">BURLINGTON, ONTARIO--(Marketwired - Aug. 19, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to announce the commencement of a drill program on the newly discovered Exploits Zone at the Squid East project in the Matson Creek area in the Yukon. This initial drilling will focus on the recently reported chip sampling which returned 1.96 grammes per tonne (g/t) gold over the entire 22.0 meter (m) trench length. Included in this is a higher grade interval of 6.39 g/t gold over 4.0 m. (see news release dated 6 August 2013).
A modest 400 m drill program is initially planned to better define the orientation and size of the Exploits gold zone. The Matson Creek placer camp and airstrip will be used as a staging point and a recently completed access trail will be used to service the drill. In addition to diamond drilling, an attempt will be made to further expose bedrock by mechanical trenching in areas where bedrock could not be exposed due to frost conditions in early July.
GTA can earn an initial 51% interest in the Squid East property from Metals Creek Resources Corp. ("MEK") and can increase its interest to 70% as previously announced in a press release dated 12 January 2013. MEK will be the operator during the initial earn-in period.
The Squid East property was initially staked in February, 2011 and is located proximal to the Matson Creek placer gold operations, approximately 90km southwest of Dawson City. A four wheel drive access road and airstrip service the placer camp and the current field work availed of the placer camp airstrip, accommodations and equipment to help carry out the program. A six km access trail was completed from the Matson Creek four wheel drive road to the target area, making access more cost effective.
GTA's 100% owned Auden Property is located adjacent to the south of the Albany Property of Zenyatta Ventures Ltd., who recently discovered vein-type graphite (hydrothermal) mineralization while testing electromagnetic (EM) targets. GTA announces that it has acquired an additional 58 claim units contiguous to its existing Auden Property, which increases the Auden Property to over 27,000 hectares (1718 claim units) and that it has identified several conductive zone targets on its central claims. GTA may continue to acquire further claims in the area.
Advance Notice Policy
GTA also announces that its board of directors has adopted an advance notice policy (the "Policy") in order to facilitate an orderly and efficient annual general meeting or, where the need arises, special meeting, to ensure that all shareholders receive adequate notice of director nominations and sufficient information with respect to all nominees, and to allow shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation.
In accordance with the terms of the Policy, the Policy will be put to shareholders of the Company for approval at the next annual general and special meeting (the "Meeting"), which is scheduled for October 24, 2013. If the Policy is not confirmed at the Meeting, the Policy will terminate and be of no further force and effect following the termination of the Meeting.
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.
GTA is a well funded publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on gold exploration in Canada. GTA currently has three exploration focused projects in its portfolio. Its flagship project, the Northshore Property, located near Schreiber, Ontario, is subject to an option agreement with Balmoral Resources Ltd. ("TSXV:BAR") whereby GTA can earn up to a 70% inter est. Secondly, GTA recently completed an option agreement with Metals Creek Resources Corp. ("MEK") to earn up to a 70% interest in the Squid East Property in the White Gold District, Yukon. The third project, the 100% owned Auden Property, is located near Hearst, Ontario and consists of 1718 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets.
GTA has 25,731,855 shares outstanding of which insiders control approximately 30% of the outstanding shares. The Company's shares trade on the TSX Venture Exchange under the symbol "GTA."
On behalf of the board of directors
GTA Resources and Mining Inc.
Wayne Reid, 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.
- Commodity Markets
- Company Earnings
President and CEO
709 699 1733
Recommended for You
With the Dec. 23 deadline looming for signing up for health insurance under Obamacare, consumers rushing to purchase new coverage may be in for a rude shock if they focus principally on finding the least expensive premiums, according to experts. That’s because many people buying coverage on the…The Fiscal Times
The issue has caused last-minute headaches for Nokia as its tries to complete the sale of its cellphone business to Microsoft.The New York Times
McDonald's Corp on Monday reported another sluggish month of sales at established restaurants, results that suggest the famed hamburger chain is losing U.S. market share to rivals. Same-restaurant sales in Europe, which just edges out the United States as the top generator of revenue, rose a…Reuters
As Square spreads its wings to Japan, starts a new cash-by-email service and retools its mobile apps, the humble credit card reader that started it all hasn't received much attention of late. That changes ...Engadget
This morning, McDonald's (MCD) reported that sales at stores open at least a year rose by just 0.5% in November as weakness from the US and Asia hurt the company. In the report, the fast food chain said sales at stores open at least a year fell by 0.8% in [...]Forbes
If bitcoin ends up wildly successful, will eBay's Paypal and Western Union face competition? R.J. Hottovy, Morningstar retail analyst, and BuzzFeed president & COO Jon Steinberg, discuss the likelihood of bitcoin's success.CNBC Videos
By Julia Fioretti LONDON (Reuters) - When the Afghan government used mobile phones instead of cash to pay some of its policemen, the officers thought they'd just had a 30 percent pay rise. This anecdote from the U.S. Agency for International Development shows how technological innovations such as…Reuters
CNBC's Robert Frank talks with McKeel Hagerty, Hagerty Insurance, about this year's record-setting year for collectible cars and whether it's becoming a new investment class.CNBC
Have you seen what’s on your sales people’s holiday wish list? What do they really want from marketing? I took a peek. In big bold letters it said: LEAD QUALIFICATION. You don’t want to be a marketing Grinch, but you can’t take a quick trip to the department store and buy your sales people what...Business 2 Community
Turbotax offers filing help for gay couples to see whether they might have paid less tax.USA TODAY
The price of oil remained close to $98 a barrel Monday after figures showing stronger U.S. hiring suggested demand for crude could increase. By early afternoon in Europe, benchmark U.S. crude for January ...Associated Press
The packaging company WhiteWave Foods is buying the organic food maker Earthbound Farm for about $600 million. Earthbound, best known for its organic packaged salads, is expected to have 2013 sales of ...Associated Press
Japan's Nikkei climbed 2.3 percent on Monday, its best one-day gain in three months, spurred by a slide in the yen after an upbeat U.S. jobs report raised expectations the Federal Reserve will soon begin ...Reuters
The FTSE 100 rose 0.1 percent to 6,556.30 points, after the Chinese numbers helped Asian shares start the week on a positive note. We could drop about 50 points, but there's room for a 200 point rise before year-end," Zeg Choudhry, head of trading at Northland Capital, said, adding banks and…Reuters
Exports surprise big time in China, could send the FXI exchange traded fund to $41.Forbes
Alibaba Group Holding Ltd. agreed to buy shares in Haier Electronics Group Co. and its logistics business, as China’s biggest e-commerce company builds its distribution in the world’s most populous country. ...Bloomberg
LOS ANGELES (MarketWatch) -- Japanese stocks jumped at the start of trading Monday, with exporters finding support as the yen weakened against the U.S. dollar and the euro. The Nikkei Stock Average climbed ...MarketWatch
The hiring pairs the nation’s largest cable operator by subscribers with the country’s biggest bank, as speculation heats up that someone will make a bid for Time Warner Cable.The New York Times
Brent crude oil futures held near $112 a barrel on Monday, underpinned by upbeat economic data from the United States and China, the world's first and second largest oil consumers. Brent crude oil futures had edged up 12 cents to $111.71 a barrel by 0615 GMT, after rising more than $1 in the…Reuters