GT Gold Corp.
TSX VENTURE : GTT

GT Gold Corp.

January 15, 2018 07:00 ET

GT Gold Drills 31.79 g/t Gold and 1,141.10 g/t Silver Over 3.01 Metres, Including 117.00 g/t (3.4 oz/T) Gold and 1,835.00 g/t Silver (53.5 oz/T) Over 0.70 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 15, 2018) - GT Gold Corp. ("GT Gold" or the "Company") (TSX VENTURE:GTT) is pleased to report the final results from the summer 2017 drill program on its Saddle South gold-silver discovery, located on the Company's 100%-owned Tatogga property in northwestern British Columbia, Canada. Results for 6 core holes are reported in this news release, highlighted by hole TTD058, which achieved a very high-grade silver intercept accompanied by high-grade gold.

TTD058 was one of four holes (TTD054, 056, 058, 060) drilled north at varying dips from the same pad, which targeted below visible gossan on the west slope of Saddle South ridge. All four holes achieved multiple high-grade intercepts as detailed in Table 1 below. The holes were designed, in part, to scissor mineralization within volumes previously tested by south-drilling holes TTD029, 031, 033 and 034, and down-dip potential below these earlier intercepts, which included 48.85 g/t Au over 3.36 metres from 109.25 metres in TTD031 (news, Oct. 16), and 7.22 g/t Au and 76.03 g/t Ag over 4.75 metres from 131.25 metres in TTD033 (news, Nov. 8).

Highlights include:

Hole TTD056: 23.78 g/t Au and 65.87 g/t Ag over 4.02 metres from 150.23 metres (true widths unknown)

  • Including 50.50 g/t Au and 91.50 g/t Ag over 0.95 metres from 153.30 metres

Hole TTD058: 31.79 g/t Au and 1,141.10 g/t Ag over 3.01 metres from 41.17 metres (true widths unknown)

  • Including 117.00 g/t Au and 1,835.00 g/t Ag over 0.70 metres from 41.17 metres

"We are really pleased with the results of our initial drill program on the Saddle discovery," said Kevin Keough, President and CEO. "We've delivered two entirely new discoveries which confirm the Saddle system is rich and extensive: high grade epithermal gold-silver at both Saddle South and North, and porphyry-style copper-gold-silver at Saddle North, east end. Both discoveries warrant aggressive follow-up, and we are formulating plans for what promises to be a successful 2018 exploration program."

Table 1 - Saddle South Diamond Drill Program Assay Results: Significant intercepts for 6 diamond drill holes are reported below. Refer to drilling plan view on page 6 for location of holes, and pages 7 and 8 for drill sections.

Hole Number From
(m)
To
(m)
Interval
(m)
Uncut Grade
g/t
Au
Uncut Grade
g/t
Ag
Comments Zone
TTD053 185.20 189.57 4.37 1.81 - SW mag test Saddle South
And 209.00 233.28 24.28 1.11 -
And 243.77 247.65 3.88 4.10 -
Including 246.95 247.65 0.70 15.35 25.80
And 252.17 264.00 11.83 1.92 -
And 270.81 271.58 0.77 87.20 16.60 Visible gold
And 295.73 300.92 5.19 1.10 -
TTD054 58.45 59.60 1.15 8.47 - Gossan undercut Saddle South
And 61.29 66.00 4.71 2.88 -
And 82.90 85.00 2.10 3.92 -
Including 84.28 85.00 0.72 6.60 -
And 93.84 102.62 8.78 4.15 -
Including 93.84 95.58 1.74 8.59 -
And 100.33 101.30 0.97 10.31 -
And 113.50 118.00 4.50 4.91 17.12
Including 115.60 116.35 0.75 11.60 38.30
And 135.68 136.93 1.25 20.12 -
And 136.93 144.00 4.00 1.41 -
And 146.00 149.00 3.00 4.23 -
Including 147.00 148.00 1.00 9.39 -
TTD055 - Undercut to 053 Saddle South
And 96.54 97.58 1.04 4.79 256.81
Including 96.54 96.97 0.43 5.20 536.00
And 175.77 178.54 2.77 3.49 -
And 182.51 183.77 1.26 9.75 -
Including 182.51 183.23 0.72 16.05 -
And 314.06 315.69 1.63 4.23 -
TTD056 14.73 18.50 3.77 1.30 17.29 Undercut to 054 Saddle South
And 19.00 20.22 1.22 27.00 64.40
And 150.23 154.25 4.02 23.78 65.87
Including 153.30 154.25 0.95 50.50 91.50
TTD058 16.48 18.65 2.17 30.42 18.12 Undercut to 056 Saddle South
Including 17.43 18.65 1.22 49.20 28.50
And 28.21 33.21 5.00 1.25 26.82
And 41.17 44.18 3.01 31.79 1,141.10
Including 41.17 42.75 1.58 55.23 968.37
Including 41.17 41.87 0.70 117.00 1,835.00
And 47.81 50.84 3.03 5.81 187.19
Including 50.22 50.84 1.11 10.25 416.65
TTD060 29.16 32.57 3.41 5.85 215.10 Undercut to 058 Saddle South
Including 31.96 32.57 0.61 21.20 900.00
And 33.23 36.21 2.98 1.70 154.23
Including 33.58 34.44 0.86 1.99 486.00
And 46.24 47.00 0.76 6.91 -
Including 76.00 76.98 0.98 6.62 -

Note: Widths reported above are drilled core lengths. True widths are estimated to be approximately 90% of drilled lengths for hole TTD053, 80% for hole TTD055, 55% for hole TTD054, and 50% for hole TTD056. True widths for holes TTD058 and TTD060 are unknown.

Table 2 - Saddle South Diamond Drill Hole Details: Key information for the above 6 diamond drill holes is reported below. Refer to drilling plan view on page 6 for location of holes, and pages 7 and 8 for drill sections.

Hole Number Azimuth
(degrees)
Dip
(degrees)
Elevation
(m)
Length
(m)
UTM E UTM N Section
TTD053 220 -45 1691 342.00 433692 6408355 510
TTD054 0 -45 1639 243.00 433682 6408158 690
TTD055 220 -65 1639 339.00 433692 6408355 510
TTD056 0 -65 1639 282.00 433682 6408158 690
TTD058 0 -80 1639 207.00 433682 6408158 690
TTD060 0 -90 1639 90.00 433682 6408158 690

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/

Comments on Individual Drillholes:

Hole TTD053 and its undercut TTD054, in contrast to the majority of drilling at Saddle South, were drilled southwest on azimuths of 220 degrees, roughly perpendicular to the regional fabric, testing for structures possibly missed by the predominant 180-degree azimuth of most southward-oriented drill holes at Saddle South, and providing an initial test of a low evident in the magnetic data. TTD053 intercepted a succession comprised mainly of volcanic tuffs interbedded with volcanic flows, flow breccias, ashfalls, pebble conglomerate and occasional sandstone, cut by post-mineral dykes, from casing to end of hole at 342 metres. Three significant, near true-width intercepts were achieved in this hole: From 209.00 to 233.28 metres the hole cut a strong fault zone in tuff, comprised of cataclastic material, broken rock fragments and mineralized veins, which returned 1.11 g/t Au over 24.28 metres. A second interval comprising quartz-carbonate-chlorite-pyrite veining over 27.81 metres from 243.77 to 271.58 metres, returned a mix of values ranging from very low (0.1 to 1.0 g/t Au) to low (1-3 g/t Au) to strong (5-10 g/t Au) with highs to 15.35 g/t Au and 25.80 g/t Ag over 0.7 metres from 246.95 metres, and 87.2 g/t Au over 0.77 metres from 270.81 metres, with nuggety visible gold in the latter. A third, narrower interval in tuff commencing at 295.73 and ending at 300.92 metres returned 1.11 g/t Au, also from quartz-carbonate-chlorite-pyrite veins.

Hole TTD054, drilled due north at minus 45 degrees, was one of four holes (TTD054, 056, 058, 060) drilled north at varying dips from the same pad, which targeted below gossan on the west slope of Saddle South ridge, and down-dip potential below earlier south-drilled intercepts in TTD029, 031, 033 and 034. Following 9 metres of casing in blocky overburden, the hole cut a succession of volcanics (mainly tuffs with occasional flows) and dykes to approximately 167 metres, and porphyrytic monzonite and dykes thereafter to end of hole at 240 metres. Gold values were returned throughout the tuff component of the upper succession, with particular strength in the intervals from 61.29 to 65.00 metres, 82.9 to 123.00 metres and 135.68 to 136.93 metres, associated with quartz-carbonate-sulphide veining (pyrite, chalcopyrite, sphalerite, galena). The monzonite porphyry did not carry noteworthy values. Of the 47 samples in the 40.1-metre wide zone from 82.90 to 123.00 metres, all but five returned assays greater than 0.1 g/t Au, 26 of 47 samples returned assays greater than 1 g/t Au, and 8 samples returned greater than 5 g/t Au, with highs to 10.05 g/t Au over 0.88 metres from 93.84 metres, 11.85 g/t Au over 0.44 metres from 100.86 metres, and 11.60 g/t Au over 0.75 g/t Au from 115.60 metres.

Hole TTD055, a minus 65-degree undercut to TTD053 drilled to the southwest at 220 degrees, roughly perpendicular to the regional fabric, intercepted a succession of interbedded volcanic flows, flow breccias, tuffs, ashfalls and occasional sandstone, the entire assemblage cut by numerous post-mineral dykes (32 in all), from casing to end of hole at 339 metres. Of note, strong values of gold and silver (5.2 g/t Au and 536 g/t Ag), with associated Cu, Zn, Pb, and As, were returned from a narrow 0.43 metre interval from 96.54 metres, followed further downhole by 3.49 g/t Au over 2.77 metres from 175.77 metres, 16.05 g/t Au over 0.72 g/t Au from 182.51 metres, and 4.23 g/t Au over 1.63 metres from 314.06 metres. Sulphides in the 0.43 metre interval from 96.54 metres consisted of semi-massive pyrite with intergrown chalcopyrite and interstitial sphalerite + sulphosalts in a zoned quartz-carbonate-sulphide vein.

Hole TTD056, drilled at minus 65 degrees beneath TTD054, cut a narrow interval of pebble conglomerate near the top of the hole, but otherwise a succession similar to that seen in hole TTD054, i.e. volcanics and dykes from 9 to 206 metres downhole and, thereafter, monzonite intrusive with cross-cutting felsic, intermediate and mafic dykes to end of hole at 285 metres. Gold-bearing mineralization was again focused in quartz-carbonate-sulphide veins hosted in the volcanic tuffs, with a very strong intersect over 4.02 metres commencing at 150.23 metres downhole, which returned 23.78 g/t Au and 65.87 g/t Ag, with associated high copper, lead, zinc, arsenic and bismuth pathfinders. Included in this interval was 0.95 metres from 153.30 metres which returned 50.50 g/t Au and 91.50 g/t Ag. Mineralization consisted of 75% quartz-carbonate-sulphide with massive pockets of sphalerite and chalcopyrite mixed with massive pyrite in patches, and seams of galena. Elsewhere in the hole, high grades were achieved over 1.22 metres from 19.00 metres with assays returning 27.00 g/t Au and 64.4 g/t Ag.

Hole TTD058, a minus 80 degree undercut to TTD056, intersected a succession over much of its first 100 metres comprised predominantly of pebble conglomerate interbedded with sandstone and occasional narrow tuff and flow units, and numerous cross-cutting dykes, thereafter entering to about 184 metres a succession of tuffs, flows and dykes similar to that seen in overcuts TTD054 and 056, then re-entering interbedded conglomerate and sandstone with narrow flows and cross-cutting dykes to end of hole at 207 metres. With the exception of the post-mineral dykes, the hole was for the most part mineralized throughout. However, the standout intersections were achieved over the 2.17 metres from 16.48 metres, which returned 30.42 g/t Au, and the 3.02 metres from 41.17 metres, which returned 31.79 g/t Au and 1,141.10 g/t Ag, including 117.00 g/t Au and 1,835.00 g/t Ag over 0.70 metres from 41.17 metres. These latter samples were taken from a massive polymetallic vein breccia with high chalcopyrite and common sulphosalts (tetrahedrite). Not far below this, from 47.81 metres, a 3.03 metre interval ran 5.81 g/t Au and 187.19 g/t Ag, including 1.11 metres of 10.25 g/t Au and 416.65 g/t Ag from 49.73 metres. In all, of the 51 samples taken in the 26.01 metre interval from 28.21 metres to 54.22 metres, all but 5 exceeding 0.1 g/t Au, 15 of 51 exceeded 1 g/t Au, and 5 of 51 exceeded 5 g/t Au.

Hole TTD060, a short, near-vertical hole drilled to a total depth of 90 metres below TTD058, cut for the most part pebble conglomerate interbedded with occasional sandstone, volcanic flows and tuff, and post-mineral dykes. With the exception of the 23-metre interval between 47 and 70 metres, comprised mainly of non-mineralized pebble conglomerate, the hole was mineralized with gold and/or silver and/or copper, throughout. Of note, the 3.41 metre interval from 29.16 to 32.57 metres averaged 5.85 g/t Au and 215.10 g/t Ag, including highs to 21.20 g/t Au and 900.00 g/t Ag over the 0.61 metre interval from 31.96 to 32.57 metres. Similar to hole TTD058, this intersect occurred within sheared and brecciated quartz-carbonate-sulphide veining (15% pyrite, 25% chalcopyrite, 5% tetrahedrite, 10% sphalerite), with massive chalcopyrite largely replacing carbonate and fine-grained tetrahedrite in-filling between quartz crystals.

About Saddle South

The Saddle South discovery is located in B.C.'s Golden Triangle, within 10 kilometres of paved highway 37 and a similar distance from grid power. Mineralization is of transitional low sulphidation epithermal type, with higher-grade sections characterized by semi-massive to massive quartz-carbonate sulphide veins and vein breccias dominated by pyrite with subordinated sphalerite, galena, chalcopyrite and local sulphosalts. The mineralized zones follow a steeply dipping, east-west trending structure with intersecting northwest-southeast structural elements. Host rocks consist of fragmental volcanic and volcaniclastic rocks of the Lower Jurassic Hazelton Group.

QA/QC Procedures

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, please visit the following link: http://media3.marketwire.com/docs/Figure1_GTGold.pdf

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/Figure2_GTGold.pdf

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/Figure3_GTGold.pdf

Contact Information

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

    GT Gold Corp.
    Charles J. Greig, P.Geo
    Vice President, Exploration
    (250) 492-2331