Vancouver, BC – February 22, 2023 – GGL Resources Corp. (TSX-V: GGL) (“GGL” or the “Company”) is pleased to announce assay results from the 2022 surface drilling program at its road-accessible Gold Point Project in the Walker Lane Trend of Western Nevada.
Two diamond drill holes, totaling approximately 440.5 m, were completed on a section line that crosses projections of two of the past-producing veins (Great Western and Hornsilver) plus other nearby targets that GGL has identified in recent years by prospecting and soil geochemistry.
Results from the 2022 diamond drill program are summarized in the table below.
*True widths are unknown at this time and assumed to be 70-80% interval widths.
+Gold Equivalent is calculated using a 1:82 ratio, based upon $1930/oz gold and $23.50/oz silver, and assumes 100% metallurgical recoveries.
Drilling was designed to evaluate both high-grade and bulk tonnage potential within an area containing closely spaced veins and gold-in-soil anomalies.
GP-22-016 intersected 5.64 m grading 1.5 g/t gold and 101.5 g/t silver where it crossed the projection of the Hornsilver Vein. This intercept is located 146 m west of the closest underground workings on that vein.
GP-22-017 cut a weakly mineralized interval where it crossed the projection of the Great Western Vein 75 m along strike of hole GP-21-012, which returned 2.22 g/t gold over 12.19 m, including 5.17 g/t gold over 4.57 m (see Company news release date December 8, 2021).
This 2021 intersection lies 80 m northwest of the limit of the underground workings.
Three additional holes that were planned to test other structures on the section line were postponed to divert funds to a more aggressive underground rehabilitation program at the Orleans Mine, where emerging results confirmed the presence of high grade unmined vein material and the potential for wider than expected zones of mineralization (see news releases dated January 24, 2023 and February 1, 2023).
This drill program continues to demonstrate the lateral and vertical continuity of vein-fault systems at Gold Point. The known veins all remain open to extension along strike and to depth, and there are numerous other undrilled veins on the property. Detailed prospecting and soil sampling have proven to be highly effective techniques for identifying new targets.
2022 Exploration Program
In addition to diamond drilling, the 2022 exploration program comprised:
- Underground rehabilitation, mapping, and sampling at the Orleans Mine;
- Underground sampling at the Grand Central Mine; and
- Soil sampling and prospecting.
Work on the former mines focused on the Orleans Mine, the largest of four former producers on the Gold Point Property. Initial sampling was done in the eastern portions of the 150’, 300’, 400’, 600’, and 800’ levels of the Orleans Mine. Results of this sampling demonstrated the significant size and grade potential of the mine (see news release dated February 1, 2023). Sample highlights from this program include 61.8 g/t gold with 71 g/t silver over 1.38 m, and 0.49 g/t gold with 970 g/t silver over 1.52 m.
Access was also established to the Grand Central Mine, allowing crews to complete mapping and sampling in that mine (see news release dated January 24, 2023).
Prospecting has focused on extending the strike length and identifying additional veins. Prospecting at the Grand Central and Fraction veins has extended each of these an additional 130 m.
An additional 145 soil samples were collected along a 7 km contour line in the western portion of the property where limited work has been conducted. These samples have identified several target areas that require additional follow up work.
About Gold Point
The Gold Point Project is situated alongside the community of Gold Point, which is accessed by Highway 774. The Gold Point property totals 4,917 acres (19.9 km2) and consists of 257 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.
Analytical Procedure and Qualified Person
Rock and drill core sample preparation and gold analysis was performed by ALS Minerals in Reno, Nevada. Gold was analyzed by fire assay followed by atomic absorption (Au-AA26). Multi element analysis was performed by ALS Minerals in North Vancouver, BC by inductively coupled plasma-mass spectrometry (ME-MS61). Soil samples were submitted to ALS Minerals in Reno for preparation and analysis by ALS Minerals in North Vancouver. Analysis was completed using a super-trace ICP-MS method for gold and 48 other elements (AuME-ST44).
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 the McConnell gold-copper project located 22 kilometers southeast of the Kemess Mine in north-central BC, and 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.
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:
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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.