are actively exploring in the belt including several majors.
The Gold Point Project covers several past-producing underground mines that explored along parts of four prominent vein structures. These main structures are paralleled by several other lightly explored structures. The mines operated intermittently from the 1880s to the early 1960s, producing gold and silver from mesothermal veins. The mineralization is strongly oxidized to the bottom of the workings, which reached a maximum depth of 1,020 ft (311 m) downdip.
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purposes of National Instrument 43-101.
About GGL Resources Corp.
GGL is a seasoned, Canadian-based junior exploration company, focused on the exploration and advancement of under evaluated mineral assets in politically stable, mining friendly jurisdictions. The Company has optioned and wholly owned claims in the Gold Point district of the prolific Walker Lane Trend, Nevada. The Gold Point claims cover several gold-silver veins, four of which host past producing high-grade mines, and an exciting new porphyry discovery. The Company also owns the McConnell Project, which hosts epithermal gold veins and an under explored porphyry copper-gold prospect in the Kemess District of north-central British Columbia. GGL also holds diamond royalties on mineral leases adjacent to the Gahcho Kué diamond mine in the Northwest Territories.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
Doug Eaton
CEO and Director
For further information concerning GGL Resources Corp. or its various exploration projects please visit our website at www.gglresourcescorp.com or contact:
Investor Inquiries | Corporate Information | |
Richard Drechsler | Linda Knight |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information contained in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "evaluate", "potential", "likely", "possible", "cut-off grades" "noteworthy", "consistent", "suggest", "delineate", "closely resembles" and similar expressions, or that events or conditions "may", "could" or "will" occur. GGL cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the control of GGL. Such factors include, among other things: risks and uncertainties relating to exploration and development and the results thereof, including the results of the recently completed drill program, the impact on future mineral resource estimates, the potential for new discoveries, and the results of future metallurgical programs, as well as the ability of GGL to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in GGL's financial statements available under the GGL profile at www.sedarplus.ca. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, GGL undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: GGL Resources Corp.
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