Exploration Program And Expansion Of The Gold Point Project

Exploration Program And Expansion Of The Gold Point Project

VANCOUVER – GGL Resources Corp. reported on the exploration program at the Le Champ copper-molybdenum porphyry target on its Gold Point Project in the Walker Lane Trend of Western Nevada. The Company has staked additional claims to better cover the porphyry target and to acquire additional gold-silver veins elsewhere on this district-scale property.

Mapping identified six intrusive phases hosting extensive stockworks, sheeted veins and breccia zones, locally containing limonite after sulphides. Soil geochemical anomalies coincide with the stockwork zones and potentially represent a leached porphyry system. The Gold Point property has been expanded to cover 30.1 sq km (7443 acres); and Induced Polarization (IP) surveys planned for spring, 2024.

Doug Eaton, CEO, said, “Early-stage assessment of the porphyry target on GGL’s Gold Point Project has yielded very encouraging results that demonstrate potential for a porphyry copper-gold-molybdenum system with a buried supergene-enriched core. The age of the intrusive complex is similar to those in major mining districts including Yerington, Nevada, and at new porphyry discoveries.

Detailed mapping and sampling at Le Champ were completed in late October 2023. During the fall program, 377 soil samples and 27 rock samples were collected. Geological mapping 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 is moderately anomalous throughout Le Champ with the strongest values near shallowly south-dipping fault structures and stockwork zones.

Large magmatic breccias containing limonite altered cubes and clots, often up to 2 cm across, were identified on the north side of the target area near historical workings containing copper mineralization. A float sample comprising limonite clots collected from the breccia returned 6.29% copper and 203 g/t silver. The exact timing of the brecciation is not yet known, but is thought to be a late event as it includes clasts of mafic dykes which are seen elsewhere on surface cutting the other intrusive phases.

Only a few small historical workings are located within the vicinity of Le Champ, and most are pits along gently south-dipping fault structures containing malachite and azurite. This copper mineralization is believed to be sourced from deeper in the system and to have migrated to surface along the fault conduits. There is no evidence Le Champ has previously been drilled.

The Company believes that the results from this work program are highly encouraging, particularly when added to previously announced results from earlier geochemical and geophysical surveys (see New Releases dated July 12, 2023 and October 5, 2023). It is believed that the abundant stockwork veining and silica alteration seen at surface mark the upper levels of a buried porphyry system. The strongly elevated molybdenum values and more subdued, but still noteworthy, copper results are consistent with a leached system, and suggest that stronger mineralization could be found at depth. Future work will be directed to better understand the extent of the porphyry system, both on surface and at depth. An Induced Polarization survey is planned for spring 2024.

In November 2023, the Company staked an additional 52 claims around Le Champ to ensure extensions of the stockwork veining and magmatic breccia zones were fully covered.

Additionally, 11 claims were staked within an extensive gold-silver vein system located about 3.5 km northeast of Le Champ. These claims are contiguous with the Company’s existing claim block and are located 700 m along strike to the west of the main underground workings on the Orleans Vein. There are numerous historical surface and underground workings on the new claims. These workings have not yet been mapped or sampled by the Company, but mineralization closely resembles that found in high-grade veins system elsewhere on the Gold Point property. Systematic surveying and sampling of the newly acquired veins will be undertaken in spring 2024, in conjunction with the IP survey at Le Champ. The Gold Point property now comprises 377 lode claims and 7 patented claims covering a total area of approximately 7,443 acres (30.1 km2).