VANCOUVER, April 24, 2018 /CNW/ - GGL Resources Corp.
(TSX-V: GGL) ("GGL") ("Company") is pleased to announce the
acquisition of three 100% owned diamond properties prominently
located in the prolific Lac de Gras diamond district, 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.
GGL acquired the mineral tenures in early 2018 by way of staking
and retains a 100% undivided interest in each property with no
underlying conditions or royalties. The properties are
strategically located taking advantage of proven economic trends,
historic diamondiferous kimberlite discoveries, positive
exploration results from the Company's previous exploration
campaigns and proprietary exploration dataset as well as a thorough
review of information in the public domain.
Bishop Property
The Bishop property is composed of 37 new mineral claims and one
existing mineral lease collectively encompassing 30,667 hectares.
The property contains the diamondiferous Bishop kimberlite
discovered by GGL in 2006 and is south of and on trend with the
economic diamond deposits of the Ekati diamond mine.
A portion of this region of Lac de Gras was extensively explored
by GGL over a decade ago and included multiple seasons of
exploration campaigns with detailed airborne geophysics and heavy
mineral sampling dominating the work. High resolution ground
geophysical surveys followed up on airborne targets, some of which
were prioritized by indicator mineral results. This work resulted
in the discovery of the Bishop kimberlite which returned 11
diamonds from the initial 78.2 kilogram sample. Further review of
the Bishop data suggests that additional drilling is required to
thoroughly evaluate the geology, geometry and diamond distribution
throughout the kimberlite as additional phases may be present.
A large gravity anomaly proximal to Bishop was subsequently
tested with several short reverse circulation drill holes. This
limited drilling encountered small kimberlite intercepts. Further
ground geophysics followed by core drilling is required to
determine the size and potential grade of this kimberlite
discovery.
The remainder of the property contains numerous high priority
targets identified in previous exploration campaigns conducted by
GGL. The world economic crisis of 2008 essentially eliminated
access to capital for exploration companies and as a result the
Company was not able to move these targets forward to drill
evaluation. The Company now plans to continue its target evaluation
process which has been on hold since.
In addition to the reacquisition of historic GGL targets in the
Bishop staking campaign, the Company was also successful in
acquiring the Courageous kimberlite located in the south of the new
land tenure. The Courageous kimberlite, initially identified in
2005, was further advanced with core drilling in 2008 by
Consolidated Global Diamond Corp. ("CK"). GGL's review of public
domain data identified this historic discovery as open ground. The
Courageous kimberlite geophysical anomaly was described by CK as
being a coincident magnetic and resistivity anomaly. CK announced
drilling into sediments containing various amounts of tuffaceous
kimberlite rocks. The crater sediments are described as occupying a
sub circular area of approximately 1,100 meters. Drilling
difficulties prevented CK from penetrating beyond the crater
sediments and fully evaluating the potential diatreme below. A 78.4
kg sample of the sediments returned 8 micro-diamonds indicating the
kimberlite source rocks are diamond-bearing. GGL intends to
complete detailed ground geophysical surveys at Courageous followed
by further evaluation of the kimberlite and its diamond
potential.
Zeus Property
The Zeus property consists of 22 mineral claims totalling
14,803 hectares. It covers a portion of Lac de Gras and the north
shore and is located only 11 kilometers south of the Ekati Diamond
mines' Fox kimberlite which is the southerly most kimberlite body
in a linear trend of economic deposits at Ekati. The Zeus property
is strategically located directly along this trend.
This trend of significantly diamondiferous kimberlite bodies is
further validated by New Nadina's Monument project adjacent to the
southwestern boundary of the Zeus property. Monument contains
several kimberlite bodies where initial sampling has collectively
returned encouraging diamond counts. The potential for new
discoveries in this brownfields area is further emphasized by North
Arrow Minerals Inc.'s recent announcement of a new kimberlite
discovery on their Loki project adjacent to the southeastern
boundary of Zeus and on trend with this string of
significantly diamondiferous kimberlite bodies including those in
the Ekati mine plan.
The Company intends to employ modern kimberlite exploration
techniques along with hands-on discovery knowledge of the Lac de
Gras kimberlite field to add additional discovery to this apparent
"gap" in the trend. The Zeus property has been open ground and
unexplored for over 5 years.
Rhombus Property
The Rhombus property lies 40 kilometers northwest of the Ekati
Diamond mine and consists of 25 mineral claims covering 21,336
hectares. This strategic location exploits an apparent periodicity
in the Ekati and Diavik economic trends further supported by the
nearly one carat per tonne large DO-27 kimberlite resource
controlled by Peregrine Diamonds Ltd.
Rhombus contains 4 kimberlites discovered in the early 1990's,
all of which are diamond bearing. A review of data in the public
domain suggests there is the potential for additional unidentified
kimberlite bodies. The original discoveries were a quarter of a
century ago and no work has been conducted on the property area in
over a decade.
Kimberlite exploration tools, techniques and understanding have
evolved immensely in the past decade and the Company plans to apply
these advancements to move the property towards additional
discovery. This approach has been successfully demonstrated by
Kennady Diamonds Inc. at the Kelvin-Faraday kimberlite complex
initially discovered in 1999-2000. It received no further
evaluation for a dozen years due to the initial interpretation and
resulting lack of encouragement. In 2012, a new approach including
modernized exploration techniques and understanding has developed
this kimberlite complex to the resource stage with a recent all
share purchase by Mountain Province Diamonds Inc. valued at
$162-million (April 2018).
PGB (non-diamonds)
Silver Range Resources Ltd. has terminated the option agreement
to explore for non-diamond minerals (GGL press release September 12, 2017) on GGL's 100% owned
Providence Greenstone Belt, Northwest
Territories.
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 Canadian-based junior diamond exploration company
currently focused in 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 Kue diamond mine in the Northwest Territories. The Company also holds
in portfolio several encouraging base metal and gold projects in
British Columbia and Northwest Territories.
ON BEHALF OF THE BOARD,
"David Kelsch"
David Kelsch
President and COO
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.
