GTA Ccommences Airborne Geophysics on Auden Graphite Property
October 02, 2013 (Source: Marketwired) — GTA Resources and Mining Inc. (TSX VENTURE:GTA) announces that it has commenced an airborne EM (Electro-Magnetics) and Magnetics survey on the Auden Project located adjacent to Zenyatta’s Albany graphite project in Northern Ontario. GTA is the largest land holder in this emerging graphite district with a total of 1748 claim units (approximately 28,000 hectares). Several conductive zone targets had previously been identified on its central claims from an earlier airborne survey flown in 2008. The new airborne survey will be composed of an east block and a west block which will complete the EM and magnetic coverage on the entire claim holdings.
The 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. The mineralization has been described as occurring in breccia pipes (diatremes) having dimensions in the order of 200 m by 400 m. (www.zenyatta.ca). The deposits are further described as containing the largest and only high purity “hydrothermal” graphite mineralization being developed in the world. GTA has owned the Auden claims since 2010 and is the single largest land holder in the area. Furthermore, GTA’s management and geological consultants believe that the graphite breccia pipes that exist on Zenyatta’s Albany project are similar to kimberlite pipes (diatremes) and are likely to occur in clusters along structural corridors. Future exploration on the GTA claims will focus on identifying similar targets.
GTA owns a 100% interest in the Auden claims. An interpretation of the previously flown central claim block (EM and Magnetic) survey has identified 12 priority targets for follow-up. All of these targets are highly conductive and could be due to the presence of graphite (graphite has highly conducive properties). None of these conductive targets have been previously drill tested. It is anticipated that the new airborne survey will generate additional new targets for evaluation. GTA have been negotiating an exploration agreement with the “Constance Lake First Nation” prior to carrying out a follow-up program of ground geophysics and drilling, in respect of which GTA has submitted an application for a work permit from the Ministry of Northern Development and Mines.
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% interest. Secondly, GTA recently completed trenching and a 400 metre drill program under 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 1748 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets.
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GTA has 26,731,855 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 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>