GTA Reports Results from Phase 2 of Drilling at Northshore Including 2.84 g/t Gold over 14.5 Metres and 25.80 g/t Gold over 1.0 Metre
November 1, 2016 (Source) — GTA Mining and Resources Inc. (TSXV: GTA) (“GTA” or the “Company”), reports assay results from the second and final phase of the 2016 summer drill program on its Northshore Property. Phase 1 results were disseminated on Aug 22, 2016 and included intersections up to 23.73 grams per tonne of gold (g/t Au) over 9.0 metres (m). Phase 2 consisted of 15 holes totaling 597 m. The first two holes tested the Gino Vein system located 300 m north of the Afric Zone. The remaining 13 holes focused on the near surface, higher grade mineralization of the Afric Zone.
The Afric Zone is associated with visible gold mineralization occurring within quartz veins and veinlets in an altered felsic porphyritic host rock. The 13 holes drilled into the Afric Zone (A and D series holes) were located to fill in gaps, to confirm near-surface mineralization and better define the outer margins of the high grade zones. Management believes these goals were achieved. Results included drill intersections of 2.84 g/t Au over 14.5 m (including 27.90 g/t Au over 1.0 m) from hole A-16-20 and 2.82 g/t Au over 16.0 m (including 25.80 g/t Au over 1.0 m) from hole A-16-29.
There were two holes drilled to test the on-strike potential of the high grade Gino quartz vein system. Hole G-16-02 was drilled 50 m east of previous gold intersections. The Gino vein, with associated fine visible gold (VG) was intersected at a down-hole depth of 138.5 m with a best intersection of 6.13 g/t Au over 1.0 m. The other hole, G-16-01, was drilled 50 m west of previous drilling and intersected the interpreted Gino Vein structure, but no appreciable values were returned. Please see the table below for a more complete summary of this round of drilling.
Phase 2 Drilling at Northshore
|Hole||From (m)||To (m)||Grade (g/t Au)||Over (m)|
|Notes||– Assays results as shown have not been capped (cut)
– Widths as shown are over drilled core length, and do not represent true widths
– A full list of all assay results from this program will be available on the Company’s website at www.gtaresources.com.
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The next step is for GTA to compile this new data with all previous data to further investigate the potential economics of the near surface gold mineralization, prior to deciding upon the parameters of a proposed bulk sampling program.
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 filing of a final report.
The Northshore Property is a joint venture with Balmoral Resources Ltd. (see press release dated Aug. 18, 2014), located near the town of Schreiber, Ontario, approximately 200 km east of Thunder Bay or 125 km west of Hemlo, Ontario. GTA is the operator and owns more than a 51% interest in the project. GTA has funded 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 – Wayne Reid, P. Geo., President and CEO for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the planning, execution and monitoring of GTA’s exploration program. 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 RESOURCES – 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 41,026,855 shares outstanding with its JV partner, Balmoral Resources holding 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 more than 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 Teck’s 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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