VANCOUVER, BC / ACCESSWIRE / August 27, 2019 / GGL Resources Corp. (TSXV:GGL) (“GGL” or the “Company”) is pleased to announce it has completed the ground geophysical survey program on the Stein diamond project, Nunavut. The Company has the Option to earn a 60% undivided interest in Arctic Star Exploration Corp.’s (“Arctic Star”) wholly-owned Stein diamond project by discovering in-situ kimberlite. The Stein diamond property (“Stein”) consists of 4 contiguous prospecting permits covering an area of 1,065 square kilometers on the Southern Boothia Peninsula, 45 kilometers from tide water. It is located 85 kilometers northwest of the community of Taloyoak, Nunavut which is serviced daily by commercial flights and seasonally by barge.
The Company’s detailed ground magnetic survey program has delineated a number of very compelling targets that are consistent with magnetic signatures over known kimberlites which have intruded through Cambrian-Devonian age Arctic Platform carbonate rocks at parallel latitudes elsewhere in Canada’s north. Similar geology is found on the Stein project.
A broad range of kimberlite like signatures were defined during the surveys which further bolsters the possibility of Stein delivering a new kimberlite field. Many known kimberlite fields exhibit a variety of magnetic responses which represent kimberlites intruding under varied circumstances and conditions. These signatures range from isolated magnetic highs to strong dipolar features to elongate dyke-like responses. The Stein project has delivered all three of these emplacement style signatures including a large isolated magnetic high approximately 200 meters in diameter, multiple strong, discrete dipolar signatures as well as an elongate dyke-like signature over 800 meters in length. Maps showing several examples of priority targets at Stein along with magnetic signatures from known kimberlites in comparable host rocks at parallel latitudes are available at www.gglresourcescorp.com/projects/stein.
The high priority geophysical targets are interpreted to be intrusive in nature, occurring at the surface and covered by a sequence of glacial till. Although magnetic signatures of known kimberlites are not indicative of diamond content, the potential of the Stein cluster of high interest targets is further reinforced by heavy mineral samples collected down ice which contain indicator mineral grains that are indicative of diamond inclusion chemistry showing high chrome, low calcium G10D pyrope garnets.
Stein is a permitted, advanced diamond exploration project having the benefit of numerous successive exploration campaigns and over $1.5 million in previous expenditures. Drill testing has not been conducted on the project to date. The nearest known kimberlite discovery to Stein is over 230 kilometers to the southeast and perpendicular to the regional ice flow direction. The distance and direction greatly reduces the potential of the Stein mineral grains being an overprint from this field.
GGL will continue with further modeling and target prioritization in preparation for future drilling as the Stein project has now been further derisked and brought to the drill ready-stage.
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 diamond exploration in Canada’s north with key projects 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 1990’s. In addition to GGL’s key focus of diamond exploration, it holds diamond Royalties on mineral leases in close proximity to the Gahcho Kué diamond mine in the Northwest Territories. The Company also 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 16 kilometers southeast of the Kemess Mine.
ON BEHALF OF THE BOARD
“David Kelsch”
David Kelsch
President, Chief Operations 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 Information Linda Knight |
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.