GT Gold Corp.
TSX VENTURE : GTT

GT Gold Corp.

June 20, 2017 09:35 ET

GT Gold Commences First-Ever Saddle Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 20, 2017) - GT Gold Corp. ("GT Gold" or the "Company") (TSX VENTURE:GTT). GT Gold is pleased to report that camp construction at its Tatogga property in northwestern British Columbia, Canada, is now complete and Phase I drilling of the Company's promising new Saddle gold target is now underway. The Phase I program is expected to encompass about 4,600 metres of both RC and diamond drilling in 98 holes, with completion targeted for late July, as per schedule below. Initial laboratory assays are anticipated by mid-July.

A Phase II drill program comprised of some 3,000 metres of core drilling will directly follow Phase I, subject to the results obtained from Phase I. Efficient execution of Phases I and II would allow room for a Phase III drill program later in the season, and if undertaken, as much as 9,000-10,000 metres of drilling may be completed this year.

Drilling will initially focus on the Saddle South portion of the Saddle target area, within which exceptionally high gold-in-soil values have been identified within broad, coherent anomalies (see news releases dated November 30 and December 13, 2016). The nature of the topography and immature, thin soils at the Saddle South target suggest the soil values reflect mineralization lying directly beneath.

The summer 2017 exploration program at Saddle, now underway, has multiple components, presently anticipated to unfold as per the following tentative schedule.

Camp construction Complete
Ground based IP geophysical survey, ~20 line-km June 17 - June 28
RC drilling, 76 holes, up to 2,000 metres June 20 - July 4
Drill pad building June 21 - June 30
Archaeology survey June 28 - July 1
Trenching July 1 - July 5
Diamond drilling, 22 holes, ~2,600 metres July 5 - July 28
Soil sampling, ~1,200 samples July 6 - July 26
Drill pad building July 8 - August 18
Laboratory assay results July 10 - September 1
Downhole surveying July 15 - July 30
Water quality survey July 17 - July 20
Ground IP survey #2 August 1 - August 12
Diamond drilling, # holes TBD, ~3,000 metres August 3 - August 24
Additional work TBD

An animated presentation in Microsoft Powerpoint of the Saddle Phase I drill program is available for download as a .zip file from the Company's home page at www.gtgoldcorp.ca.

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

New Corporate Secretary

The Company is pleased to announce that Ms. Jo-Anne Archibald has joined GT Gold as the Company's new Corporate Secretary, replacing Shaun Drake, who has stepped down for personal reasons. The directors would like to thank Shaun for his past services, and to welcome Ms. Archibald. Ms. Archibald has been President of DSA Corporate Services Inc. since 2011. Previously, she served as Senior Vice President, at TMX Equicom.

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.

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