GTA Provides Update on Drill Program at Big Duck Lake and on Ongoing Crowdfunding
October 24, 2017 (Source) — GTA Resources and Mining Inc. (TSXV: GTA) provides an operational update on the autumn 2017 drill program at Big Duck Lake in the Hemlo Gold Camp. GTA’s technical team is now in the field finalizing drill hole locations and logistics.
GTA’s treasury is more than adequately funded for this round of exploration under GTA’s crowdfunding efforts by way of an Existing Shareholder Exempt Financing. The Existing Shareholder Exempt Financing continues on previously announced terms which ensures all shareholders are treated equally and fairly.
The Financing is open for subscription by GTA’s existing shareholders. To participate in this Financing, please visit this site http://gtaresources.com/shareholder-financing.aspx for the subscription agreements, term sheets, instructions and contact information. Interested persons are encouraged to consult their own professional advisors for advice and assistance.
Big Duck Lake is located 100 kilometres west of Barrick Gold’s Hemlo Gold Mines. It consists of 65 claim units (six square kilometers) within the Hemlo/Schreiber greenstone belt. Management believes the style of gold mineralization and host rocks at Big Duck Lake are similar to the Hemlo deposits and both are associated with altered gold-rich porphyries.
Four kilometres 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 has identified numerous gold and base metal showings and includes historic drill intercepts up to 17.31 g/t gold over 4.9 metres from the “Coco-Estelle” deposit (1984 drillhole BD-10; 1996 Work Report, Battle Mountain Canada Inc.). The previous work on the Coco-Estelle included the calculation of 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.
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The current program is intended to confirm the validity of the historic work and to test for extensions of the known mineralization at Coco-Estelle.
Management advises that assay labs in Ontario and Quebec appear to currently have a significant backlog. GTA intends to take all steps possible to provide assay results expeditiously.
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 four project, with three in Ontario and one in Newfoundland. The three Ontario projects are the > 54%-owned Northshore Gold Project, near Schreiber in the Hemlo Gold Camp; the 100% owned Auden Project, near Hearst, Ontario; and the Big Duck Lake Gold Project also in Hemlo (option to own up to 100%). GTA also owns 100% of the Burnt Pond Zinc-Silver Project in central Newfoundland, along strike from Teck Resources Limited’s past-producing Duck Pond Mine. GTA has roughly 43 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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