GTA Announces Start of Drill Program on the Squid East Property in the Yukon and the Acquisition of Additional Claims at the Auden Graphite Property in Northern Ontario
August 19, 2013 (Source: Marketwired) — GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to announce the commencement of a drill program on the newly discovered Exploits Zone at the Squid East project in the Matson Creek area in the Yukon. This initial drilling will focus on the recently reported chip sampling which returned 1.96 grammes per tonne (g/t) gold over the entire 22.0 meter (m) trench length. Included in this is a higher grade interval of 6.39 g/t gold over 4.0 m. (see news release dated 6 August 2013).
A modest 400 m drill program is initially planned to better define the orientation and size of the Exploits gold zone. The Matson Creek placer camp and airstrip will be used as a staging point and a recently completed access trail will be used to service the drill. In addition to diamond drilling, an attempt will be made to further expose bedrock by mechanical trenching in areas where bedrock could not be exposed due to frost conditions in early July.
GTA can earn an initial 51% interest in the Squid East property from Metals Creek Resources Corp. (“MEK”) and can increase its interest to 70% as previously announced in a press release dated 12 January 2013. MEK will be the operator during the initial earn-in period.
The Squid East property was initially staked in February, 2011 and is located proximal to the Matson Creek placer gold operations, approximately 90km southwest of Dawson City. A four wheel drive access road and airstrip service the placer camp and the current field work availed of the placer camp airstrip, accommodations and equipment to help carry out the program. A six km access trail was completed from the Matson Creek four wheel drive road to the target area, making access more cost effective.
GTA’s 100% owned Auden Property is located adjacent to the south of the Albany Property of Zenyatta Ventures Ltd., who recently discovered vein-type graphite (hydrothermal) mineralization while testing electromagnetic (EM) targets. GTA announces that it has acquired an additional 58 claim units contiguous to its existing Auden Property, which increases the Auden Property to over 27,000 hectares (1718 claim units) and that it has identified several conductive zone targets on its central claims. GTA may continue to acquire further claims in the area.
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Advance Notice Policy
GTA also announces that its board of directors has adopted an advance notice policy (the “Policy”) in order to facilitate an orderly and efficient annual general meeting or, where the need arises, special meeting, to ensure that all shareholders receive adequate notice of director nominations and sufficient information with respect to all nominees, and to allow shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation.
In accordance with the terms of the Policy, the Policy will be put to shareholders of the Company for approval at the next annual general and special meeting (the “Meeting”), which is scheduled for October 24, 2013. If the Policy is not confirmed at the Meeting, the Policy will terminate and be of no further force and effect following the termination of the Meeting.
Robert Duess, P. Geo, VP Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.
GTA is a well funded publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on gold exploration in Canada. GTA currently has three exploration focused projects in its portfolio. Its flagship project, the Northshore Property, located near Schreiber, Ontario, is subject to an option agreement with Balmoral Resources Ltd. (“TSXV:BAR”) whereby GTA can earn up to a 70% inter est. Secondly, GTA recently completed an option agreement with Metals Creek Resources Corp. (“MEK”) to earn up to a 70% interest in the Squid East Property in the White Gold District, Yukon. The third project, the 100% owned Auden Property, is located near Hearst, Ontario and consists of 1718 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets.
GTA has 25,731,855 shares outstanding of which insiders control approximately 30% of the outstanding shares. The Company’s shares trade on the TSX Venture Exchange under the symbol “GTA.”
On behalf of the board of directors
GTA Resources and Mining Inc.
Wayne Reid, 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>