GGX Gold Corp.
Wednesday, November 09, 2016 - 8:30 AM EST

GGX Gold's Syndicate Partner, the J2 Syndicate, Discovers Visible Gold in Outcrop and Chip Samples 5.4 Grams per Tonne Gold over 25 Meters Including 17.9 Grams per Tonne Gold over 5 Meters with Grabs up to 34.9 Grams per Tonne (1.23 Ounces per Ton) Gold on Midas Property



Vancouver, British Columbia (FSCwire) - The Midas Property covers approximately 8248 hectares is located approximately 24km southeast of Terrace, BC, is road accessible and 14 km east of a major highway and power line. The property was recently staked by the J2 Syndicate following a brief reconnaissance exploration program which resulted in the discovery of widespread visible gold at three locations over an area greater than one square kilometer along the Solomon Trend. Chip samples from the VG Zone within the Solomon Trend averaged 5.4 grams per tonne gold over 25 meters including 17.9 grams per tonne gold over 5 meters with grab samples taken from outcrop of up to 34.9 grams per tonne gold. Midas is the third property to be announced from a larger suite of properties generated, prospected and staked by the J2 Syndicate. 

 

Primary mineralization on the Midas property occurs within the northwest striking Solomon Trend, a gossanous alteration zone covering more than 2.5 square kilometers. A Brief reconnaissance prospecting program discovered multiple gold and base metal mineralized outcrops over approximately 2 kilometers and the Solomon Trend remains open. Stringer quartz-pyrite-chalcopyrite-sphalerite veins, stockworks, breccias and silicified zones are seen across the entire 2.5 square kilometers, and stratiform lenses and horizons of massive to semi-massive sulfides occur in several sites within the extensive quartz-sericite-pyrite (QSP) and quartz-chlorite-epidote-pyrite (QCP) alteration zone. Alteration is consistent with Kuroko-style volcanogenic massive sulphide (VMS) mineralization and occurs in favorable submarine bimodal volcanics and tuffaceous units. VMS-related alteration and mineralization has been over printed by later regional deformation and intrusive activity including veining paralleling foliation, local skarning and potential remobilization and enrichment of prior mineralization.

 

The VG Zone

 

Limited prospecting through the Trend identified visible gold at three locations over an area greater than one square kilometer. Two of these sites are located in the VG Zone, an area measuring 250 by 300 meters within the west central and southern quadrant of the Solomon Trend. Chip samples taken over 25 metres during 2016 in the VG Zone averaged 5.4 grams per tonne gold with 17.9 grams per tonne gold over 5 meters, and bedrock grabs assaying up to 34.9 grams per tonne gold. Additional bedrock samples from the VG Zone yielded up to 9.15 grams per tonne gold with 140 grams per tonne silver, and up to 3.02 percent copper and up to 3.3 percent zinc.

 

Recently released reports that recorded work in the VG Zone area produced bedrock grab samples with Bonanza grades of up to 685 grams per tonne gold and 735 grams per tonne silver as well as a 1.5-meter chip sample which returned 201 grams per tonne gold and 332 grams per tonne silver. This Zone is located at the mafic-felsic volcanic contact and can be traced for over 1,500 meters along strike, providing an excellent target for VMS mineralization.  In addition, historic work has identified a strong chargeability high measuring over 200m across in the footwall of the contact, providing an excellent drill target for future exploration. The brief 2016 reconnaissance exploration program successfully extended previously recorded mineralization in all directions and the VG Zone remains open. 

 

The Sheba Zone

 

The Sheba Zone is located in the northwest quadrant of the Solomon Trend, is approximately 500 by 200 meters and remains open. 2016 prospecting in the zone returned bedrock grab samples which assayed at 19.55, 4.55 and 1.3 grams per tonne gold and up to 68.5 grams per tonne silver from quartz stockworks and stringers, with visible gold also observed in one grab sample. This zone also produced base metal values in outcrop grabs which assayed at up to 1.95 percent lead from quartz stringers and up to 0.14 percent copper and 0.69 percent zinc from disseminated pyrite in volcanics. Pillowed basalt with jasper infillings and mafic volcanics with lenses of massive barite confirm a marine environment necessary for VMS mineralization. Mafic and intermediate rocks display propylitic quartz-chlorite-epidote+/-pyrite alteration possibly part of larger aureole distal to an underlying VMS deposit. Historic work confined to the northern region of the Solomon Trend at the Sheba Zone returned greater than 2 grams per tonne gold from surface grabs and limited historic shallow drilling intersected grades up to 4.35 grams per tonne gold over 1.4 meters.

 

The Tut Zone

 

The Tut Zone is located in the east and southeast quadrants of the Solomon Trend, measures approximately 400 meters by 1100 meters and remains open. The area has returned strongly anomalous gold and base metal values which coincide with TDEM conductors and magnetic lows from historic geophysical surveys. The Tut Zone is along the eastern extent of a large QSP alteration zone. Gold values of grab samples taken from the Tut Zone during 2016 include up to 3.58, 1.6 and 1.4 grams per tonne respectively from outcropping stringer sulphide veins and silicified zones. Base metal assays of outcrop grabs range up to 0.9 percent copper, 1.63 percent lead and 4.34 percent zinc. Historic work identified a mineralized area in the Tut Zone measuring approximately 500 by 100 meters and containing lenses and disseminations of sphalerite, galena, pyrite, chalcopyrite and pyrrhotite which produced historic samples returning up to 7.11 grams per tonne gold. The recorded mineralized zone was also part of a later government study which confirmed mineralization, alteration and geological setting has very strong potential for Kuroko-style VMS mineralization, and correlated the Mount Attree volcanic-complex that hosts mineralization on the Midas Property to the Paleozoic and Mesozoic volcanic rocks that host significant VMS deposits Eskay Creek, Tulsequah Chief and Granduc along strike to the north.  The brief 2016 exploration program was successful in significantly expanding the recorded area of mineralization and remains open.

 

The Sleeping Giant Zone

 

The Sleeping Giant Zone was discovered in 2016 approximately 5 kilometers north east of the Solomon Trend, where similar mineralization, geology and alteration were observed at a road cut. The Sleeping Giant Zone received minimal prospecting in 2016, but returned assays from bedrock grab samples of up to 2.52 grams per tonne gold, 128 grams per tonne silver, 8.11 percent copper, and 0.3 percent zinc, and remains open in all directions. Based on assay results and field observations this zone is believed to have good VMS potential.

 

Summary

 

The Midas property is host to an extensive syn-volcanic alteration system in deformed bimodal volcanics similar to significant VMS mineral deposits in BC such as Eskay Creek and Myra Falls. 2016 prospecting and historical work in the central part of the Midas Property verified that alteration is host to significant amounts of base and precious metals. Semi conformable zones of hydrothermal alteration have been observed and may be part of larger alteration aureoles of distal propylitic chlorite, surrounding more proximal zones of quartz-sericite-pyrite that indicate acidic alteration closer to the deposit. Stringer style mineralization occurs throughout the property and stratiform lenses of massive to semi-massive sulfides occur in several locations. Pillowed basalt, lenses of massive barite and horizons rich in jasper and hematite have been observed on the Midas property, all of which are indicative of a sea-floor hydrothermal mineralizing system. The property has produced significant Au-Ag-Cu-Pb-Zn values from mineralized bedrock, and elevated to strongly elevated pathfinders including As, Sb, Ba, Cd and Te. VMS potential has also been confirmed by recent government work that identifies on the Midas Property mineralization, alteration and geological setting consistent with Kuroko-style VMS mineralization and likely representative of a VMS feeder zone at depth.

 

Post-volcanic deformation and intrusive activity has caused significant remobilization of gold into faults, shear zones, and along foliation. This is observed in other VMS mineralizing systems adjacent to the original sulphide lenses. Gold may occur as linear ore shoots that are parallel to the local stretching direction and fold axes (which plunge moderately north). Contacts are also an important control on sulphide and gold distribution by offering brittle sites prone to dilation and faulting that offer conduits for migrating mineralizing fluids. The discovery of high grade Au-Ag enriched epigenetic veins on the Midas property is further strong evidence to justify proceeding with a significant exploration program. These veins are strong targets in themselves and indicate good potential to host Au-Ag-Cu-Pb-Zn rich massive sulfides at depth.

 

The Midas Property has seen very little exploration compared to other strongly altered and mineralized prospective VMS areas in BC, and the majority of the claim block remains unexplored. Based on continuity and distribution of gold and base metal grades, systematic follow up work is warranted. Future exploration is recommended to consist of an initial phase of mapping, channel/geochemical sampling, trenching and prospecting followed by a second phase of drilling. The VG Zone is very promising and has exhibited bonanza grades. There is likely a strong structural control on gold distribution and it is recommended that a careful targeted sampling and detailed mapping program be completed to define drill targets.  Based on field observations in 2016 the historic drill collars in the VG Zone appear to have drilled down foliation and off trend rather than perpendicular to the foliation. This may explain why the bonanza gold mineralization was not intersected by the historic drilling at this location. Foliation provides a suitable conduit for mineralizing fluids and generally veins are seen parallel or sub parallel to foliation. This was further indicated by the 2016 chip sample that averaged 5.4 grams per tonne gold over twenty five meters along foliation. The extensive alteration zone and exceptional surface mineralization offer a predictive look at the strong potential for VMS mineralization at depth. Access to the Midas Property is excellent with close proximity to infrastructure, when combined with extensive bedrock exposure across the property it makes for cost-effective future exploration.

 

All of the precious metals properties staked in North West BC will be made available for option to qualified parties. For further information, interested parties may view project pictures, including property maps at WWW.GGXGOLD.COM located under “Properties” “Golden Triangle / J2 Syndicate”. Contact by email J2syndicate@gmail.com , or by telephone 604-488-3900

 

See news dated October 20th, 2016 for details of the agreement between GGX Gold (formerly Revolver Resources) and the J2 Syndicate.

 

GGX Gold Corp. looks forward, with great anticipation, to regularly disseminating news pertaining to the J2 syndicate properties.

 

On Behalf of the Board of Directors

 

Dan Stuart, President, C.E.O. & Director

 

604-488-3900

 

This News Release may contain forward-looking statements including but not limited to comments regarding the acquisition of certain mineral claims. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Revolver undertakes no obligation to update such statements, except as required by law.

 

Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

 

Neither 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.

 

Technical Information

 

[_____Rein Turna_____, P. Geo. is a qualified person, as defined by National Instrument 43-101, for Revolver’s British Columbia exploration projects. He has reviewed and approved, the technical information in this release.]

 

Sample analysis and assaying for all of J2's projects have been conducted by ALS Global in Vancouver, BC, which is ISO accredited.  Rock samples are crushed to 70% less than 2 millimetres, and a 250 gram sample is split with a riffle splitter. The split is pulverized to 85 per cent less than 75 microns, and 30 gram charges are then assayed for gold using fire assay fusion and ICP‐ES finish with a lower detection limit of 1 ppb, and an upper detection limit of 10 ppm Au. Samples with gold, silver, copper, lead, or zinc exceeding the upper detection level are reanalyzed the most appropriate method determined by the lab. Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.

 

Note: Grab samples are selective by nature, and are unlikely to represent average grades on the property.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ggxgold11092016.pdf

Source: GGX Gold Corp. (TSX Venture:GGX)

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