Burlington, Ontario–(Newsfile Corp. – January 15, 2018) – GTA Mining and Resources Inc. (TSXV: GTA) (“GTA” or the “Company”) reports drill results from the initial phase of drilling on its 100% owned Big Duck Lake Property (the “Property”) located 25 km north of Schreiber, Ontario.
The drill program consisted of four (thin wall BQ size) holes totaling 512 metres targeted on the Coco-Estelle Gold Zone. All holes hit the Zone. Management considers this program to have been highly successful.
Results include 1.96 grams per tonne (g/t) gold over 11.0 metres (m) in hole 17-01, 5.90 g/t gold over 5.0 m in hole 17-02 and 3.05 g/t gold over 8.0 m in hole 17-03. One sample from BD17-01 assayed greater than 10ppm gold and is being re-assayed using gravimetric finish.
The Coco-Estelle Gold Zone is described as an 8 to 30 meter wide zone of strongly altered and sulphidized mafic volcanic along the hanging wall of an altered gold anomalous quartz feldspar porphyry (Big Duck Lake Porphyry).
Full results are outlined in Table 1 below, followed by a long section showing drill hole locations.
Table 1 — Results from 2017 drilling:
*Incomplete results – one sample in this composite assayed greater than 10ppm Au and is being re-assayed using gravimetric finish
Reported drill intercepts are not true widths. At this time, insufficient data is available to calculate true orientations.
“These gold values are part of why GTA was so eager to acquire this Property,” said Peter M. Clausi, CEO of GTA. “The historic third party data guided our technical team in making this drill program a success. We are eager to get back in the field to prove up other historic data and drive shareholder value.”
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GTA owns 100% of the Big Duck Lake Property. The Property, consisting of 65 claim units, is within the Hemlo-Schreiber Greenstone Belt and is centred on an altered gold-rich porphyry, which in management’s opinion is similar to rocks which host the Hemlo Gold Mines mineralization. Big Duck Lake covers six kilometres of prospective geology containing numerous gold and base metal showings including the Coco-Estelle Deposit, with a historic resource of 53,700 tonnes grading 10.7 g/t gold.
The Property also has excellent base metal possibilities as the claims are located 4 km west of and in management’s opinion on strike from the past producing Winston Lake Zinc Mine, which produced 2.68 million tonnes of 1.05% copper, 12.05% zinc, 1.07 g/t gold and 31.37 g/t silver. Previous exploration on the Property has defined 46 gold and base metal showings, many of which have had little follow-up work. (Note — The Coco-Estelle resource was calculated by third parties, is not NI43-101 compliant, and cannot be relied upon without further confirmatory work.)
GTA intends to carry out follow-up exploration at Big Duck Lake. Additional drilling is planned to further test the Coco-Estelle Gold Zone and to target a number of other gold and copper prospects. An IP survey completed in 2005 by a previous owner covers the main area of interest and defined a number of chargeability targets (both on known gold trends and isolated anomalies).
QA/QC — GTA has implemented a quality control program for the drill programs on the Big Duck Lake Property to ensure best practice in sampling and analysis. GTA maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by AGAT labs in Thunder Bay and Mississauga, Ontario with ISO 17025 accreditation. Samples were transported in sealed bags to AGAT and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA and/or gravimetric finish.
Wayne Reid, P. Geo., Director and VP Exploration for GTA and a Qualified Person as defined in National Instrument 43-101, was involved in the planning, execution and monitoring of GTA’s exploration program at Big Duck Lake. Mr. Reid has extensive experience in the exploration for gold and base metals in the Hemlo-Schreiber Greenstone Belt and reviewed and approved this release.
ABOUT GTA RESOURCES – GTA is a 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 has roughly 50,000,000 shares outstanding, with its Northshore JV partner Balmoral Resources Inc. holding a roughly 6% interest. The Company’s shares trade on the TSX Venture Exchange under the symbol “GTA.” The Company currently has three projects located in northern Ontario: the 54% owned Northshore Gold Project and the 100% owned Big Duck Lake Project, both located near Schreiber and the 100% owned Auden Project near Hearst. GTA also owns a 100% interest in the Burnt Pond Zinc-Copper-Silver Project in central Newfoundland, along strike from Teck Resources Limited’s past-producing Duck Pond Mine.
On behalf of the board of directors,
GTA Resources and Mining Inc.
“Peter M. Clausi”
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.