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GGL Resources (TSXV:GGL) has Announced a non-brokered Private Placement

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The company is looking to raise gross proceeds of up to $1.8 million from the placement of up to 10 million shares, priced at $0.18 per share. The proceeds will be used for exploration and development activities on the company's exploration projects and for general working capital purposes.

Additional Information:

Company: GGL Resources
Website: http://www.GGLresourcescorp.com
Stock Symbol: TSXV: GGL
Date Published: Oct 7, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

GGL Resources has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $1.8 million from the placement of up to 10 million shares, priced at $0.18 per share.

The shares are currently trading at $0.19.

The proceeds will be used for exploration and development activities on the company's exploration projects and for general working capital purposes.

The company has mobilized a field crew to conduct geological mapping, sampling and site surveys on its recently acquired Gold Point Project, located 26 miles south of Goldfield, Nevada, in the prolific Walker Lane Trend.

The road accessible project consolidates three properties covering a combined area of approximately 4.5 sq km, including several historical mine sites that intermittently produced gold and silver between 1882 and 1962.

The acquisition involves three option agreements that grant GGL the right to earn 100% interests in two of the properties and a 75% interest in the third property.

Horizontal loop electromagnetic and ground magnetic geophysical surveys totaling 25 line kilometres were recently completed.

The new Phase 1 field program is designed to confirm the location of surface workings, characterize vein exposures and assess accessibility of historical underground workings so that permit applications can be finalized for a more comprehensive follow-up program.

The Phase 2 program will comprise of RC drilling, and, if practical, mapping and sampling of accessible underground workings.

The first priority of the drill campaign will be to test the depth and strike potential of developed veins as well as nearby structures that have seen little or no sub-surface exploration.

Once the nature of the known veins is understood, drilling will explore more distal targets and geophysical anomalies in overburden covered parts of the property.

In August, the company started field work at its 100% owned, road accessible McConnell project located in the Golden Horseshoe region of north-central BC, approximately 22 km southeast of the past-producing Kemess open pit copper-gold mine.

The company also holds promising diamond exploration projects in Nunavut and the Lac de Gras diamond district of the Northwest Territories, which is home to Canada's first two diamond mines.

GGL also holds diamond royalties on mineral leases in close proximity to the Gahcho Kué diamond mine in the Northwest Territories.

For more information, please visit the company’s website at www.GGLresourcescorp.com, contact Richard Drechsler, Corporate Communications, at 604-687-2522 or by email at rdrechsler@strategicmetalsltd.com.

I’m Cassandra Bolinski for Investmentpitch Media