VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 20, 2017) – GT Gold Corp. (“GT Gold” or the “Company”) (TSX VENTURE:GTT) is pleased to report continued high-grade assays from drilling at its Saddle gold discovery, located 10 kilometres off highway 37 on the Company’s 100%-owned Tatogga property in northwestern British Columbia, Canada. Results for 5 Saddle South core holes are reported in this news release, including hole TTD046, a 50-metre west step-out that intersected 20.02 g/t Au and 45.31 g/t Ag over 8.25 metres. Hole TTD046 represents a 50-metre step-out from hole TTD037, which intersected 42.55 g/t Au over 2.59 metres and hole TTD040, which intersected 12.64 g/t Au and 30.70 g/t Ag over 6.60 metres (news release November 8, 2017).
This summer a total of 16,180 metres of core drilling in 64 holes and 1,527 metres of RC drilling in 28 holes were completed in the first-ever drill program at the Saddle discovery. Assays for an additional 19 core holes (15 from Saddle South, 4 from Saddle North) are pending.
Highlights from the new results include:
- 20.02 g/t Au and 45.31 g/t Ag over 8.25 metres from 87.00 metres (TTD046)
- Including 109.50 g/t Au and 213.00 g/t Ag over 1.00 metre from 91.00 metres
Maps of drill hole locations and drill sections are included below. The same images, along with photos of core, camp and drill sites, can be obtained from the “Downloads” portion of the Company’s homepage (scroll down, left) at. http://www.gtgoldcorp.ca/
“The intersection in hole 46 continues the steady expansion of the core zone west, with excellent grade,” says Kevin Keough, President & CEO. “We continue to be impressed with the strength of the results we have achieved to date, and in a short period of time, on the first ever drill program on the Saddle target. With an additional 19 holes pending, we expect news from our drill program to continue well into December.”
Table 1 – Saddle South Diamond Drill Program Assay Results: Refer to drilling plan views for location of holes.
|TTD041||126.00||126.84||0.84||11.15||–||Step-back & east step-out||Saddle South|
|TTD042||56.07||60.00||3.93||2.94||–||Undercut to 36-37-39-40||Saddle South|
|TTD043||No significant intercepts – see comments, below||Step-back & east step-out||Saddle South|
|TTD044||83.00||83.70||0.70||8.54||10.20||West step-out||Saddle South|
|TTD046||87.00||95.25||8.25||20.02||45.31||West step-out||Saddle South|
Significant intercepts for 5 diamond drill holes, arranged by hole number (see two plan views and three cross-sections) are reported above. Widths reported are drilled core lengths. True widths are estimated to be approximately 90% of drilled lengths for minus 45-degree holes, 70% for minus 70-degree holes, and about 50% for minus 85-degree holes.
Table 2 – Saddle South Diamond Drill Hole Details: Key information for the above 5 diamond drill holes, arranged by hole number, is reported below. Refer to drilling plan views for location of holes and sections.
|UTM E||UTM N||Section|
Comments on Individual Drillholes:
Hole TTD041, a north-drilling, roughly 100-metre step-back on the first fence of core holes at Saddle South, targeted down-dip potential below strong shallower intercepts in holes TTD004, 5 and 6, and TTD017, 18, 19 and 20 (news releases August 31 and October 16). The hole returned scattered very low grade (0.1 to 1 g/t Au) to low grade (1-3 g/t Au) values from surface to 226 metres down-hole but other than a single high-grade value of 11.5 g/t Au over 0.84 metres between 126.00 and 126.84 metres, no significant values were attained. Together with the results of hole TTD043, discussed below, the results suggest that the near-surface mineralization intercepted in the above holes weakens at depth on this section and shallows to the east in an overall west-plunging system. However, a deeper, east-trending IP chargeability anomaly exists at depth below the levels of holes 41 and 43 (i.e. deeper than 270 metres vertically). This deeper IP anomaly possibly daylights on the steep eastern slopes of Saddle South Ridge and the adjacent valley bottom, where coincident shallow IP chargeability and geochemical anomalies were tested late in the season with positive visual results in hole TTD17-059 (assays pending).
Hole TTD042, a vertical, 50-metre west step-out, was drilled from the same pad as south-drilling holes TTD036, 37, 39 and 40. It successfully targeted the depth extent of a strong, shallower intercept achieved in hole TTD040, cutting quartz-carbonate-pyrite veins at a low angle to core axis. It also intersected massive pyrite from 190 to 192 metres downhole. Results are suggestive of a newly-recognized NW-SE trending mineralized structure on this section, lying within the broader E-W trending mineralized structural zone crossing Saddle South Ridge.
Hole TTD043, a north-drilling, roughly 100-metre step-back on the first fence of core holes at Saddle South, was drilled from the same pad as hole TTD041, which it undercut. The hole returned scattered very low grade (0.1 to 1 g/t Au) values that ranged up to 2.01 g/t Au over approximately one metre. Together with the results of hole TTD041 and those from the section adjacent and to the east, this suggests that the near-surface mineralization drilled in earlier holes at shallower levels weakens at depth on this section and plunges to the west. Intriguingly however, the best values in this hole were from near the end of the hole. This points to the possibility that the hole was approaching the deeper IP chargeability response discussed above, which remains open to the east and possibly daylights, with attendant strong gold-in-soils, on the steep eastern slopes of Saddle South Ridge and the adjacent valley bottom.
Hole TTD044, a south-drilling hole, represented a 50-metre step-out to the west from south-drilling holes TTD036, 37, 39, 40 and 42. It returned scattered very low grade (0.1 to 1 g/t Au) to low grade (1-3 g/t Au) gold values throughout its entire 315 metre length and appears to have intersected the mineralized structures intersected in TTD046, discussed below but, other than a single narrow intercept of 8.54 g/t Au over 0.7 metres from 83.0 metres (within an interval of 3.91 g/t Au over 4.01 metres), little approaching 5 g/t Au.
Hole TTD046, a south-drilling hole and minus 65 degree undercut to TTD044, represented a 50-metre step-out to the west from south-drilling holes TTD036, 37, 39, 40 and 42. Hole 46 intercepted a broad zone of pyrite+/-sphalerite+/-galena+/-chalcopyrite veins and disseminated sulphides from approximately 78 to 169 metres down-hole.
Saddle South Geology and Mineralization
Charlie Greig, Vice President, Exploration, states: “The mineralization at Saddle South varies somewhat in style, but we believe it is essentially of intermediate sulphidation epithermal type. The highest-grade sections are characterized by semi-massive to massive quartz-carbonate sulphide veins and vein-breccias dominated by pyrite with subordinate sphalerite, galena, chalcopyrite and local sulphosalts. Closely associated are narrower quartz-carbonate-pyrite and pyrite veins and veinlets; the former are commonly well-banded, multi-stage veins with well-developed coliform textures. Also closely associated with all sulphide-rich vein styles present at Saddle are disseminations and somewhat coarser-grained irregular aggregates of pyrite that typically occur in halos around the veins – this style of mineralization also appears to be gold-bearing and, where well-developed, it provides excellent wallrock “support” for vein intersections. Alteration associated with the veins and their pyritic halos includes carbonate, Fe-rich chlorite, sericite, and silica with peripheral chlorite-Fe carbonate alteration.
The mineralized zones appear to follow an overall east-west trend along a steeply dipping structure, or structures, and this zone also appears to be the locus for emplacement of a series of largely post-mineral felsic, intermediate and mafic dykes. Mineralization, dykes and the host structure cut and are at a high angle to the moderately to steeply east-northeast dipping host fragmental volcanic and volcaniclastic rocks and local flows, which are typically characterized by the presence of fine-grained hornblende and feldspar phenocrysts in both matrix, fragments, and clasts. The host rocks have been mapped previously as part of the Lower to Middle Jurassic Hazelton Group, which hosts many significant mineral deposits in the Golden Triangle of northwestern British Columbia. A deformational overprint also characterizes the host rocks, mineralization, and many of the dykes. The host rocks are of low metamorphic rank, but in the vicinity of mineralized zones they are commonly well-foliated. All the rocks, including those that are mineralized and the younger dykes, are cut by a variety of brittle faults and fractures, and by common, discontinuous and generally narrow calcite veins. In spite of this, the mineralized zones appear to display good continuity.”
GT Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of RC chips and diamond drill core, the details of which can be viewed on the Company’s website at http://www.gtgoldcorp.ca/projects/tatogga/.
All assays are performed by ALS Canada Ltd., with sample preparation carried out at the ALS facility in Terrace, BC, and assays at the North Vancouver laboratory. Assay values are uncut. Assay results presented below are fire assay results only. For gold, fire assays are performed as per ALS protocol Au-AA26 (0.01-100.00 g/t Au) using 50 grams of sample with assays equal to or greater than 5 g/t Au calculated gravimetrically, and lower-grade samples measured by (AA) atomic absorption.
Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold and the Company’s Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects’, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
To view Figure 1 – Saddle South Drillhole Plan (showing cross-section locations), please visit the following link: http://media3.marketwire.com/docs/Figure1_GT.pdf
To view Figure 2 – Saddle South Drillhole Plan (showing cross-section locations), please visit the following link: http://media3.marketwire.com/docs/Figure2_GT.pdf
To view Figure 3 – Saddle South Drilling Section XS590 (View to West) , please visit the following link: http://media3.marketwire.com/docs/Figure3_GT.pdf
To view Figure 4 – Saddle South Drilling Section XS640 (View to West), please visit the following link: http://media3.marketwire.com/docs/Figure4_GT.pdf
To view Figure 5 – Saddle South Drilling Section XS820 (View to West), please visit the following link: http://media3.marketwire.com/docs/Figure5_GT.pdf
Kevin M. Keough
President and Chief Executive Officer
GT Gold Corp.
Charles J. Greig
Vice President, Exploration