BURLINGTON, ONTARIO--(Marketwired - June 21, 2016) - GTA Resources and Mining Inc. ("GTA" or the "Company") (TSX VENTURE:GTA) reports that it has commenced a delineation drill program targeting the Afric Zone on the Northshore Property. A series of 20 to 30 NQ sized drill holes are planned to test a number of high grade areas. The Northshore Property is located in Priske Township, near the town of Schreiber, Ontario, approximately 200 km east of Thunder Bay or 125 km west of Hemlo, Ontario.
The main focus of the drilling will be to further delineate the higher grade, near surface gold mineralization contained within the core of the Afric Zone. This area was initially tested by GTA by a series of shallow drill holes including WB-11-11, which intersected 12.49 g/t gold over a core length of 33.2 metres, including a bonanza grade of 760 g/t gold over a core length of 0.40 metres (see press release dated February 14, 2012). The high-grade Audney Vein, which returned surface chip samples ranging from 3.709 g/t gold over 0.2 m to 580.275 g/t gold over 0.50 m (see press release dated November 8, 2011), will also be targeted for further drill testing.
GTA also plans on additional testing of the Gino Vein, located 300 metres north of the Afric Zone, where previous drilling returned substantial intersections including 46.4 g/t gold over a core length of 1.0 metres (see press release date Dec. 10, 2013).
In 2014, GTA reported the initial NI 43-101 mineral resource estimate for the Afric Deposit (see press release dated June 10, 2014). This maiden mineral resource estimate was prepared by Mr. Gary Giroux, P. Eng., of Giroux Consultants Ltd., and Mr. Doug Blanchflower, P. Geo., of Minorex Consulting Ltd. At a cut-off grade of 0.50 grams gold per tonne the classified mineral resource was estimated to be:
- Indicated Category: 391,000 ounces gold in 12,360,000 tonnes of mineralized material at a grade of 0.99 g/t gold
- Inferred Category: 824,000 ounces gold in 29,580,000 tonnes of mineralized material at a grade of 0.87 g/t gold
Details of this resource estimate and other background information are included in the NI-43-101 technical report. This report has been filed on SEDAR (www.sedar.com).
Following this resource calculation, GTA then contracted the mining engineering services of Moose Mountain Technical Services ("Moose Mountain") to outline areas of higher grade, near surface gold mineralization hosted within the Afric Zone (see press release dated June 17, 2015).
Gold mineralization within the Afric Zone is hosted within widespread sections of quartz carbonate, pyrite, tourmaline, sericite, (and localized potassic) altered felsic to intermediate intrusive and porphyritic rocks. These rocks exhibit brittle deformation and fracturing, and host quartz and quartz carbonate veins, veinlets, stringers and fracture infillings. The fracture infillings are mineralized with pyrite, with minor to trace amounts of chalcopyrite, sphalerite, galena, and molybdenite. Multiple occurrences of visible gold were observed in drill core recovered from many of the holes drilled by GTA.
"We expect that the results from this drilling program will confirm the presence of near surface higher grade gold mineralization that would require minimum capital to advance to the next phase of testing," states Wayne Reid, President and CEO of GTA. "Pending these drill results, GTA's next phase of work would include base line environmental studies, and permitting applications necessary in order to extract a suitable sized bulk sample for custom milling."
GTA has recently completed a flow-through financing and is fully funded to complete this phase of exploration. Additionally, GTA has applied for and received approval from the Junior Exploration Assistance Program ("JEAP") to assist with the drilling program. Based on budget estimates, GTA expects to receive a grant of approximately $ 75,000 from JEAP upon the completion of exploration, and the filing of a final report.
The Northshore Property is a joint venture with Balmoral Resources Ltd. (see press release dated Aug. 18, 2014). GTA is the operator and owns more than a 51% interest in the project. GTA will be funding 100% of this proposed field work as Balmoral has opted not to participate in this phase of the program and will be diluted accordingly. Drilling is expected to take approximately one month to complete.
Robert Duess, P. Geo., VP Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release. Messrs. Giroux and Blanchflower are independent of GTA and have approved the disclosure of the technical information contained in this press release.
GTA is a well-funded 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 is a tightly held company having 40,146,855 shares outstanding of which insiders control approximately 21% and its JV partner holding an additional 8%. The Company's shares trade on the TSX Venture Exchange under the symbol "GTA." The Company currently has two projects located in northern Ontario: the 51% owned Northshore Project, near Schreiber and the 100% owned Auden Project near Hearst. GTA also owns a 100% interest in the Burnt Pond Project in central Newfoundland, proximal to the past-producing Duck Pond Cu-Zn Mine.
On behalf of the board of directors
GTA Resources and Mining Inc.
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.