GTA to Begin Confirmatory Program at Big Duck Lake
August 29, 2017 (Source) – GTA Resources and Mining Inc. (TSXV: GTA) announced on May 2, 2017 that it intends to expand its presence in Ontario’s Hemlo Camp. The Hemlo Camp is one of Canada’s most prolific mining regions, having produced over 22 million ounces of gold from both open pit and underground mines.
GTA’s anchor property in the Hemlo area is Northshore Gold, owned >54% by GTA (see NI 43-101 resource estimate from June, 2014).
To expand its footprint in the area, GTA announced it had optioned the highly prospective Big Duck Lake Gold Property. Big Duck Lake is roughly 25 kilometres north of Northshore and 100 km west of the Hemlo Gold Mine. Big Duck Lake consists of 65 claim units over six square kilometers centred on an altered gold-rich porphyry. Activity in the area dates back to 1879 (www.d.umn.edu/prc/lakesuperiorgeology/Volumes/ILSG_41_1995_pt2c_Marathon.CV.pdf ).
Four km to the east of Big Duck Lake is the past-producing Winston Lake Mine, which produced 2.68 million tonnes of 1.05% copper, 12.05% zinc, 1.07 g/t of gold and 31.37 g/t of silver over 11 years.
Previous third party work at Big Duck Lake included intercepts of up to 17.31 g/t gold over 4.9 metres (1984 drillhole BD-10), and identified 46 gold mineralized showings (1996 Work Report, Battle Mountain Canada Inc.). One of those mineralized showings is “Coco-Estelle”, which hosts a historic resource of 53,700 tonnes grading 10.7 g/t of gold.
That historic resource is not NI 43-101 compliant and cannot be relied upon until further work is carried out. GTA intends to begin that work in the fall of 2017, including surface work to be followed by a confirmatory diamond drill program.
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GTA will carry out a financing on terms to be disclosed to finance the work at Big Duck Lake.
ABOUT GTA RESOURCES – GTA is a publicly traded mineral exploration company led by an experienced and successful management team. It is focused on exploring for gold and zinc in Canada. GTA currently has two projects located in northern Ontario: the 54% owned Northshore Gold Project, near Schreiber and the 100% owned Auden Project near Hearst. GTA also owns a 100% interest in the Burnt Pond Zinc-Silver Project in central Newfoundland, along strike from Teck Resources Limited’s past-producing Duck Pond Mine. GTA has roughly 42 million shares outstanding.
On behalf of the board of directors,
GTA Resources and Mining Inc.
“Peter M. Clausi“
President and CEO
For more information, please visit the corporate website at www.gtaresources.com.
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.
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