GTA Options the Ivanhoe Property, Foleyet Area, Ontario and Updates Winter Drill Program at the Auden Property
April 30, 2014 (Source: Marketwired) — GTA Resources and Mining Inc. (TSX VENTURE:GTA) announces that it has entered into an option agreement to earn a 100% interest in the Ivanhoe Property, a large land package near the town of Foleyet in northern Ontario. The 94.6 sq. km. property is located between Probe Mines Limited’s new gold discovery at Borden Lake and the prolific Timmins Camp. A location map can be found at www.gtaresources.com.
The optioned claims are located approximately 75 km east of Probe Mines Limited’s Borden Lake Gold Zone which contains a pit-constrained Indicated Resource of 3,686,000 ounces of gold averaging 1.02 g/t Au and an additional Inferred Resource of 625,000 ounces of gold averaging 1.08 g/t Au (www.probeminerals.com). Probe has recently completed a winter drill program which was targeting on expanding this resource and in particular outlining a high grade sub-zone internal to the larger resource.
Geologically, the Ivanhoe Property is located in the western portion of the Swayze Greenstone belt, proximal to the Kapuskasing High metamorphic terrain. It is underlain by rocks typical of the Timmins gold camp, and includes variably altered and deformed mafic and ultramafic volcanic rocks, intermixed with Timiskaming-type conglomerates and porphyry intrusives. The Destor Porcupine Fault Zone, which is spatially associated with the prolific Timmins Gold camp, has been interpreted to extend across the Ivanhoe Property.
The most significant gold mineralization in the immediate area of the Ivanhoe Property is the Joburke Gold Mine which is surrounded by the claims. Past production from Joburke is reported at 450,000 tonnes at 3.58 g/Au/t (Ontario MNDM). Previous work on the GTA claims has outlined a number of gold occurrences, gold-in soil anomalies and gold alteration trends which will be the focus of GTA’s initial exploration. Additionally the area has been the focus of a recent airborne geophysical survey sponsored by the OGS (Ontario Geological Survey), resulting in an excellent data base. Ivanhoe is accessible by a major highway, by railway, and by forest access roads.
Pursuant to the terms of the option agreement, GTA can earn a 100% interest in Ivanhoe by making staged cash payments totaling $ 260,000 over five years, share issuances totaling 1,000,000 common shares over 5 years, and incurring minimum exploration expenditures of $ 250,000 over two years. The optionors will retain a 3% Net Smelter Royalty, half of which can be purchased for $1,500,000. This agreement remains subject to regulatory approval.
“The Ivanhoe option represents a great opportunity to add another high-quality gold project to GTA’s Ontario precious metal portfolio. We are very excited to have acquired the Ivanhoe Property as it has great potential to host significant gold mineralization”, commented Wayne Reid, CEO and President of GTA. “A number of recent multi-million ounce discoveries have been made in the Swayze Greenstone Belt including Probe Mineral’s Borden Lake deposit and IAMGOLD’s Cote Lake deposit. This area is one of the most active in Canada right now and we look forward to completing the compilation and initiating an exploration program this summer.”
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Auden Property: The initial drill program has now been completed on the Company’s Auden graphite property located near Hearst, Ontario. A total of 10 holes (1217 meters) were drilled, targeted on six EM (electro-magnetic) anomalies located in the west central portion of the property. These EM anomalies were first identified in a recently completed airborne survey, and subsequently verified with a ground geophysical surveying. No graphitic horizons were encountered. The Auden property hosts several other EM anomalies which are currently being evaluated. Further drilling is expected to commence this fall.
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 exploring for gold and graphite in Canada.
GTA is a tightly held company having only 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
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>