GTA Completes Phase 2 at Northshore Gold
September 21, 2016 (Source) — GTA Resources and Mining Inc. (TSXV: GTA) (“GTA” or the “Company”), reports that Phase 2 of this year’s diamond drill program on the Northshore Property has been completed, under the supervision of CEO Wayne Reid. This phase consisted of roughly 500 metres targeting two areas, and was completed on schedule and on budget. Drill core is being split and all samples will be sent to Actlabs in Thunder Bay for gold analysis. Results will be released when they become available.
The primary target was the high grade near-surface gold mineralization within the core of the Afric Zone. GTA targeted this area as a follow-up to the strong assay results released August 22, 2016, which included results up to 23.73 g/t gold over 9.0 metres from the Audney System and 4.06 g/t gold over 23.0 metres from the Caly System. This area was targeted with a view to further informing management as to the possible economics of a bulk sample and/or custom milling.
The second target area was the Gino Vein system, to the north of the Afric Zone. GTA’s previous drilling indicated the presence of high-grade gold mineralization in this system, including an intercept of 46.4 g/t gold over a core length of 1.0 metres (see press release of Dec. 10, 2013). This system appears to be roughly parallel to the former producing Northshore Gold Mine, which from 1935 to 1937 produced 2,411 ounces of gold and 226 ounces of silver from 3,808 tons of ore.
The Northshore Property is located within the Hemlo greenstone belt, near the town of Schreiber, Ontario, approximately 200 km east of Thunder Bay and 125 km west of Hemlo, Ontario.
Management believes that GTA is in a solid financial position. It is fully funded to complete this phase of exploration, and expects to receive a grant of roughly $75,000 from Ontario’s Junior Exploration Assistance Program upon the filing of a final report. Some shareholders have exercised warrants which put additional cash in the treasury. In addition, GTA still owns 200,000 shares of Probe Metals Inc.
The Northshore Property is a joint venture with Balmoral Resources Ltd. GTA is the operator and owns more than 51% of the joint venture. GTA will be funding 100% of this phase as Balmoral has opted not to participate and will be diluted accordingly.
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Wayne Reid, P. Geo., President and CEO 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.
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 zinc in Canada. GTA is a tightly held company having 40,866,855 shares outstanding. The Company’s shares trade on the TSX Venture Exchange under the symbol “GTA.” The Company currently has two projects located in northern Ontario: the > 51% owned Northshore Project, near Schreiber and the 100% owned Auden Project near Hearst. GTA also owns a 100% interest in the 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.
President and CEO
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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