GTA Identifies New Gold Targets on its Ivanhoe Property
December 9, 2014 (Source: Marketwired) — GTA Resources and Mining Inc. (TSX VENTURE:GTA) announces the results of exploration activities completed on its Ivanhoe Property near the town of Foleyet in northern Ontario. Recently completed activities include prospecting, sampling, geological mapping and re-sampling of available historical drill core. This work has led to the identification of four gold zones which are scheduled for additional follow-up.
The targets include a new gold discovery (Montana Zone) which returned a number of anomalous gold values up to 4.81 g/t. Also, a broad zone of porphyry style mineralization was identified from re-examination of historical drill core (BP Porphyry Zone), and from GTA’s recent prospecting which discovered angular float assaying up to 18.1 g/t gold. The values described herein are from selective grab samples which were collected by GTA from the various target areas and ranged from <0.001 g/t to 18.1 g/t gold. The table below lists the anomalous gold values for each target from GTA’s grab samples.
The 102 sq. km. (663 claim units) Ivanhoe Property is located between Probe Mines Limited’s new gold discovery at Borden Lake and the prolific Timmins Gold Camp. 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 Destor Porcupine Fault Zone to extend across the Ivanhoe Property. The north part of the Property is underlain by the Slate Rock Deformation Zone and associated porphyries.
Based on recent exploration activities, GTA has identified four separate areas of gold mineralization, all of which are situated within favorable geological and structural environments. These four zones include:
MONTANA ZONE: A new discovery characterized by strongly altered, pyritic porphyry and volcanic rocks with gold values from grab samples up to 4.81 g/t. The mineralization is located within a broad deformation – alteration zone, on the west side of Slate Rock Lake. Other grab samples collected from this zone returned anomalous values ranging from 0.2 to 3.64 g/t gold.
BP PORPHYRY ZONE: This zone consists of a broad area of anomalous gold mineralization initially discovered by BP Resources in 1986. BP drilled one hole into a weak Induced Polarization (IP) anomaly and intersected intermittent porphyry over 150 meters; however, there was no follow-up. The BP drill hole returned anomalous gold throughout the porphyry including 0.90 g/t over 3.41 m. Recent prospecting by GTA discovered a 1.0 meter by 0.8 meter angular quartz float which returned a grade of 18.1 g/t gold.
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UTAH ZONE: The Utah Zone was discovered in 1986 by Utah Mines while testing an IP chargeability anomaly. A total of nine holes were drilled into a 20 metre wide alteration – deformation zone (sheared, silicified, carbonate, sericite, pyrite, arsenopyrite) with historical drill hole values of up to 6.9 g/t gold over 1.82m (from Ontario MNDM 1986 – Report of Activities). GTA interprets that the nine historical drill holes intersected the zone which was traced by Utah Mines over a 500 meter strike length and to a maximum depth of 100 metres.
TRESSLE TARGET: GTA identified this target area while reviewing historical data which included the location of mineralized float assaying up to 2.17 g/t gold, reported in an Ontario government geological survey carried out in 1951. The targeted zone is overburden-covered and located along the south contact of a strongly altered section of the Slate Rock Deformation Zone, and is on strike with the Utah Zone. Localized angular float in the area returned values up to 0.33 g/t gold from GTA sampling.
Analyses were performed by AGAT Laboratories Ltd. of Sudbury, Ontario with ISO 17025 accreditation. 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 sampling of historic core consisted of both quarter-splitting previously sampled core and half-splitting core that was previously not sampled. The prospect samples were grab samples, which are selective by nature and are unlikely to represent average grades on the property.
|Anomalous Gold Results from Ivanhoe Project|
|Montana||sheared volcanic 2-5% py qtz rich o/c||4.81|
|Montana||extremely carb and sericite altered trace to 2% pyrite +/-galena||3.64|
|Montana||extremely carb and sericite altered trace to 2% pyrite +/-galena||1.71|
|Montana||sheared mafic /porphyry 5% pyrite galena||1.41|
|Montana||massive sulphides, py, po, cpy and sph?||0.439|
|Montana||extremely carb and sericite altered trace to 2% pyrite +/-galena||0.338|
|Montana||extremely carb and sericite altered trace to 2% pyrite +/-galena||0.307|
|Montana||sheared mafic /porphyry 5% pyrite galena||0.20|
|Montana||shear zone at 270/78, extremely friable, few quartz stringers||0.131|
|Tressle||sericite alt’d mafic vol with qtz veinelts, 2% py with 2% coarse aspy||0.326|
|Tressle||sericite alt’d mafic vol with qtz veinelts, 2% py with 2% coarse aspy||0.127|
|BP Porphyry||float -quartz boulder, angular roughly 1.0 x 0.2 x 0.8m||18.1|
|BP Porphyry||float – granodiorite qtz veined, 3-4% diss. and coarser pyrite||0.845|
|BP Porphyry||f-m.grained porphyry on Slate Rock Lake with 2% pyrite||0.258|
|BP Porphyry||feldspar porphyry, dark with coarser phenos, 5% coarse pyrite||0.089|
|BP Porphyry||f-m.grained porphyry on Slate Rock Lake with 2% pyrite||0.057|
|BP Porphyry||rusty porphyry shear 10% pyrite||0.050|
|BP Porphyry||rusty carbed porphyry 2% pyrite||0.042|
|BP Porphyry||feldspar porphyry, 5% pyrite||0.031|
|BP Porphyry||porphyry sheared 5% pyrite||0.027|
|BP Porphyry||rusty carbonated porphyry 5% pyrite||0.027|
|BP Porphyry||feldspar porphyry, 5% pyrite||0.0127|
The references to results from third parties’ exploration work are from sources GTA considers reliable. GTA has not had the opportunity to inspect all the core from historic programs.
“We are very pleased with these initial results from Ivanhoe,” said Wayne Reid, GTA’s CEO. “The modest exploration program has given us a number of quality gold targets in one of Canada’s most prolific gold camps. We look forward to advancing these targets and testing them over the next few months.”
GTA is planning line cutting and geophysics (induced polarization and magnetics) on the target areas described above, with follow up diamond drilling to follow. This work is expected to commence in early, 2015.
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.
GTA is fully funded for this proposed exploration program having raised flow through funds earlier this fall (see GTA’s press release of August 5, 2014).
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 30,906,855 shares outstanding of which insiders control approximately 22% 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, Ontario and the Ivanhoe Project near Folyet, in which it has an option to acquire a 100% interest. Its flagship property, the Northshore Property, hosts an indicated resource of 391,000 oz gold in 12,360,000 tonnes at a grade of 0.99 g/t gold and an inferred resource of 824,000 oz gold in 29,580,000 tonnes at a grade of 0.87 g/t gold, using a 0.5 g/t cutoff grade, as further described in a NI 43-101 technical report dated June 30, 2014.
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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