BURLINGTON, ONTARIO--(Marketwired - May 28, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) reports results from an additional four holes (WB-13-41 to WB-13-44) completed in its current Phase 4 drill program on the Northshore Property. The Property is located within the Hemlo-Schreiber Greenstone Belt, approximately 80 km west of the Hemlo Gold Camp in northwest Ontario. The drill program commenced in mid-March and is focused on testing a number of extensions to the Afric Gold Zone, generally at shallow depths, between 50 and 150 meters below surface. To date, a total of 1698 meters has been completed in nine holes. Results from the initial five holes, targeting the East and Northeast Extensions, were released earlier in a press release dated May 8, 2013.
Highlights from the latest results include the identification of the western extension of the Afric Zone in an area referred to as the Pup Extension. Drill hole WB-13-44 confirmed this western extension and returned 0.66 g/t (grams per tonne) gold over a core length of 196.5 meters (m), including a higher grade section of 3.14 g/t gold over 13.0 m. Hole WB-13-43 drilled on the same section but 40 meters up dip returned a bonanza grade of 178.0 g/t gold over a core length of 1.0 m from a quartz vein, mineralized with several occurrences of fine to coarse visible gold. Current interpretation suggests that this high grade gold mineralization represents a faulted extension of the Audney Vein, which had returned high grade results from both previous drilling and surface sampling. Additional detailed drilling will be required to better define this zone.
|Hole Depth |
|WB-12-41 (-52°)||200||92.0||194.0||102.0||0.51||East Ext.|
|WB-13-42 (-50°)||137||11.0||72.5||61.5||0.32||Northeast Ext.|
|WB-13-43 (-55°)||92||65.0||68.0||3.0||59.96||Pup (West) Ext.|
|WB-13-44 (-50°)||290||33.50||230.00||196.50||0.66||Pup (West) Ext.|
* Reported drill intercepts are not true widths. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space. None of the reported broader intercepts required capping based on the previous established capping parameters for the Northshore Property.
** Only one sample (178.00 g/t over 1.0 m) was above the project cap of 28.9 g/t gold. Calculated averages on broader sections include core lengths up to 17 meters grading less than 0.1 g/t gold.
Holes WB-13-41 and 42 tested the East and Northeast Extensions respectively. WB-13-41 confirmed the continuity of the East Extension and intersected 8.56 g/t over 1.5 m within a wider zone of 0.51 g/t over 102.0 m. Drill hole WB-13-42 intersected 1.45 g/t over 6.0 m. A plan map showing up-to-date collar locations and drill hole traces from the first nine holes of Phase 4 drilling can be viewed on GTA's website at www.gtaresources.com.
The current drill program was temporarily suspended in early May due to spring break-up conditions and is scheduled to re-commence within the next few weeks. Approximately 800 meters remain in this program. Future drilling will continue to target the Afric Zone extensions in an attempt to increase the size of the mineralized system.
Two holes are also planned to test the Northshore Mine (Main Vein system) located 500 meters north of the Afric Zone. Previous gold production from this property was attributed to the Northshore Mine which had historic gold production of 2,411 ounces from 3,808 tons of ore, dating back to 1937. Drill testing since that time has been quite limited and the few historic holes recorded have no assay information available. This will be the first drilling done by GTA on this past producer.
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 has implemented a quality control program for the drill programs on the Northshore Property to ensure best practice in sampling and analysis. GTA maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by AGAT Laboratories Ltd. of Sudbury, Ontario with ISO 17025 accreditation. Samples are transported in security sealed bags to AGAT and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an ICP, and/or gravimetric and/or screen metallic finish.
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 1596 claim units covering virtually an entire greenstone belt.
GTA has 25,681,855 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.
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.