GT Gold Corp.
TSX VENTURE : GTT

GT Gold Corp.

March 01, 2017 08:30 ET

GT Gold Announces Robust Initial Saddle Drill Program: Up To 4,600 Metres in 98 Holes

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2017) - GT Gold Corp. ("GT Gold") (TSX VENTURE:GTT) has now completed planning for the first-ever drill program at its newly identified Saddle Gold target, located on the Tatogga property in northwestern British Columbia, Canada. Contracting of service providers has begun. In keeping with the outstanding merits of the property, in particular the exceptionally high gold-in-soil values demonstrated by recent work (see press releases dated November 30 and December 13, 2016), the initial Saddle drill program will be robust, comprising drilling (up to 4,600 metres in 98 holes), geophysical (20 line-km of IP), and soil geochemical (1,200 samples) elements. Saddle is an entirely new gold prospect and has never been drilled. It represents among the more promising untested gold targets in B.C.'s renowned Golden Triangle.

In preparation for the summer's work, Company management met in January with the senior leadership of the Tahltan First Nation, upon whose traditional territory the Tatogga property is situated. Additional meetings are planned for late April, and the Company anticipates entering into an agreement with the Tahltan to allow for effective, open and mutually beneficial communications as the Company's planned activities unfold. The Company is actively seeking engagement with locally established businesses and Tahltan personnel, with a view to making its exploration activities in the area strongly beneficial to the people of the region.

Previously Announced Results

The Phase I drill program will focus on the Saddle South part of the much larger Saddle target area. Saddle South has had detailed soil sampling in three rounds of work carried out in 2013, 2014 and 2016, bringing sample density over much of it to 25 X 25 metres or less. In contrast to nearby targets which show considerable promise but require additional work, Saddle South is now drill-ready. As previously announced (above referenced news releases), Saddle South encompasses an irregularly-shaped core zone of very high gold-in-soil values which span a distance of approximately 300 metres E-W by 225 metres N-S, and which fall within the +500 ppb (0.5 g/t) Au contour. The +500 ppb anomaly remains open to the west under cover and is itself encompassed by a considerably larger E-W trending +100 ppb (0.1 g/t) Au anomaly. A total of 58 soil samples, including samples from each of the three programs completed to date, fall within the core +500 ppb (0.5 g/t) Au contour. The 58 soils returned an average value of 7.43 grams per tonne Au (0.22 ounces per ton), with a high of 72.33 g/t Au (2.11 ounces per ton). The median soil assay falls between 1.61 and 1.80 g/t Au, and 33 of the 58 samples returned assays greater than 1 g/t Au. Eleven of the 58 samples (19%) returned assays greater than 10 g/t Au.

Phase I Drill Program

The Phase I drill program is anticipated to commence in early June with camp construction, followed by a program of up to 20 line-kms of ground based geophysics (induced polarization (IP)), which will start at Saddle South, and expand outward to cover more than 3 km2 of the larger Saddle target area. The IP results are intended to enhance known targets, help define potential depth projections, and possibly reveal new targets along strike, at depth and under cover. A program of up to 2,000 metres of track-mounted reverse circulation (RC) drilling in up to 76 shallow holes is planned to unfold concurrent with the IP. In the relative absence of outcrop at the Saddle South target, the RC work, which will not require drill pads, is intended to rapidly provide information on the geology underlying the high soil values, the location of the bedrock mineralization, and its orientation.

The RC and IP work is expected to require approximately three weeks to conclude. Results will be used to better target an initial round of HQ-diametre core drilling, comprising up to 2,600 metres in 22 holes from 10 setups, the intent of which will be to provide geotechnical and mineralogical data and to follow potential mineralization intercepted by the RC drilling to depth. Core drilling is planned to get underway in early July, and to conclude around month's end, leaving time for compilation and interpretation of results, and implementation of a follow-up program in the early fall, should results warrant.

While Phase I IP and drilling is underway, additional soil sampling over other Saddle gold targets, including Saddle North, will occur. Some sampling of promising targets farther afield, such as the Valleyside gold target some 7 kms to the southwest, will also take place. This work, which will involve on the order of 1,200 samples, is expected to enhance and advance known targets to the drill-ready stage.

Drill Plan Presentation Available for Download

An animated presentation in Microsoft Powerpoint of the Company's proposed Saddle Phase I drill program is available for download as a .zip file from the 'Downloads' portion of the Company's website home page at www.gtgoldcorp.ca Users must save the file to their hard drive, and have Powerpoint installed on their computers to open and view it. Clicking on the 'right' arrow advances new elements into each slide being viewed.

Commenting on the summer 2017 Saddle exploration plan, Kevin Keough, President & CEO, states, "The exceptional Saddle target warrants a robust drill program, and that's what this plan delivers. It is focused on the best of what Saddle currently has to offer, is designed to maximize our chances of success and, if we achieve a discovery of merit, to make the most of the season's drilling window. In theory, we could, if results warrant, continue drilling well into the fall."

Charlie Greig, Vice President, Exploration, adds, "Our intent with the RC drilling, in concert with in-camp XRF analyses, is to rapidly get a handle on where the best of the bedrock mineralization is, and where it's going laterally and to depth. The early RC drill results and IP will be used to guide later drilling, and obviously we will adjust that drilling - the number and location of holes, etc. - to focus on where the early results tell us the best of the mineralization is headed. If this means chasing it deeper, or along strike, as the case may be, we will do so. It is going to be exciting!"

Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • GT Gold Corp.
    Kevin M. Keough
    President and Chief Executive Officer
    (613) 832-4592

    GT Gold Corp.
    Charles J. Greig
    Vice President, Exploration
    (250) 492-2331
    www.gtgoldcorp.ca