GTA Confirms Gold Values Associated With Geophysical Targets at Ivanhoe Project
July 20, 2015 (Source: Marketwired) — GTA Resources and Mining Inc. (TSX VENTURE:GTA) provides an update on its exploration activities on the Ivanhoe Property, near Foleyet, Ontario. The property is located between the prolific Timmins Gold Camp and the recently discovered Borden Lake Gold Deposit, recently acquired by Goldcorp Inc.
Recent exploration included geological mapping, prospecting and sampling, focused on a number of high priority geophysical targets. Two of these targets were upgraded with highly anomalous gold results in bedrock, float and soils.
The Ivanhoe Property consists of 829 claim units (132.58 km) covering a portion of the western extension of the Porcupine Destor Fault Zone (PDFZ) and the northeast extension of the Borden Lake Gold Trend. The property is transected by Hwy 101, located approximately 90 km west of Timmins. Since acquiring the property in 2014, GTA has identified a number of gold targets associated with strongly altered and mineralized rocks proximal to the interpreted extension of the PDFZ. This latest program was focused on prioritizing Induced Polarization anomalies identified from a recently completed survey this past winter and from historical information.
Sampling from the recent field program totaled 83 rock samples and 47 soil samples from various targets. Outcrop was limited, except for the Montana grid which was mapped and sampled in some detail. Values from the rock samples ranged from less than 5ppb to 1.13 g/t gold. Positive results highlight two of these targets as follows:
Montana High Resistivity Zone – Values of 1.13 g/t and 0.75 g/t gold were obtained from grab samples collected from an altered volcanic/tuffaceous rock unit situated proximal to a contact with a feldspar porphyry unit. The mineralization is located near the western end of a 500 meter long high resistivity zone. Previous sampling in the area by GTA resulted in values of up to 4.81 g/t gold (see previous GTA release dated Dec 9, 2014).
BP Porphyry Zone – Prospecting in this area discovered additional quartz float which assayed up to 1.13 g/t gold. This sample is located 180 meters northeast of a previously sampled float which assayed 18.1 g/t gold (GTA release Dec 9, 2014). Additionally, soil sampling in an area of approximately 200m by 500 m showed encouraging results with 7 of a total of 15 soil samples returning anomalous gold values (from 7 to 102 ppb). Gold values from the soil samples varied from less than 5 to 102 ppb.
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“The Ivanhoe project provides GTA with an excellent opportunity for new discoveries from a low cost grassroots exploration program,” stated Wayne Reid, President and CEO of GTA. “The limited exploration carried out to date has resulted in identifying a number of gold zones which will require additional evaluation and we look forward to initial drill results planned for this fall. The local infrastructure and proximity to the existing gold mills in the Timmins camp is ideal for any future development.”
Geologically, the Ivanhoe Property is located in the western portion of the Swayze Greenstone belt, proximal to the Kapuskasing High metamorphic terrain. It is underlain by rocks typical of the Timmins gold camp, and includes variably altered and deformed mafic and ultramafic volcanic rocks, intermixed with Timiskaming-type conglomerates and porphyry intrusives. GTA interprets the western extension of the Porcupine Destor Fault Zone to extend across the northern part of the Ivanhoe Property. The property also covers the northeast extension of the interpreted Borden Lake gold trend which hosts Goldcorp’s Borden Lake deposit. Previous production in the area includes the historic Joburke Gold Mine which is surrounded by the GTA claim holdings. According to the Ontario Ministry of Northern Development and Mines, Joburke produced close to 500,000 tons at a recovered grade of 3.4 g/t gold.
Analyses were performed by Activation Laboratories Ltd. of Timmins, Ontario. Samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 50 gram fire assay with an ICP, and/or gravimetric finish. The prospect samples were grab samples, which are selective by nature and are unlikely to represent average grades on the property.
More detailed information on each of these zones, including descriptions, full assay results, maps, sketches, photographs, etc., will be posted at the GTA website at www.gtaresources.com.
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.
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% of the outstanding shares. 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 owns 100% of the Burnt Pond zinc project in Newfoundland, proximal to Teck Resources Limited’s Duck Pond Cu-Zn Mine.
On behalf of the board of directors
GTA Resources and Mining Inc.
Wayne Reid, 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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