GTA Updates Exploration Program at Burnt Pond, Newfoundland
December 1, 2016 (Source) — GTA Resources and Mining Inc. (TSXV: GTA) (“GTA” or the “Company”) updates its exploration program at Burnt Pond, Newfoundland.
GTA recently completed grid geophysics and lithogeochemistry which have defined two targets within geology very similar to the Duck Pond Cu-Zn Mine. Both targets, the South Moose and the NE Extension of the Burnt Pond Prospect, can be characterized as conductive zones which appear to be underlain by strongly altered and mineralized felsic volcanic fragmental rocks. Ground geophysics has confirmed the presence of conductive zones which will be the focus of an upcoming drilling program in early 2017.
The planning and the implementation of the work programs is being carried out under the direct supervision of Mr. Wayne Reid, P.Geo. and GTA’s VP Exploration. Mr. Reid last worked this area in the early 1980’s with Noranda Mines and was part of the team that drilled the Boundary Deposit, the initial VMS discovery in the Duck Pond area. Burnt Pond is 10 kilometers along strike from the Duck Pond Mine, which closed in 2015 after producing in excess of 4.5 million tonnes of ore grading roughly 3.0% Cu, 6.0% Zn and 60 grams per tonne Ag.
Burnt Pond has good road access and the mining infrastructure associated with the Duck Pond and Buchans Mines are still available. Historical work by third parties at Burnt Pond Prospect returned drill intersections of massive sulphides grading up to 25.8% zinc, 24.0% lead, 0.8% copper and 791.1 g/t Ag (equivalent to 23 ounces per ton of Ag) over 0.37 metres.
QA/QC – Wayne Reid, P. Geo., Vice-President, Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervises the planning, execution and monitoring of GTA’s exploration program.
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 tightly held with 41,026,855 shares outstanding and its JV partner, Balmoral Resources, holds a 6.3% 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 more than 52% 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, along strike from Teck Resources Limited’s past-producing Duck Pond Cu-Zn Mine.
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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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