BURLINGTON, ONTARIO--(Marketwired - Feb 11, 2014) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to provide an update on its exploration programs at both the Auden Graphite and Northshore Gold projects.
Auden Graphite - Diamond drilling has commenced at GTA's Auden graphite project initially targeting three isolated electromagnetic (EM) conductor targets located in the central "Hockey Puck" area. These anomalies are characterized as isolated, moderate to strong bedrock conductors, and all are located within or proximal to the southern extension of the alkaline intrusive complex that hosts Zenyatta Ventures Ltd.'s Albany graphite deposits. All three anomalies appear to be non-magnetic, are accessible by winter trail, and have not been previously drill tested. GTA is also continuing its ground geophysical program of locating and evaluating several other EM conductors identified from the airborne surveys and anticipates further drill testing as these priority targets are outlined.
GTA is the largest land holder in the emerging graphite "camp" and holds the mineral rights to over 69,000 acres. The Albany graphite deposits, located 5.5 km north of GTA's property, were initially discovered by Zenyatta, while testing electromagnetic (EM) targets, and have been described as breccia pipes (diatremes) with dimensions in the order of 200 m by 400 m. GTA's management and geological consultants believe that the graphite breccia pipes that exist on Zenyatta's Albany Project are similar to kimberlite pipes and are likely to occur in clusters along structural corridors that may extend onto GTA's Auden Property.
An Ontario exploration permit is in place and an exploration agreement with Constance Lake First Nation allows for a co-operative continuous field program to evaluate the graphite and other mineral potential on the Auden Property.
Northshore Gold - Consulting geologists, Doug Blanchflower, P. Geo of Minorex Consulting Limited., and John Reddick, P. Geo. of Reddick Consulting Inc., have been retained to complete a NI 43-101- compliant mineral resource estimate for the Afric Zone on GTA's Northshore Gold Property. GTA has now completed a total of 52 holes, totaling 11,390 metres, and has identified the Afric Zone as an intrusive-related porphyry style gold system. The drilling completed by GTA has delineated the gold zone over a surface area of approximately 500 by 350 metres, to a depth of 350 metres beneath the surface and containing a shallow, central higher grade sub-zone. GTA's drill data, combined with results from previous operators, is currently being evaluated and modeled by Messrs.' Reddick and Blanchflower, who have a wealth of expertise in mineral exploration and mineral resource estimation. This will be the first NI 43-101 Technical Report for the Northshore Gold Project that contains a mineral resource estimate in accordance with CIM standards. GTA expects the work to be completed by March 2014.
The Northshore project is subject to an option agreement with Balmoral Resources Ltd., whereby GTA can earn an initial 51% interest. GTA has made all of the shares and cash payments and GTA fully expects to earn a 51% interest in 2014. GTA can then elect to earn up to a 70% interest in the Northshore by making additional cash payment of $ 100,000, issuing 1,000,000 common shares, and incurring additional exploration expenditures of at least $ 3.0 million.
In other news, GTA announces the resignation of Peter M. Clausi as a director of the company. Peter was instrumental in the formation of GTA and has been involved in the management of the company since its inception. Peter will continue on as an officer of the company as EVP Corporate Development and General Counsel.
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 exploring for gold and graphite in Canada.
GTA is a tightly held company having only 26,731,855 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
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.