GGL Resources Receives Permit and Announces Exploration Plans for McConnell Copper - Gold Porphyry Prospect
VANCOUVER, July 14, 2020 - GGL Resources Corp. (TSXV:GGL)(OTC PINK:GGLXF) ("GGL" or the "Company") is pleased to announce that it has received a Notice of Work Permit from the BC Ministry of Energy, Mines & Petroleum Resources ("MEMPR") for exploration work on its 100% owned, road accessible McConnell property located in north-central BC. The Company plans to conduct ground geophysical surveys in August, including induced polarization ("I.P.") and magnetics, with follow up reverse circulation or core drilling.
The 100% owned McConnell Project is located in the Golden Horseshoe region of north-central BC approximately 400 km northwest of Prince George and 22 km southeast of the past producing Kemess open pit copper-gold mine and 70 km from the former Lawyers Mine, where Benchmark Metals Inc. is currently conducting a major drill program to expand resources. The McConnell property is accessed by a road that branches off the all-season Omineca mine and hydro grid power road, which services the Kemess Mine.
The property is comprised of 7,549 hectares of mineral claims that encompass a lightly explored alkaline copper - gold porphyry prospect and a better known, 12 km long shear-hosted gold target.
The 2020 work program at the copper - gold porphyry zone is designed to better delineate poorly exposed mineralization which can be traced in scattered outcrop occurrences over 600 meters until it is lost beneath overburden. Limited exploration by the Company in 2018 reconfirmed the presence of a potassic-phyllic altered monzonite intrusion hosting supergene and hypogene copper-gold-silver mineralization. Rock samples returned assays of up to 20.1% Cu, 4010 ppb Au and 67.1 ppm Ag. These samples were taken from a limited exposure which was blast trenched in the 1970s by earlier explorers and yielded results of 10.97 % Cu, 0.136 oz/T Au and 2.12 oz/T Ag over 12 feet, as described in an assessment report filed with the government. The 2020 program will also build on the limited historical exploration work conducted by the Company on the porphyry target from 1991 to 2008, which included reconnaissance I.P. as well as a single drill hole. This historical I.P. survey will be infilled and expanded in all directions this season to better define an undrilled, buried chargeability anomaly proximal to the mineralized outcrops, and evaluate the potential for other nearby targets under overburden cover. The 2008 core drill hole intercepted 0.34 % Cu and 126 ppb Au over 5.05 meters starting at the bedrock-overburden interface before encountering a fault. Additional drilling is warranted to better evaluate this mineralized system.
The shear-hosted gold zone occurs 3 km lateral to the porphyry system at a higher elevation and can be traced over a length of 12 km. This zone was the main focus of the Company's exploration efforts, prior to its shift to diamond exploration in the 1990s. The McConnell property was acquired in 1981 and received the majority of its trenching and drilling in the 1980s. Historical highlights include drill intercepts that assayed up to 15.57 g/t Au over 1 meter and trench exposures that graded up to 8.16 g/t Au over 4.8 meters.
In addition to the copper and gold zones, the Company has identified 5 high priority target areas for follow up exploration based on a 2018 Sentinel-2 and Landsat-7 structural and alteration study. These targets were selected using a number of criteria including extensive proprietary Company data, hyperspectral and structural analysis, and comparisons to known deposits and mineral occurrences in the region.
Significant placer gold mines have operated periodically for over a century, immediately downstream and down slope of the copper-gold porphyry and shear-hosted gold zones.
The technical information in this news release has been approved by David Kelsch, P.Geo, President of GGL Resources Corp. 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 holds several encouraging base metal and gold projects in British Columbia and the Northwest Territories including the McConnell copper-gold porphyry and shear hosted gold project located 22 kilometers southeast of the Kemess Mine in north-central BC. GGL also holds key diamond exploration projects in Canada's north in Nunavut as well as the Lac de Gras diamond district in 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. The Company also holds diamond royalties on mineral leases in close proximity to the Gahcho Kué diamond mine in the Northwest Territories.
ON BEHALF OF THE BOARD
"David Kelsch"
David Kelsch\
President, Chief Operating Officer 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, extension 262
NA Toll-Free: (888) 688-2522
r.drechsler@gglresourcescorp.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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
SOURCE: GGL Resources Corp.
