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GGL RESOURCES CORP. (:GGL) GGL Samples 61.8 g/t Gold Over 1.38 m from the Orleans Mine at its Gold Point Project, Nevada

Directive transparence : information réglementée

24/01/2023 14:30

VANCOUVER, BC / ACCESSWIRE / January 24, 2023 / GGL Resources Corp. (TSX-V:GGL) ("GGL" or the "Company") is pleased to announce high-grade gold results from the fall 2022 underground exploration and surface drilling program at its road-accessible Gold Point Project in the Walker Lane Trend of Western Nevada. Mapping and sampling were completed on the Orleans and Grand Central Mines.

Select highlights from the 2022 Orleans underground exploration program include:

  • 61.8 g/t gold over 1.38 m from the 300' level
  • 27.7 g/t gold over 1.68 m from the 150' level
  • 21.4 g/t gold over 1.22 m from the 800' level
  • 18.4 g/t gold over 1.52 m from the 600' level
  • 9.24 g/t gold over 2.13 m from the 300' level

Work on the former mines focused on the Orleans Mine, the largest of four former producers on the Gold Point Property. The 2022 sampling work was conducted using a series of raises and winzes that provided safe access to all but the lowest two levels of the mine where mining was focused immediately before operations were suspended in 1962. Initial surveying and sampling were done along 964 m of the underground workings. It is estimated that more than 1,800 m of additional workings have yet to be accessed.

Historical maps indicate that known high-grade mineralization is concentrated in two gently eastward plunging shoots developed along a moderately northwest dipping vein fault. Many of the drifts between these shoots do not follow along the vein fault and reference samples collected here are weakly mineralized.

The following table lists gold results for chip samples grading better than 2.0 g/t.

150' Level (5 samples) 400' Level (8 samples)

1.68 m

27.7 g/t

1.07 m

2.64 g/t

1.22 m

5.73 g/t

0.91 m

2.33 g/t

300' Level (16 samples) 600' Level (10 samples)

1.38 m

61.8 g/t

1.52 m

18.4 g/t

2.13 m

9.24 g/t

1.22 m

2.73 g/t

1.22 m

8.06 g/t

1.37 m

5.32 g/t

800' Level (6 samples)

1.37 m

5.31 g/t

1.22 m

21.4 g/t

1.52 m

4.31 g/t

1.22 m

3.94 g/t

1.68 m

2.63 g/t

1.52 m

2.12 g/t

1.68 m

2.11 g/t

A total of 45 continuous chip samples and 10 rock samples were collected in late 2022 from five of the eleven levels that comprise the Orleans Mine. Only eight of the 45 chip samples are considered unmineralized, returning less than 0.2 g/t gold. The width of the chip samples was restricted by the size of the workings and in most cases the vein extends beyond the sampled interval.

Initial surveys by GGL in 2022 has shown that historical mining did not remove all of the high-grade mineralization in these shoots and that they remain open at depth. In addition, the vein fault is exposed in the eastern-most working face of each level that was accessed, suggesting mineralization continues to the east beyond the existing workings.

Historical records from the lower levels not yet accessed by GGL describe 35 samples collected post-mining across the Orleans Vein from the 960 ft to 1020 ft levels, which averaged 0.389 opt (13.3 g/t) gold including a vein on the 1020 ft level that returned 7.97 opt (273.2 g/t) gold over 0.5 m.

GGL Resources Corp., Monday, January 23, 2023, Press release pictureGGL Resources Corp., Monday, January 23, 2023, Press release picture

At the Grand Central Mine, nine samples were collected from the 140' level. The 140' level is the only level in this mine and comprises approximately 120 m of horizontal development.

Significant chips samples collected from the Grand Central Mine include 4.16 g/t gold over 1.52 m, 1.45 g/t gold over 1.22 m, and 1.32 g/t gold over 1.22 m.

Multi-element results, including silver, are pending and will be released when they have been received and reviewed.

Next Steps

The next phase of exploration at the Orleans Mine will focus on restoring access to the lower levels and other areas of the mine not yet reached. Once complete, the mine shall be surveyed, mapped, and sampled in detail. It is believed that the many of the existing drifts between the known shoots lie in the footwall of the vein fault. Mapping will confirm the orientation and location of the vein fault to aid in the targeting of underground drilling.

About the Orleans Mine

The Orleans Vein was discovered in 1908 and mined intermittently until 1962. Historical records indicate that approximately 74,000 ounces were produced from the Orleans and Great Western Mines, with recoveries of 92% to 98% for gold through cyanidation. Most of this production was from the Orleans Mine.

It is estimated that there is almost 4,200 m of horizontal development in the Orleans Mine, accessible via the central Dunfee shaft. The workings are mostly open and dry to approximately 275 m vertically below surface on the Orleans Vein (1020 ft level).

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

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).

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"
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.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.

SOURCE: GGL Resources Corp.



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