GTA Resources Extends Burnt Pond Zinc Horizon by 250 Meters
April 27, 2017 (Source) — GTA Resources and Mining Inc. (TSX-V: GTA) (OTC PINK: GTARF) is pleased to provide an update on its recent exploration program at its wholly-owned Burnt Pond base metal VMS (volcanogenic massive sulphide) project in Newfoundland.
GTA completed an 874 metre (m), three hole, drill program on its Burnt Pond Zinc-Silver project (the “Burnt Pond Project”) located along strike from Teck Resources Ltd.’s past-producing Duck Pond copper-zinc mine in central Newfoundland. This first phase of drilling was directed at two of the numerous base metal VMS targets identified in the 2016 ground geophysics, litho-geochemistry and compilation program on the 114 claim project. This initial stage of drilling has extended the Burnt Pond base metal horizon (the “Burnt Pond Horizon”) an additional 250 m to the northeast and had a best intersection of 0.7% zinc and 5.1 grams of silver per tonne (“g/t”) over 4.2 m. A summary of the three holes includes:
- BP-17-01 – this hole tested the South Moose B target (an untested electromagnetic conductor) and intersected a graphitic horizon as the source of the conductor;
- BP-17-02 – a 250 m step-out from historic drilling on the Burnt Pond Project intersected a 150 m wide package of altered felsic fragmented rocks with anomalous base metals (the Burnt Pond Horizon), including 0.7% zinc and 5.1 g/t silver over 4.2 m near the top of the altered package;
- BP-17-03 – an additional 200 m step-out from hole 17-02, this hole intersected a sediment package, which management interprets to be a hanging wall of the Burnt Pond Horizon.
This initial drill program was successful in confirming the Burnt Pond Horizon is hosted by a thick sequence of highly altered felsic fragmented rocks, which is characteristic of the Duck Pond Mine, which had a pre-mining resource of 6 million tonnes grading approximately 3% Cu, 6% Zn, 60.0 g/t Ag and 0.09 g/t Au from two deposits. These deposits tend to be thick lenses with limited strike and plunge dimensions within the volcanic pile. Drilling to date on the Burnt Pond Project has identified a host stratigraphy, similar to the Duck Pond stratigraphy, with potential to host significant lenses of massive sulphide. Grade potential has been demonstrated at the Burnt Pond Project with historic, third party intersections up to 25.8% zinc, 24.0% lead, 0.8% copper, 791.1 g/t silver and 1.6 g/t gold over 0.37 m within a wider 12 m zone of semi-massive sulphides.
Additional drilling is being planned to further test the Burnt Pond Horizon and other similar looking targets within the Burnt Pond Project area.
GTA gratefully acknowledges the financial support of the JEA Program, Department of Natural Resources, Government of Newfoundland and Labrador.
QA/QC – Wayne Reid, P. Geo., VP Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release. He has extensive experience in the exploration for base metals in the Central Newfoundland Mineral Belt and was part of the original team that explored the Duck Pond Belt.
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ABOUT GTA RESOURCES – 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 42,026,855 shares outstanding, with its Northshore JV partner Balmoral Resources Inc. holding a roughly 6% interest. 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 54% owned Northshore Gold Project, near Schreiber and the 100% owned Auden Project near Hearst. GTA also owns a 100% interest in the Burnt Pond Zinc-Silver Project in central Newfoundland, along strike from Teck Resources Limited’s past-producing Duck Pond 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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