GGL secures Providence claims for another eight years
2009-07-14 08:45 ET - News Release
Shares issued 144,607,025
GGL Close 2009-07-10 C$ 0.07
Mr. Raymond Hrkac reports
DETAILS OF HIGH-GRADE GOLD OCCURRENCES NOW AVAILABLE ON GGL DIAMOND CORP. WEBSITE; COMPANY SECURES KEY CLAIMS ON PGB PROPERTY
GGL Diamond Corp.'s website now includes a presentation outlining the gold potential of the Providence greenstone belt property in Canada's Northwest Territories and the McConnell Creek property in Northern British Columbia.
Several potentially significant gold occurrences have been located on the PGB property, located approximately 250 kilometres north of Yellowknife. The gold values associated with one showing (area 8) have assayed up to 42.7 grams per tonne gold (1.25 ounces per ton). Another (area 35) has returned gold values up to 27.8 grams per tonne gold (0.81 ounce per ton).
As a result of an extensive exploration program in 2008, which included mapping and prospecting for gold, and airborne geophysics, mapping, prospecting and diamond drilling of VMS base metal targets, GGL has secured tenure for its key PGB mineral claims for up to an additional eight years.
The company is now seeking financing to finance its proposed work programs. The company's work programs comprise a phase 1 (air photos, geophysics, geochemistry, trenching, drilling) program estimated at $650,000 and a phase 2 program (diamond drilling) estimated at $1.5-million.
The Providence greenstone belt property, covering more than 425,000 acres, includes 199 mineral claims wholly owned by GGL Diamond. The company holds a land use permit valid to 2013.
In addition to securing further tenure to its PGB mineral claims, GGL has submitted an assessment report that advances by 10 years its claims on the McConnell Creek property in Northern British Columbia. The property has a known high-grade copper showing and several gold-bearing quartz zones in a branching quartz vein system several kilometres long.
The gold potential of the Providence greenstone belt, Northwest Territories, and the McConnell Creek property, British Columbia, can be viewed on the company's website.
The independent qualified persons for the company include Dr. N.C. Carter, PhD, PEng, consulting geologist, plus qualified persons from the consulting firm of Aurora Geosciences Ltd. (Gary Vivian, MSc, PGeol, president).
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