BURLINGTON, ONTARIO--(Marketwired - Dec 10, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) reports results from its recently completed drill program on the Northshore Property. The property is located 4 km. south of Schreiber, Ontario and is situated within the western portion of the Hemlo - Schreiber Greenstone Belt. The latest drill program was completed in late October 2013, and consisted of five holes totaling 853 metres. Two of these holes tested the Afric Gold Zone and were highlighted by a high grade interval of 9.47 grams/tonne (g/t) gold over 9.0 metres (m) hosted within a 201 m wide zone of anomalous gold returning a length weight average grade of 0.73 g/t gold in drill hole WB-13-51.
The initial three holes, WB-13-48, WB-13-49 and WB-13-50 were drilled to further evaluate the recently identified Gino Vein (see press release dated July 18, 2013). This high grade gold vein system is located in an area of sparse drilling, approximately 250 m north of the main Afric Zone and 100 m south of the historical workings at the Northshore Mine. All three holes successfully cut the steeply dipping east-west trending quartz-carbonate vein system returning high-grade intercepts of 46.4 g/t gold over a 1.0 m, 41.6 g/t gold over 1.0 m and 6.38 g/t gold over 2.0 m. All intercepts occur at vertical depths of less than 125 metres.
A summary of the results from holes WB-13-48 to WB-13-52 is as follows:
|Note - Reported drill intercepts are core lengths and not true widths. At this time there is insufficient data to calculate true orientations. None of the reported broader intercepts required capping based on the previously established capping parameters for the Northshore Property.|
An updated plan map showing collar locations and drill hole traces can be viewed on GTA's website at www.gtaresources.com.
The Northshore Property is subject to an option agreement with Balmoral Resources Ltd., whereby GTA can earn an initial 51%. GTA has made all of the share and cash payments and GTA fully expects to earn a 51% vested interest in early 2014. GTA can then elect to earn up to a 70% interest in the Northshore by making an additional cash payment of $ 100,000, issuing 1,000,000 shares, and incurring additional exploration expenditures of at least $ 3.0 million by September 2016.
Since optioning Northshore in September, 2011, GTA has completed 11,390 metres of diamond drilling (52 holes) and has outlining the Afric Zone as a 500 x 350 meter porphyry style gold system, tested to a depth of 350 metres vertically from surface, and remaining open at depth and to the northeast. The recent drilling has concentrated on developing a higher grade core within the larger system. Additionally the newly discovered Gino Vein represents a narrow high grade opportunity.
QA/QC: The planning, execution and monitoring of GTA's exploration programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data. Mr. Duess has also reviewed and approved 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. (TSX VENTURE:BAR) whereby GTA can earn up to a 70% interest. 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 1748 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets.
GTA has 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.