GTA Reports Results from Drilling on the Northshore Project, Ontario, Including 23.73 g/t Gold Over 9.0 Metres (Including 139.00 g/t Gold Over 1.20 Metres)
August 22, 2016 (Source) — GTA Mining and Resources Inc. (TSXV: GTA) (“GTA” or the “Company”) reports assay results from the first phase of the 2016 drilling on the Northshore Property located in Priske Township, near the town of Schreiber, Ontario, approximately 200 km east of Thunder Bay or 125 km west of Hemlo, Ontario.
Phase 1 consisted of 36 (NQ size) shallow holes (between 11 and 41 metres) totaling 866 metres. Drilling focused on delineation and expansion of the near surface, higher grade mineralization of the Afric Zone, specifically the previously identified Caly and Audney vein systems. Two series of holes were drilled; the “A” series holes, (17 holes totaling 512 metres over a strike length of 60 meters) to test the Caly vein system, and the “D” series holes (19 holes totaling 354 metres over a strike length of 100 meters) to test the Audney vein system.
Drilling continues to intersect very high grade (> 1 oz/ton), near surface, gold mineralization (including 139.00 g/t gold over 1.20 metres, 72.40 g/t gold over 1.0 metre and 39.3 g/t gold over 1.50 metres). Additional highlights of the program include:
- 4.06 g/t gold over 23.00 metres, including 25.60 g/t gold over 3.0 metres in hole A-16-12
- 5.67 g/t gold over 10.40 metres, including 33.70 g/t gold over 1.40 metres in hole A-16-08
- 5.96 g/t gold over 9.0 metres, including 24.14 g/t gold over 2.00 metres in hole D-16-07
- 7.29 g/t gold over 5.40 metres, including 18.54 g/t gold over 2.00 metres in hole D-16-08
*Note: Please see the table below for a more complete list of calculated averages. Also, for complete disclosure, a full list of all assay results from this program will be available on the company’s website at www.gtaresources.com.
These high grade values are associated with visible gold mineralization occurring within quartz veins and veinlets. The host felsic porphyritic rocks exhibits widespread alteration including quartz, carbonate, pyrite, tourmaline sericite and localized potassic alteration. Multiple occurrences of visible gold were noted in many of the holes.
Results from the drilling are summarized in the following tables:
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Table 1: A-Series holes targeting the Caly system
|Hole||Azimuth||Dip||From (m)||To (m)||Grade (g/t Au) *||Across (m)|
Table 2: D Series Holes targeting the Audney System
|Hole||Azimuth||Dip||From||To||Grade (g/t Au)||Across (m)|
|D-16-01||315||-45||re-drilled as D-16-1A|
|D-16-02||315||-60||re-drilled as D-16-2A|
|Notes||* NSA — No Significant Assays|
|* Assays results as shown have not been capped (cut)|
|* Widths as shown are over drilled core length, and do not represent true widths|
|* Full assay results, as well as a drill hole plan showing detailed location of each hole of these 36 holes can be viewed at the Company website at www.gtaresources.com|
GTA is in the process of compiling this new data with the previous drill data to further investigate the potential economics of the near surface gold mineralization. It is expected further drilling will be required to fill in areas which require additional drill information. This additional drilling is expected to begin in early September, and should take less than a month to complete. Also, preliminary metallurgical testwork is currently being carried out on two composited drill core samples to determine gold recoveries. These samples were selected from each of the Caly and Audney vein systems. These preliminary metallurgical results should be available within the next few weeks.
Earlier this year GTA completed a flow-through financing and is fully funded to complete this phase of exploration. Additionally, GTA has applied for and received approval from the Junior Exploration Assistance Program (“JEAP”) to assist with the drilling program. Based on budget estimates, GTA expects to receive a grant of approximately $ 75,000 from JEAP upon the completion of exploration and the filing of a final report.
The Northshore Property 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 will be funding 100% of this proposed field work as Balmoral has opted not to participate in this phase of the program and will be diluted accordingly.
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, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data. Mr. Duess has also reviewed and approved this release.
GTA has implemented a quality control program for the drill programs on the Northshore Property to ensure best practice in sampling and analysis. GTA maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Actlabs in Thunder Bay, Ontario with ISO 17025 accreditation. Samples are transported in sealed bags to Actlabs and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA and/or gravimetric finish.
ABOUT GTA – 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 zinc in Canada. GTA is a tightly held company having 39,946,855 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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