GTA Adds to Burnt Pond in Central Newfoundland
August 19, 2015 (Source: Marketwired) — GTA Resources and Mining Inc. (TSX VENTURE:GTA) has added to its Burnt Pond Property in central Newfoundland by staking the contiguous Burnt Pond Prospect (Zn-Pb-Cu-Ag). The total Burnt Pond project area, located 8 km on strike from Teck Resources Ltd.’s Duck Pond Mine, now consists of a total of 136 claim units (34.0 sq. km.).
The recently staked claims (26 claim units) came open for staking after being tied up for 18 years. The highly prospective Burnt Pond Prospect is located in the centre of these claims. This prospect was discovered in 1973 and has been interpreted by third parties by as a 500 meter long Zn-Pb rich stringer sulphide zone. Drilling in 2001 had a best result of 0.79% Cu, 24.0% Pb, 25.8% Zn, 791.1 gpt Ag and 1.6 gpt Au over 0.37 meters (drill width) at a vertical depth of 405 m. (Volcanic Metals Exploration Inc., April 6, 2001 press release). This intersection remains completely open for expansion.
Burnt Pond and the Burnt Pond Prospect allow GTA to diversify into a zinc-copper project, in a proven producing belt with excellent infrastructure and a mining friendly jurisdiction. It covers a highly prospective package of base metal/precious metal mineralization within the Tally Pond volcanic belt, host to the Duck Pond Mine and other Cu-Zn-Ag-Au massive sulphide deposits.
Burnt Pond is proximal to the Duck Pond Mine which during its mine life produced approximately 6 million tonnes grading approximately 3% Cu, 6% Zn, 60 g/t Ag and 0.9 g/t Au from two deposits. The 100%-owned GTA claims are underlain by the same geological package of altered felsic volcanic rocks as are common to the Duck Pond Mine. The area has extensive geophysical and geochemical coverage with limited third party historic drilling. Untested EM (electro-magnetic) targets, coincident with anomalous base metals (Zn, Cu, Pb, Au and Ag) in both rock and soils, remain to be evaluated.
Commented Wayne Reid, President and CEO of GTA “This recent staking of the Burnt Pond Prospect is a key part of GTA’s Burnt Pond land package. The GTA property now covers an 8 km strike length of strongly altered felsic volcanic rocks with impressive base metal mineralization immediately northeast of Teck’s Duck Pond Mine complex. The Prospect exhibits both wide widths of stringer type base metal mineralization and narrow high grade massive sulfide mineralization with grades up to 50% combined Zn-Pb-Cu over narrow widths. The existing targets can be easily advanced to a drill stage with the use of more modern technology. The zinc market appears ready for a strong rebound in both demand and pricing and this represents an opportunistic low cost entry into this market, with no option commitments or future royalties payable.”
The initial exploration program will consist of compilation of previous work, grid geophysics (gravity and EM) along the favourable geology with follow-up drilling anticipated for late 2015.
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Robert Duess, P. Geo, VP Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release. Where third party information is referred to, GTA has not assisted in the preparation or compilation of such information and cannot attest to the reliability of such information.
GTA is a well-funded publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold and graphite in Canada. GTA is a tightly held company having 32,106,855 shares outstanding of which insiders control approximately 21%. The Company’s shares trade on the TSX Venture Exchange under the symbol “GTA.” The Company currently has three projects located in northern Ontario: the 51% owned Northshore Project, near Schreiber; the 100% owned Auden Project near Hearst; and, the Ivanhoe Project near Folyet, in which it has an option to acquire a 100% interest. GTA also has the 100%-owned Burnt Pond Project in central Newfoundland, proximal to the past-producing Duck Pond Cu-Zn Mine.
On behalf of the board of directors
GTA Resources and Mining Inc.
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 press release.
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>