GGL Resources Corp.: Drill Programs Proposed for Northwest Territories Gold Discoveries
16 Février 2010 - 2:00PM
Marketwired
GGL Resources Corp. (TSX VENTURE: GGL) ("GGL"). Over the past few
years, GGL has acquired by staking a 100% interest in a 120 km by
30 km area of the Providence Greenstone Belt ("PGB"). Greenstone
belts are noted for their large base metal and gold production. The
discovery of nickel, copper-zinc-lead-silver-gold VMS, and gold
within the PGB confirms the potential of this greenstone belt. The
following is an update on the gold properties found to date within
the GGL claims.
Assays received after the 2007 exploration season confirmed
GGL's first new gold discovery within the PGB. Exploration efforts
in 2008 and late 2009 have been successful in identifying and
expanding four gold-bearing zones. Two of these zones are near the
northern and southern boundaries of the large (120 x 30 km)
property and the other two are within 4 and 10 kilometres of the 20
man base camp in the central property area. Three of the four gold
showings are new discoveries.
Ground geophysics and mapping were conducted at three of the
gold zones in the fall of 2009 under the direction of Aurora
Geosciences Ltd. ("Aurora"), our consultants. Aurora has now
recommended drill programs and additional ground geophysical
surveys for each of the three zones.
To facilitate the exploration of the large (approximately 3600
square kilometres) PGB property, the area was prioritized on the
basis of geology and geophysics into numbered zones. The three
gold-bearing zones have now advanced to the stage where they
deserve proper property names.
KING JOHN: (Formerly Area 1 or Area 35)
The King John property, four kilometres south of GGL's base
camp, was originally identified in late 2007 following receipt of a
22.7 grams/tonne gold value from a grab sample from mafic volcanics
containing arsenopyrite. In 2008 additional grab samples collected
on trend 300 metres south included one assaying 27.8 grams/tonne.
In 2009 prospecting located two grab samples assaying 4.35 and 1.35
grams/tonne 200 metres further south. The aforementioned three
samples were collected over a distance of 500 metres. The area
beyond and between these three samples is overburden covered and
the entire zone is open along strike in both directions.
A ground magnetic and VLF-EM geophysical survey was conducted in
late 2009. Shearing has been identified in most of the local
outcrops which feature quartz, arsenopyrite and a silicate iron
formation. A VLF conductor was traced for 1.5 kilometres and the
axial trace of the VLF conductor may actually be reflecting the
surface trace of the interpreted shear. The axial trace, which is
obscured by overburden cover, lies 20 to 30 metres west of the gold
samples.
An even higher resolution ground magnetic and ohm mapper survey,
along with a first stage drill program has been recommended.
Drilling success from this well defined target could lead to a
second stage drill definition program.
LORD CACHE: (Formerly Area 2, Area 8 or Area 1518)
The Lord Cache property, ten kilometres east of the GGL base
camp, was targeted for surface investigation in 2008 on the basis
of a subtle magnetic high and a coincident weak resistivity
anomaly. A number of siliceous areas containing arsenopyrite occur
near a contact between mafic volcanics and turbidite sediments. The
original grab sample from this poorly exposed, till covered area
assayed +40 grams/tonne gold. (Visible gold is seen in a thin
section from this sample area.) Channel samples in the area of the
high grade gold value returned results ranging from 0.01 to 20
grams/tonne gold plus several percent arsenic. Across a lake and
125 metres north of this gold area, a grab sample from a siliceous
exhalite assayed +5 grams/tonne gold. The area is highly
prospective for a structurally controlled gold zone at or near a
mafic/sedimentary contact but hosted within a highly siliceous
exhalite horizon.
A limited VLF-EM survey has traced an anomalous zone
northwesterly along the north side of the lake. An extended high
resolution ground magnetic and ohm mapper survey, along with
follow-up diamond drilling is proposed for late Spring of 2010 to
explore this property.
NOBLE COUNT: (Formerly Area 3 or 1006)
The Noble Count lies near the northern boundary of the GGL
claims. The discovery of high grade gold in float nearby a 20 to 40
metres wide banded iron formation was made by Noranda some thirty
years ago. As the area contains few rock exposures Noranda traced
the formation for over three kilometres by ground geophysical
surveys. Low gold values in the few rock exposures sampled led them
to abandon the claims prior to determining the source of the two
high grade gold samples.
Aurora confirmed the capability of ground geophysics in tracing
the structure hosting the gold values. A high resolution ground
magnetic walk survey was completed which documented significant
folding and fault/shear structures. Two grab samples from different
outcrops in 2008 and in 2009 assayed 8 and 5.11 grams/tonne gold
respectively. Aurora recommends a program of higher resolution
ground magnetic and ohm mapper surveying with a first phase drill
program. They concluded that the anomalous gold values associated
with a sulfide-silicate iron formation and the intense structural
deformation is indicative of a highly prospective gold
environment.
The total first stage budget for the above three gold properties
is $1.93 million. GGL is actively pursuing financing and joint
ventures for the PGB.
The independent Qualified Persons for Company for the PGB
project are Gary Vivian, M.Sc., P.Geol., President of Aurora
Geosciences Ltd. and N.C. Carter, PhD., P.Eng., Consulting
Geologist.
GGL RESOURCES CORP.
Raymond A. Hrkac, President & CEO
Forward-Looking Information: This news release contains
"forward-looking statements" and the cautions regarding such
statements apply.
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.
Contacts: GGL Resources Corp. Raymond A. Hrkac President &
CEO 604.688.0546 or Toll Free 1.866.688.0546 604.608-9887 (FAX)
info@gglresourcescorp.com www.gglresourcescorp.com
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