VANCOUVER, BC / ACCESSWIRE / April 10, 2024 / GGL Resources Corp. (TSXV:GGL) ("GGL" or the "Company") is pleased to announce the results of an Induced Polarization/Resistivity survey (the "survey") at the road-accessible Le Champ copper-molybdenum-gold porphyry target, on its 100% owned West Gold Point Project in the Walker Lane Trend of Western Nevada.
A large and discrete Induced Polarization ("IP") anomaly that was traced across seven of the nine survey lines begins between 150 m and 300 m below surface and extends to depth. The significance of this approximately 1.8 km by 1 km IP anomaly (Figure 1) is bolstered by its close correlation with magnetic features and related anomalous copper, molybdenum, and gold-in-soil geochemistry.
This IP target coincides with a strong magnetic anomaly identified by an earlier airborne magnetic and radiometric survey completed by GGL (see news release date July 12, 2023). Figure 2 illustrates the intensity of the coincident IP and magnetic anomalies approximately 300 m below surface.
The coincident IP and magnetic anomalies with supportive geochemistry and geology are indicative of a large, yet untested copper-molybdenum-gold porphyry system. The IP anomaly is interpreted to be caused by metallic sulphide minerals forming a shell around the contact between different intrusive phases. The resistivity high, shown on Figure 3, is thought to represent the intrusion hosted potassic core of the system.
Geological mapping at Le Champ has 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 marking the porphyry target is moderately elevated due to deep weathering and leaching, which occurs throughout the target area. The strongest copper-in-soil values occur near shallowly south-dipping fault structures and stockwork zones.
The survey, conducted by Zonge International, comprised nine lines, each 5.4 km long and spaced 300 m apart, totaling 48.6 line-km. Dipoles were spaced 300 m apart along the lines. The survey was centered over areas with abundant stockwork veining and silica alteration, which were identified by recent mapping at Le Champ. The stockworks and alteration are believed to mark the upper levels of a buried porphyry system. Strongly elevated molybdenum values and moderate copper results are consistent with a leached porphyry system and suggest that supergene-enriched mineralization could be found at depth.
Next Steps
GGL is very encouraged by the results of this IP survey, particularly in context with the other geophysical, geochemical and geological data collected to date. The IP anomaly presents well-defined drill targets at relatively shallow depths. GGL has commenced planning for a diamond drill program later this year.
Additional surface mapping at Le Champ will be conducted in conjunction with the planned drill program. This mapping will further refine drill targets by focusing on alteration styles, structure, intrusive phases, and vein density along the survey lines, with priority given to areas where the IP anomaly is closest to surface.
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 eastern part of the Gold Point Project covers several past-producing underground gold-silver mines that explored along parts of five 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
Richard Drechsler
Corporate Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
rdrechsler@strategicmetalsltd.com
Corporate Information
Linda Knight
Corporate Secretary
Tel: (604) 688-0546
info@gglresourcescorp.com
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.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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