GT Gold Corp.
TSX VENTURE : GTT

GT Gold Corp.

August 31, 2017 11:20 ET

Multiple High-Grade Gold Intercepts Returned From First Core Holes Ever Drilled at GT Gold's Saddle South Discovery...

...Including 51.53 g/t (1.50 oz/ton) Au & 117.38 g/t Ag Over 6.95 Metres (22.80 Feet) in TTD007, Est. True Widths 90%; Assays Pending for 28 Holes

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 31, 2017) - GT Gold Corp. ("GT Gold" or the "Company") (TSX VENTURE:GTT). GT Gold is pleased to report:

  • Multiple intercepts of high-grade gold+/-silver have been returned from six of the first eight core holes ever drilled into the new Saddle South gold discovery, including a very high-grade intercept of 51.53 g/t Au (1.5 oz/ton) and 117.38 g/t Ag over 6.95 metres (22.80 feet) (TTD007), and the first visible gold has been observed in core at 109 metres in TTD031 - assays pending, photos of gold from both holes available on website.
  • Mineralization of a similar style has also been intercepted in first-ever drilling at Saddle North (TTD011 and TTD012 (190.5 to 192.5 metres down-hole) - assays pending.
  • Assays for eight Saddle South core holes TTD001-TTD002-TTD003 (pad #1), TTD004-TTD005-TTD006 (pad #2), and TTD007-TTD008 (pad #3), drilled as shown on the accompany map from three pads spanning approximately 130 metres from east to west, respectively, are presented below. Assays for the single remaining hole from the June reverse circulation drill program are presented in Table 2.
  • All core holes drilled into the Saddle target area to date, now totaling 36 including step-outs and step-backs, have returned intercepts of Saddle-style mineralization, as supported visually and by X-Ray Fluorescence ("XRF") readings for gold pathfinder elements such Bi, As, Zn, Pb and Cu.
  • In addition to the 8 core holes reported in this news release, a further 28 core holes have been completed or are presently underway, assay results for which will be made public, multiple holes per release, following receipt, QA/QC, and interpretation. Turnaround times for lab assays have been unusually long, but are improving.

Highlights:

  • Intercepts along ~320 m of E-W strike to 330 m (TTD032) down-dip from surface, expansion continues
  • Multiple intercepts per hole, such as seen in TTD004 and TTD005 (see Table 1), add up to considerable widths in each hole of moderate grade encompassing multiple high to very high-grade shoots
  • 51.53 g/t Au (1.50 oz/ton) & 117.38 g/t Ag over 6.95 m (90% TW) from 122.13 m to 129.08 m in hole TTD007
    • inc. 86.00 g/t Au (2.51 oz/ton) & 259.00 g/t Ag over 1.46 m from 122.75 m to 124.21 m
    • and 67.11 g/t Au (1.96 oz/ton) & 132.76 g/t Ag over 4.39 m from 122.75 m to 127.14 m
    • inc. 72.64 g/t Au (2.12 oz/ton) & 74.34 g/t Ag over 2.14 m from 125.00 m to 127.14 m
  • 10.26 g/t Au & 46.07 g/t Ag over 7.00 m from 20.00 m to 27.00 m in hole TTD001 - multiple zone intercepts
    • inc. 32.10 g/t Au & 283.00 g/t Ag over 1.00 m from 21.00 m to 22.00 m
  • 6.57 g/t Au & 121.31 g/t Ag over 14.78 m from 51.22 m to 66.00 m in hole TTD002
    • inc. 22.00 g/t Au & 440.00 g/t Ag over 1.00 m from 59.00 m to 60.00 m
  • 9.01 g/t Au over 3.00 m from 81.00 m to 84.00 m in hole TTD004 - multiple zone intercepts
    • inc. 12.65 g/t Au over 1.00 m from 81.00 m to 82.00 m
  • 6.25 g/t Au over 6.44 m from 44.00 m to 50.44 m in hole TTD005 - multiple zone intercepts
    • inc. 10.10 g/t Au over 1.50 m from 46.50 m to 48.00 m
  • 18.29 g/t Au & 49.24 g/t Ag over 2.81 m from 108.09 m to 110.90 m in hole TTD008 - multiple zone intercepts
    • inc. 29.23 g/t Au & 79.75 g/t Ag over 1.72 m from 109.18 m to 110.90 m
  • 8.79 g/t Au & 17.98 g/t Ag over 7.62 m from 24.99 m to 32.61 m in RC hole TTR025
    • inc. 37.90 g/t Au & 85.00 g/t Ag over 1.53 m from 28.04 m to 29.57 m

Drilling plan view maps and sections are included in this news release. Higher resolution copies of the same maps and sections, 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: www.gtgoldcorp.ca.

Comments, CEO:

"These first-ever Saddle South core results reveal a high-grade epithermal vein system bearing the key hallmarks - high grades, widths, and continuity - required to advance the project," says Kevin Keough, President & CEO. "Saddle South appears to be evolving in the direction of robust, high-grade underground potential, with expansion drilling continuing to deliver a steady flow of fresh intercepts, now to 320 metres down-dip, and we're rapidly pushing out, and deeper. It's commonly the case, as in TTD004 and TTD005, that we achieve multiple high-grade intercepts in each hole, often encompassed by broader mineralized envelopes. Cumulatively, these multiple intra-hole intercepts really add-up. We're generally rewarded with great visuals and have been encouraged by our ability to consistently drill three and even four holes per pad, each below the previous, and to walk it deeper. Step-outs along strike have been successful, with a bias toward the west, and our first three deep step-backs have also hit. In a couple of very steep holes, TTD003 and TTD006, we appear to have drilled down or sub-parallel to dykes sharing - as is so often the case in structurally-focused gold systems such as Saddle - the structural volume with the mineralization, but we can successfully avoid this by stepping back and coming at the target with lower angle holes.

In general, we've experienced rapid discovery expansion and gained confidence we can follow the mineralization with the drills down and laterally. The field crew, led by VP Exploration Charlie Greig, has been doing an outstanding job, and our results to date are a testament to their diligence and hard work. Our focus will continue to be on expansion, and painting the largest possible picture before season's end. We intend to drill the Saddle discovery as long as the weather allows, and look forward to delivering more good news."

Comments, VP Exploration:

"Our GT Gold crew and contractors, which includes a large proportion of both local Tahltan and other northern BC-based First Nations workers, have been working exceptionally hard in the field to unfold this discovery," says Charles Greig, VP Exploration, "And the effort is paying off. Our hit in TTD007 is terrific, and has clearly validated the potential evident in the spectacularly elevated soil geochemistry at Saddle South and documented in earlier news releases. Like most other significant intersections at Saddle, the high grades in this hole are associated with semi-massive to massive sulphide quartz-calcite veining in the range of S.G. 3.1-3.7, but in this case the sulphides are relatively enriched in chalcopyrite, with elevated bismuth accompanying the copper. What's exciting is that we've also observed this chalcopyrite enrichment over strong down-hole widths in a number of recently-drilled Saddle South holes for which we have yet to receive assays. We believe the very high-grade shoots, one of which the TTD007 intercept evidently has tapped into, may rake down to the southwest within the structural panel. We're obviously going to try to stay onto these shoots and follow them with the drills and, as matters are unfolding, we appear to be succeeding.

With the experience of 36 core holes behind us, our efforts to stay on-target are now greatly helped by our visual estimates of mineralization in core, even for the more-subtle varieties. Our ability to visually predict what will run and what will not is excellent, and a credit to the quality of our geological and geotechnical team at Saddle. To date we've drilled over 7,100 metres on Saddle South and North combined, with the bulk of it at Saddle South. We intend to push hard until that time when weather conditions make continued drilling difficult, with the main aim being expansion of the vein zones along trend and down-dip, and as weather conditions at the higher elevations of Saddle South deteriorate, with more reconnaissance-style drilling at Saddle North."

Saddle South Diamond Drilling, Geophysics, and Petrography

Inclusive of the 8 holes reported in this press release, 34 HQ-diametre diamond drill holes totalling over 6,500 metres have now been completed at the Saddle South discovery and two at Saddle North (see below), with Saddle South intercepts from drill set-ups spanning 320 metres east-west and as deep as 330 metres (TTD035) down-dip from surface. Within the great majority of these holes, multiple zones display high (hundreds of ppm) to very high (thousands of ppm) XRF values for the key Saddle pathfinder elements As, Pb, Zn, and Cu, which are strongly indicative of gold-silver content. Low XRF pathfinder values commonly manifest in the wallrock and post-mineral dykes between these zones.

A second core drill was added to the program on August 15 and both are currently active at Saddle South, where drilling is focused on extending the discovery down dip and along strike. Given the ongoing drilling success, drilling is now targeted to continue as late in the season as the weather allows. If the weather is favourable, a further 6,000 metres of drilling beyond current levels is anticipated. The ongoing diamond drill program is expanding upon the successful 28-hole, 1,527-metre program of reverse circulation drilling carried out in late June, the results of which were announced on July 25, 2017.

Core drilling has provided a greatly improved understanding of the geology and mineralization of the Saddle South prospect, and indicates that the mineralized structural panel trends east-west and variably dips from 60 to 80 degrees south. Diamond drill collars are predominantly located south of the projected surface trace of the structural panel, and are drilled to the north at varying dips. Holes are therefore ideally situated for intersecting the target optimally, resulting in intercepts that approach true widths in the minus 45 to 50-degree holes such as TTD007. Where topography presents challenges drilling to the north, such as on the west side of the Saddle South tableland, several recent holes have been successfully drilled due south.

Drilling to date also indicates that the structural panel hosting the gold and silver is occupied in part by steeply dipping dykes which, depending on how they are intercepted in drilling, are believed to block out (in industry parlance "dyke-out") mineralization. The Company has been able to successfully complete several holes from each pad and to follow the mineralization to depth. However, in practice this has meant that the steepest holes from each set-up, for example holes TTD003 and TTD006, tend to drill sub-parallel to the dip of (and therefore along or within) the non-mineralized dykes. This outcome can be successfully avoided by stepping back and coming at the target with shallower-angle holes.

Ground-based Induced Polarization ("IP") geophysics has demonstrated that the Saddle South mineralization is coincident with an excellent and quite focused IP and resistivity (low) response. The IP program carried out in June provided a view to only about 150 metres depth. As drilling to date suggests the Saddle South mineralization continues along strike and may have deep-seated roots, a program of deeper-looking borehole IP has just concluded at the Saddle South prospect, the results of which are being used to guide current drilling.

Selected samples of Saddle South drill core representative of the various styles of mineralization, alteration and host rocks were sent to a B.C. lab for petrographic work. Some results from this work, including thin sections of the high-grade mineralization intercepted in TTD007, have now been received. These images clearly show the close association between gold, pyrite and chalcopyrite, and have been posted to the Company website for viewing.

Saddle North Geophysics and Drilling

An IP ground geophysical survey carried out in June this year revealed a large target comprising both chargeability and resistivity anomalies trending for more than a kilometre east under glacial cover from the known Saddle North gold-in-soil anomaly. The glacial cover is believed to in part mask the gold-in-soil geochemical response, giving it a discontinuous appearance. Because the IP target remained open off-grid to the east at the close of the June program, and because local outcrops in that area display attractive quartz-sericite-pyrite alteration, an additional 10 line-kms of IP was undertaken to the east of the June grid, as shown in the plan view map accompanying this news release. The results of this work suggest the most prospective part of the anomaly, as defined by coincident geochemical and geophysical anomalies, is the narrower western 'arm' which strikes into the known strong gold geochemical anomaly.

Prior to the expansion of the IP survey, two reconnaissance holes totalling 597 metres were completed late in July on the western 'arm' of the IP anomaly, and drilled to the northeast. The first hole, TTD011, encountered difficult ground conditions and was shut down not far short of the targeted IP high. Nonetheless, the hole achieved a narrow visual+XRF intercept of Saddle-style mineralization, a photo of which may be downloaded from the website homepage. A follow-up hole is planned to complete the testing of this portion of the IP target from a new pad to be set up to the northeast of the site of TTD011, drilling back, azimuth southwest.

A second reconnaissance hole, TTD012, drilled from a setup 440 metres northwest of TTD011 and also drilled to the northeast, achieved its objective. This hole tested an IP response lower in intensity than that targeted by TTD011, in the process intercepting Saddle-style mineralization exhibiting a strong XRF response. Assays for this intercept are pending but if, as expected, the intercept returns gold values, it will confirm the potential of Saddle North as a target of considerable importance.

Additional drilling in follow-up to the initial intercepts at the Saddle North target, which is located in the more sheltered valley bottom, is planned for September, when weather is expected to force withdrawal from the exposed higher elevations of Saddle South.

Table 1 - Saddle South Diamond Drill Program Assay Results: Note: Turnaround times for assays were unusually long in July and August (1 month+), due to an upsurge in exploration activity in B.C. Widths reported below are drilled core lengths. True widths are estimated to be approximately 90% of drilled lengths for minus 45-degree holes, 70% for minus 70-degree holes, and about 50% for minus 85-degree holes. 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.

Saddle South Diamond Drill Program Results

Hole ID Az Dip Zone From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Comments
TTD001 0 -50 Same pad as TTD002 and TTD003
Zone 20.00 27.00 7.00 10.26 46.07
Including 20.00 24.88 4.88 14.12 65.51
Including 21.00 24.88 3.88 17.48 81.65
Including 21.00 23.00 2.00 19.73 152.85
Including 21.00 22.00 1.00 32.10 283.00
And 24.00 24.88 0.88 26.93 8.71
Zone 58.00 61.13 3.13 11.51 52.61
Including 59.00 60.00 1.00 29.50 109.00
TTD002 0 -70 Undercut to TTD001
Zone 51.22 66.00 14.78 6.57 121.31
Including 57.00 66.00 9.00 9.99 198.24
Including 59.00 65.00 6.00 12.52 242.03
And 57.00 61.00 4.00 13.15 197.55
Including 59.00 61.00 2.00 15.83 269.50
Including 59.00 60.00 1.00 22.00 440.00
TTD003 0 -85 Undercut to TTD002 - near vertical hole - no significant intercepts -
mostly drilled down near vertical dykes within mineralized zone
TTD004 0 -45 Near true width, same pad as TTD005 and TTD006
Zone 43.00 48.00 5.00 5.93 18.58
Including 44.00 48.00 4.00 6.71 21.80
Including 46.00 47.00 1.00 8.70 42.50
Zone 74.00 93.00 19.00 3.69 5.75
Including 79.00 84.00 6.27 6.98 11.76
Including 81.00 84.00 3.00 9.01 10.50
Including 81.00 82.00 1.00 12.65 11.30
Zone 102.88 113.26 10.38 3.21 6.35
Including 102.88 106.13 3.25 6.06 8.09
Including 104.00 106.13 2.13 7.28 8.77
Including 105.00 106.13 1.13 8.09 10.6
Zone 116.23 119.33 3.10 9.93 16.86
Including 117.48 119.33 1.52 13.00 18.43
TTD005 0 -65 Undercut to TTD004
Zone 44.00 51.79 7.79 5.38 6.99
Including 44.00 50.44 6.44 6.25 7.90
Including 46.50 50.44 3.94 7.66 11.52
Including 46.50 48.00 1.50 10.10 7.30
Zone 75.00 88.00 13.00 4.88 5.04
Including 79.00 88.00 9.00 6.29 6.13
Including 79.00 83.00 4.00 7.25 10.18
Including 81.00 82.00 1.00 13.40 19.70
And 86.00 88.00 2.00 9.52 4.00
Including 87.00 88.00 1.00 11.60 4.40
Zone 94.00 103.00 9.00 3.82 3.16
Including 99.00 103.00 4.00 6.39 4.55
Including 99.00 101.00 2.00 10.35 5.55
Including 100.00 101.00 1.00 17.20 9.60
Zone 105.94 108.07 2.13 8.28 4.02
Zone 112.88 120.00 7.12 4.01 22.92
Including 112.88 115.21 2.33 5.60 23.95
Including 112.88 114.00 1.12 6.59 30.60
And 118.03 119.24 1.21 9.10 25.50
TTD006 0 -85 Undercut to TTD005 - near vertical hole -
mostly drilled down near vertical dykes within mineralized zone
Zone 147.92 149.00 1.08 7.66 -
Zone 165.06 165.88 0.82 6.50 -
TTD007 0 -45 Est. 90% true width, same pad as TTD008
Zone 122.13 129.08 6.95 51.53 117.38
Including 122.75 129.08 6.33 56.22 128.88
Including 122.75 124.21 1.46 86.00 259.00
And 122.75 127.14 4.39 67.11 132.76
Including 125.00 127.14 2.14 72.64 74.34
TTD008 0 -66 Undercut to TTD007
Zone 108.09 110.90 2.81 18.29 49.24
Including 109.18 110.90 1.72 29.23 79.75
Including 109.18 110.00 0.82 30.70 62.90
Zone 161.45 165.00 3.55 9.56 4.02
Inc. 161.45 162.85 1.40 22.20 7.90

Table 2 - Remaining Saddle South RC Drill Program Assay Results: Note: Assay quality control checks for reverse circulation hole TTR025, drilled in late June, had indicated potential contamination of a single standard following in sequence a high-grade intercept. Accordingly, the standard and 5 samples on either side were re-run, resulting in an increase to the Au grade, the final results for which are presented below. True widths for the intercept are estimated to be approximately 75%. 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.

Saddle South RC Program Results (Remainder of Concluded June Program)

Hole ID Az Dip Zone From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Comments
TTR025 315 -60 Drilled NW from same setup as RC holes TTR023 & 024
Zone 24.99 32.61 7.62 8.79 17.98
Including 28.04 29.57 1.53 37.90 85.00

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/.

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 the maps associated with this press release, please visit the following link: http://media3.marketwire.com/docs/1101732.pdf

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