GTA Focuses on Hemlo-Schreiber Gold Belt, Ontario; Will Initiate Permitting Studies for Bulk Sample at Northshore and Options the Big Duck Lake Gold Property
May 2, 2017 (Source) — GTA Resources and Mining Inc. (TSXV: GTA) is pleased to provide an update on its corporate strategy. GTA intends to concentrate on the world-famous Hemlo-Schreiber Belt in Ontario, where its management team has a considerable amount of experience. The focus will be on its existing Northshore Gold Project and on its newly-optioned Big Duck Lake Gold Property.
GTA currently owns 54% of, and is the operator of, Northshore Gold in the Hemlo Camp near Schreiber, Ontario. GTA is finalizing plans to begin the permitting for a large bulk sample from the Afric Zone at Northshore. The purpose of the bulk sample is to further de-risk the project and to obtain metallurgical and economic information regarding the prospect of small-scale mining. The first stage will be initiating permitting and environmental studies.
The Afric Zone hosts Indicated mineral resources of 12.36 million tonnes grading 0.99 grams per tonne (“g/t”) of gold at a cut-off grade of 0.50 g/t of gold, representing approximately 391,000 contained ounces of gold and Inferred mineral resources of 29.58 million tonnes of grading 0.87 g/t of gold at the same cut-off grade, representing approximately 824,000 ounces of gold (see the June 2014 NI43-101 report at www.gtaresources.com).
New Property – Big Duck Lake Gold
Expanding on GTA’s strong interest in the Hemlo-Schreiber Greenstone Belt, GTA has finalized terms by which it can acquire a 100% interest in the Big Duck Lake Gold Project (“Big Duck Lake”).
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Big Duck Lake is located roughly 25 km north of Northshore Gold and 100 km west of the Hemlo Gold Mine. It is only 4 km west of the past-producing polymetallic 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.
Big Duck Lake consists of 65 claim units over six square kilometres, is within the Hemlo-Schreiber Greenstone Belt, and is centred on an altered gold-rich porphyry which in Management’s view is similar to rocks which host the Hemlo Gold Mine mineralization. It contains numerous gold and base metal showings including “Coco-Estelle”, which hosts a historic resource* of 53,700 tonnes grading 10.7 g/t of gold per tonne.
GTA can earn a 100% interest in Big Duck Lake by paying to the arm’s length vendors $45,000 ($15,000 on Approval) and issuing 750,000 common shares (250,000 on Approval) over a six month period. The Vendors will retain a 2% net smelter return (“NSR”) on Big Duck Lake and GTA will have the right to buy back 1% of the NSR for $1,000,000. This transaction is subject to TSX Venture Exchange approval (“Approval”).
“Over the next 12 months, GTA will focus its efforts on its gold properties in the Hemlo Gold Belt, in addition to carrying out some follow-up work at Burnt Pond in Newfoundland,” stated GTA President and CEO, James Macintosh. “Barrick’s extension of operations in the area has led to renewed junior interest in Hemlo.”
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. 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 companies.
QA/QC – Wayne Reid, P. Geo., VP Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release. He has extensive experience in the exploration for gold and base metals in the Hemlo-Schreiber Greenstone Belt.
* This historic resource is not NI 43-101 compliant and cannot be relied upon.
ABOUT GTA RESOURCES – GTA is a 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 has 42,026,855 shares outstanding, with its Northshore JV partner Balmoral Resources Inc. holding a roughly 6% interest. 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 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.
On behalf of the board of directors,
GTA Resources and Mining Inc.
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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