BURLINGTON, ONTARIO--(Marketwire - June 6, 2012) - GTA (TSX VENTURE:GTA) announces that Phase 2 drilling has now been completed, with 8 holes drilled (WB-12-13 to WB-12-20) totaling 2431 metres. The goals of Phase 2 include testing the continuity of mineralization throughout the broader Afric Zone, including the Audney and Caly vein systems.
On April 18, 2012 GTA previously announced assay results from holes WB-12-13 and WB-12-14. Highlights included:
- the Afric Zone returned values of 1.41 g/t gold over a core length of 240 metres, including bonanza grades of 132 g/t gold over 0.5 metres and 120 g/t gold over 0.5 metres;
- the Caly Vein System returned values of 7.82 g/t gold over a core length of 12.0 metres; and
- confirmation of the extension of the Afric Zone over 200 metres along strike and to a vertical depth of 190 metres.
The assay results from holes WB-12-15 to WB-12-20 will be reported when they become available.
Prospecting and geologic work continues to assist GTA in preparing for additional drilling which is expected to commence mid-summer, 2012.
GTA has had prepared a NI 43-101 compliant technical report (the "Report") dated May 22, 2012. The author of the Report is Minorex Consulting Ltd., with J. Douglas Blanchflower, P.Geo. as the Consulting Geologist.
The Report concludes, "It is the author's opinion that the Northshore property has very good exploration potential for both lode and bulk tonnage gold mineralization and further work is warranted." Mr. Blanchflower recommended a two-phase multi-million dollar exploration program in and around the Afric Zone.
The Report will be posted at SEDAR and will be available from GTA's website.
First Year Commitment to Balmoral
The First Anniversary Date of the Option Agreement between GTA and Balmoral Resources Ltd. ("Balmoral") is September 27, 2012. With the delivery of the Report to Balmoral, GTA will have satisfied its firm first year commitments to Balmoral under the Option Agreement (see GTA's press release of September 28, 2011). The Option Agreement further provides that GTA may earn an initial 51% interest in the Northshore Property by making cash payments to Balmoral of $50,000 (of which $10,000 has already been paid and $15,000 would be payable by the First Anniversary Date), issuing in favour of Balmoral 2,500,000 common shares of GTA (of which 1,000,000 have already been issued and 500,000 would have to be issued by the First Anniversary Date) and incurring a minimum of $2,500,000 in eligible exploration expenditures (of which approximately $700,000 has already been incurred) on Northshore, over a three year period.
Mr. Robert Duess (P.Geo.), GTA's Vice President, Exploration, is the non-independent qualified person for the technical disclosure contained in this news release.
Minorex Consulting Ltd. has reviewed this news release prior to its issuance.
GTA is a publicly traded mineral exploration company focused on gold exploration in Canada. The Company is governed by an experienced and successful team consisting of management, directors, and technical advisors.
GTA currently has two gold projects, the Northshore project, near Schreiber, Ontario, and the Auden project near Hearst, Ontario. GTA has an option agreement with Balmoral Resources Ltd. ("BAR") whereby GTA can earn up to a 70% interest in the Northshore Project. The Company owns a 100% interest in the Auden project, which consists of over 1,500 claim units, and covers virtually an entire greenstone belt.
GTA has approximately 24,700,000 shares outstanding. GTA's common shares trade on the TSX Venture Exchange under the symbol "GTA".
On behalf of the board of directors
GTA Resources and Mining Inc.
"Peter M. Clausi", President and CEO
For more information, please visit the corporate website at www.gtaresources.com.
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.
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.