Big News at Big Duck Lake gold property?
GTA Resources and Mining Inc. (TSXV: GTA) (“GTA”) recently completed the acquisition of the Big Duck Lake gold property. The company stated that it was crucial to own the area outright before a planned drill program confirmed existing results. Big Duck Lake consists of 65 claims within the famed Hemlo-Schreiber Greenstone Belt and is centred on an altered gold-rich porphyry which GTA believes is similar in mineralization to the area which hosts the Hemlo Gold Mines. Up-to-date exploration data has yet to be released, but Hemlo’s reputation and history is enough to keep me hopeful.
Big Duck Lake spans six kilometres of highly prospective geology containing numerous gold and base metal showings, including the Coco-Estelle deposit, where GTA will focus first drilling. The area hosts a historic resource estimate of 53,700 tonnes at 10.7 g/t Au. At today’s prices, this section alone would be worth around $200k. Big Duck Lake is located only 25 km north of GTA’s Northshore property (indicated and inferred resources of over a million ounces of gold) and 100 km west of the prolific Hemlo Gold Mines. It’s both an industry truism and a geological fact that good mines are found near good mines and so I’m particularly eager to get ahold of these results.
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GTA mobilized a drill to Big Duck Lake and will target its initial holes on the Coco-Estelle zone to both verify the character of the gold mineralization and to expand on the stronger parts of the zone. Results will be released as they become available, but it was important for the company to own Big Duck Lake outright before the drill results were in the public domain, according to CEO, Peter M. Clausi, since due diligence inferred that this is a highly prospective target.
GTA has long intended to concentrate on the world-famous Hemlo-Schreiber Belt in Ontario as its management team has a considerable amount of experience there. The focus will be on its existing Northshore Gold project and on its newly-acquired Big Duck Lake Gold property. The Hemlo Camp is renowned as one of Canada’s most prolific mining regions, having produced over 22 million ounces of gold from both open pit and underground mines. The players are a continually evolving group of companies, including Barrick Gold Corp., Teck Resources Limited and Newmount Mining Corporation, as a well as numerous junior explorers.
GTA currently owns 54% and is the operator of Northshore Gold in the Hemlo Camp near Schreiber, Ontario. The company is preparing for a large bulk sample from a target known as the Afric Zone at Northshore. The zone hosts indicated mineral resources of approximately 391,000 ounces of gold and inferred mineral resources of approximately 824,000 ounces of gold. The widespread nature of the gold has been demonstrated in a number of drill holes mineralized throughout their entire length; one particular core assayed 3.21 g/t Au over a whopping 149.5 m.
Earlier this month, GTA’s decade spent listed on the TSX venture exchange was celebrated when Tim Babcock, Director of Listed Issuer Services, invited Peter Clausi, President & CEO of GTA, to close the market. GTA has a total of four prospective properties, three of which are situated in Ontario. A company with quite so much experience and such well-located properties has earned a place on my radar; I’ll be keeping everything crossed for Big Duck Lake.