BURLINGTON, ONTARIO--(Marketwired - July 18, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) reports results for the final three holes (WB-13-45 to WB-13-47) completed in its Phase 4 drill program on the Northshore Property, located 80 km west of Hemlo in northwest Ontario. The Phase 4 program, which commenced in March and continued into early June after a brief shut down for spring break-up, consisted of 12 holes totaling 2313 metres. All holes from Phase 4 drilling intersected significant gold mineralization.
Drill hole WB-13-47, the final hole of the current program, intersected a new high-grade gold system which returning an averaged grade of 5.23 g/t gold over 6.0 metres at a vertical depth of less than 15 metres, including 19.20 g/t gold over 1.5 metres. A quartz vein containing multiple grains of visible gold was encountered lower in the same hole, and returned a grade of 8.85 g/t gold over 1 metre (termed the Gino Vein). Both these shallow, high-grade intercepts are located in an area of sparse testing between the Afric Gold Zone and the former producing high-grade Northshore mine. Early interpretation suggests that these zones which trend parallel to the Northshore vein system are open for lateral and vertical expansion.
Hole WB-13-45 tested the western extension of the Afric Zone with a best intersection of 4.07 g/t over 1.5 m which appears to correlate with the high grade Audney vein.
Hole WB-13-46 tested the Northeast extension and intersected the porphyry-style mineralization between 137.0 m and the end of the hole at 200.0 m. This interval assayed 0.59 g/t over 63.0 m including 7.45 g/t over 1.5 m., and ended within gold mineralization.
A summary of the results from holes WB-13-45, WB-13-46 and WB-12-47 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 all new collar locations and drill hole traces can be viewed on GTA's website at www.gtaresources.com.
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 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. ("TSX VENTURE: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 25,731,855 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.