GTA Reports Gold Recoveries of 99.5% and 96.3% from Initial Metallurgical Test Work at Northshore
August 29, 2016 (Source) — GTA Mining and Resources Inc. (TSXV: GTA) (“GTA” or the “Company”) reports preliminary metallurgical testing from the Northshore Property. Results from two composites, one from core of the Afric Zone and one from core of the high-grade Audney vein system, returned peak gold recoveries of 96.3% and 99.5% respectively. The Company recently reported the results of 36 drill holes from those two areas (see press release dated 22-Aug-2016) as part of its on-going evaluation of the at/near surface potential of the Afric Zone.
Preliminary metallurgical test work was conducted on two composited drill core samples to determine potential gold recoveries. The preliminary metallurgical work was performed by Act Labs in Thunder Bay, and consisted of standard cyanide bottle roll testing with atomic absorption analysis for gold. Sample “A” weighed 43.9 kg and had an assayed head grade varying from 2.65 to 2.93 g/t gold. Sample “D”, from the high-grade Audney vein system, weighed 9.6 kg and had an assayed head grade varying from 11.6 to 10.9 g/t gold.
Jennifer Steyn, Metallurgy Manager, Act Labs stated, “These results indicate that the mineralization is free milling and excellent recoveries can be made using conventional cyanidation”. A full version of the “Gold Cyanidation Report” can be found on the company website at www.gtaresources.com.
Peak recovery was achieved after 24 hours for sample D at 99.5%. Sample A reached 94.8% recovery in 24 hours, peaking at 96.3% after 48 hours. Cyanide and lime consumption during the tests are considered by ACT Labs to be “fairly average”.
“We are very encouraged with these results as reported today,” commented Wayne Reid, President and CEO of GTA. “Although this is preliminary metallurgical work, these results indicate that the higher grade sections at the core of the Afric Zone should be relatively simple to process and have excellent gold recoveries.”
The Northshore Gold Property is located in Priske Township, near the town of Schreiber, Ontario, approximately 200 km east of Thunder Bay or 125 km west of Hemlo, Ontario. It is a joint venture with Balmoral Resources Ltd. (see press release dated Aug. 18, 2014). GTA is the operator and owns more than a 51% interest in the project. GTA is funding 100% of recent field work as Balmoral has opted not to participate in this phase of the program and will be diluted accordingly.
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QA/QC – The planning, execution and monitoring of GTA’s exploration programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, and has also reviewed and approved this release.
Metallurgical work as summarized in this press release was performed by Act Labs in Thunder Bay, Ontario with ISO 17025 accreditation.
In other news, GTA announces the resignation of Robert Duess, Director and Vice President of Exploration. Mr. Duess was a founding member and leader of GTA Resources and Mining. He will stay on as an advisor where his knowledge and experience will continue to help guide the company. The resignation will be effective October 20, 2016 prior to GTA’s Annual General Meeting.
ABOUT GTA – 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 is a tightly held company having 40,266,855 shares outstanding of which insiders control approximately 21% and its JV partner holding an additional 8%. 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
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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