Vancouver, BC – October 5, 2023 – GGL Resources Corp. (TSX-V: GGL) (“GGL” or the “Company”) is pleased to announce the filing of a Technical Report, prepared in accordance with National Instrument 43-101, for its 100%-owned road-accessible Gold Point Project in the Walker Lane Trend of Western Nevada.
The report titled “Technical Report for the Gold Point Property, Esmeralda County, Nevada” is filed on SEDAR and can be viewed at www.sedar.com under the GGL profile. The report provides a summary of GGL’s exploration work to date. A copy of the Technical Report is also available on GGL’s website at www.gglresourcescorp.com.
Fall 2023 Exploration
The Company is also pleased to announce its fully funded exploration plans for Le Champ copper-molybdenum porphyry target (see news release dated July 12, 2023). Detailed mapping and soil sampling at Le Champ is scheduled to commence in the coming weeks.
Mapping will focus on identifying the various intrusive phases and alteration assemblages over the target area. Grid soil sampling will be carried out over Le Champ at the same time. This work will be used to refine the target area and assist in planning for future Induced Polarization surveys.
About Le Champ
Le Champ is located about 3.5 km west of the gold-rich veins that have been the focus of historical exploration at Gold Point. The porphyry lies within the Late to Middle-Jurassic Sylvania Granitic Complex, a multi-phase intrusive suite that covers an area greater than 400 km2 along the Nevada-California border, stretching between Fish Lake Valley to the north and Death Valley to the south. It typically ranges in composition from granite to quartz monzonite, but locally contains more mafic phases. This pluton is similar in age to intrusions that host large porphyry systems in the Yerington district of Walker Lane, 249 km to the northwest.
The Walker Lane hosts four significant known porphyry deposits (Yerington, Ann Mason, Bear, and MacArthur), all of which are located near Yerington.
The Yerington Mine was operated by the Anaconda Company from 1952 until 1979 and produced approximately 1.744 billion pounds of copper at an average grade 0.54% copper. This deposit, along with the Bear and MacArthur deposit are currently held by Lion Copper and Gold.
The Ann Mason deposit is owned by Hudbay Minerals Inc. and contains 2.2 billion tonnes of measured and indicated resources grading 0.29% copper and 67 ppm molybdenum.
About Gold Point
The Gold Point Project is accessed by Highway 774. The Property totals 6,094 acres (24.66 km2) and consists of 314 lode claims and 7 patented claims.
The Property covers 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.
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. The Company also owns promising diamond exploration projects in Nunavut and the Lac de Gras diamond district of the Northwest Territories. Lac de Gras is home to Canada’s first two diamond mines, the world class Diavik and Ekati mines discovered in the 1990s. GGL also holds diamond royalties on mineral leases near the Gahcho Kué diamond mine in the Northwest Territories and a 2% NSR royalty on any future mineral production from the McConnell gold-copper property in the Kemess District of central British Columbia.
ON BEHALF OF THE BOARD
“W. Douglas 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:
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” 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.sedar.com. 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.