GTA Reports 9.47 g/t Gold Over 9.0 Metres From Northshore Property
December 10 2013 - 8:00AM
Marketwired
GTA Reports 9.47 g/t Gold Over 9.0 Metres From Northshore Property
- Afric Zone returns 1.41 g/t gold over 90.0 metres
- High Grade Gino Vein intercepts include 46.4 g/t gold and 41.6
g/t gold over 1.0 metre
BURLINGTON, ONTARIO--(Marketwired - Dec 10, 2013) - GTA
Resources and Mining Inc. (TSX-VENTURE:GTA) reports results from
its recently completed drill program on the Northshore Property.
The property is located 4 km. south of Schreiber, Ontario and is
situated within the western portion of the Hemlo - Schreiber
Greenstone Belt. The latest drill program was completed in late
October 2013, and consisted of five holes totaling 853 metres. Two
of these holes tested the Afric Gold Zone and were highlighted by a
high grade interval of 9.47 grams/tonne (g/t) gold over 9.0 metres
(m) hosted within a 201 m wide zone of anomalous gold returning a
length weight average grade of 0.73 g/t gold in drill hole
WB-13-51.
The initial three holes, WB-13-48, WB-13-49 and WB-13-50 were
drilled to further evaluate the recently identified Gino Vein (see
press release dated July 18, 2013). This high grade gold vein
system is located in an area of sparse drilling, approximately 250
m north of the main Afric Zone and 100 m south of the historical
workings at the Northshore Mine. All three holes successfully cut
the steeply dipping east-west trending quartz-carbonate vein system
returning high-grade intercepts of 46.4 g/t gold over a 1.0 m, 41.6
g/t gold over 1.0 m and 6.38 g/t gold over 2.0 m. All intercepts
occur at vertical depths of less than 125 metres.
A summary of the results from holes WB-13-48 to WB-13-52 is as
follows:
Hole Number |
Depth (metres) |
Azimuth |
|
Dip |
From (metres) |
To (metres) |
Interval (metres) |
Gold (g/t) |
|
Target |
WB-13-48 |
125 |
345 |
|
-45 |
101.0 |
104.0 |
3.0 |
15.97 |
|
|
|
|
|
incl |
|
101.0 |
102.0 |
1.0 |
46.40 |
|
Gino Vein |
|
|
|
|
|
|
|
|
|
|
|
WB-13-49 |
140 |
30 |
|
-45 |
110.0 |
111.0 |
1.0 |
41.60 |
|
Gino Vein |
|
|
|
|
|
125.0 |
126.5 |
1.5 |
2.69 |
|
|
|
|
|
|
|
137.0 |
138.5 |
1.5 |
7.05 |
|
|
WB-13-50 |
152 |
10 |
|
-55 |
15.0 |
17.0 |
2.0 |
2.79 |
|
|
|
|
|
|
|
146.0 |
148.0 |
2.0 |
6.38 |
|
Gino Vein |
|
|
|
|
|
|
|
|
|
|
|
WB-13-51 |
244 |
315 |
|
-50 |
23.0 |
224.0 |
201.0 |
0.73 |
|
Afric Zone |
|
|
|
incl |
|
134.0 |
224.0 |
90.0 |
1.41 |
|
|
|
|
|
incl |
|
159.5 |
203.0 |
43.5 |
2.51 |
|
|
|
|
|
incl |
|
159.5 |
168.5 |
9.0 |
9.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WB-13-52 |
212 |
315 |
|
-50 |
20.0 |
212.0 |
192.0 |
0.54 |
|
Afric Zone |
|
|
|
incl |
|
81.0 |
86.0 |
5.0 |
3.80 |
|
|
|
|
|
and |
|
128.0 |
180.5 |
52.5 |
1.26 |
|
|
|
|
|
incl |
|
171.5 |
180.5 |
9.0 |
3.53 |
|
|
|
|
|
incl |
|
179.0 |
180.5 |
1.5 |
16.80 |
|
|
|
Note - Reported drill intercepts are core lengths and not
true widths. At this time there is insufficient data to calculate
true orientations. None of the reported broader intercepts required
capping based on the previously established capping parameters for
the Northshore Property. |
An updated plan map showing collar locations and drill hole
traces can be viewed on GTA's website at www.gtaresources.com.
The Northshore Property is subject to an option agreement with
Balmoral Resources Ltd., whereby GTA can earn an initial 51%. GTA
has made all of the share and cash payments and GTA fully expects
to earn a 51% vested interest in early 2014. GTA can then elect to
earn up to a 70% interest in the Northshore by making an additional
cash payment of $ 100,000, issuing 1,000,000 shares, and incurring
additional exploration expenditures of at least $ 3.0 million by
September 2016.
Since optioning Northshore in September, 2011, GTA has completed
11,390 metres of diamond drilling (52 holes) and has outlining the
Afric Zone as a 500 x 350 meter porphyry style gold system, tested
to a depth of 350 metres vertically from surface, and remaining
open at depth and to the northeast. The recent drilling has
concentrated on developing a higher grade core within the larger
system. Additionally the newly discovered Gino Vein represents a
narrow high grade opportunity.
QA/QC: The planning, execution and monitoring of GTA's
exploration programs on the Northshore Project are under the
supervision of Robert (Bob) Duess, P. Geo. (Ontario), VP
Exploration of GTA. Mr. Duess is a qualified person as defined by
National Instrument 43-101 and is also the Qualified Person for
this release. Mr. Duess has supervised the work programs on the
Northshore Property, supervised the collection of the samples and
drill core described herein and reviewed the assays and QA/QC data.
Mr. Duess has also reviewed and approved this release.
About GTA
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.
(TSX-VENTURE:BAR) whereby GTA can earn up to a 70% interest.
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 1748 claim units covering virtually an
entire greenstone belt and hosting a number of graphite, gold, base
metal and PGE targets.
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
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.
GTA Resources and Mining Inc.Wayne ReidPresident and CEO709 699
1733www.gtaresources.com
GTA Resources and Mining Inc. (TSXV:GTA)
Historical Stock Chart
From Jun 2024 to Jul 2024
GTA Resources and Mining Inc. (TSXV:GTA)
Historical Stock Chart
From Jul 2023 to Jul 2024