BURLINGTON, ONTARIO--(Marketwired - Oct. 8, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) announces that final assay results have been received from its recently completed four hole (428 meter) drill program at the Exploits Zone on the Squid East Project in the Yukon. The recent results show the new zone to have significant gold and silver mineralization returning assay results up to 1.54 grammes per tonne (g/t) gold (Au) and 114 g/t silver (Ag) and 0.31% lead (Pb) over 21 meters (m) in hole SE13-002. This hole also contained a higher grade zone of 2.43 g/t Au and 185 g/t Ag and .47% Pb over 12 meters.
The drilling program focused on results from a previously completed trenching program (see news release: Sept. 12, 2013), and a strong northwest trending gold plus pathfinder element soil anomaly. The program was designed to obtain a better understanding of the geometry and style of mineralization at the Exploits Zone. The initial three holes appear to have all collared in the zone and the fourth hole, which was drilled in the opposite direction, was drilled down dip and remained in the interpreted footwall for its entire length. A table of significant results is shown below:
|Au g/t||Ag g/t||Pb %|
|SE13-004||No Significant Assays|
The trenching and drilling carried out over the past season was intended to find a bedrock source to the strong gold plus pathfinder soil anomaly defined in 2012. Results to date indicate that the trenching and drilling may have clipped the eastern side of a gold-silver alteration system which is wide open for expansion. The intersected mineralization is completely oxidized and the combined gold and silver values make this zone somewhat unique in the White Gold District. A follow-up drill program is being contemplated for 2014.
All split core samples were sent to Acme Analytical Laboratories Ltd. located in Vancouver, B.C. The precious metals were analyzed utilizing a standard fire assay with an atomic absorption finish and the lead assays were fire assayed with an ICP finish. As part of GTA's QAQC protocol, approximately 10% of the samples submitted for assay were also sent for check assays. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol.
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.
MEK staked the Yukon properties in February, 2011 and has a 100% interest in four separate claim blocks (242 claims) within the White Gold District. The Squid East claims are 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 MEK's current field work availed of the placer camp airstrip, accommodations and equipment to help carry out the program. During the trenching 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.
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% interest. Secondly, GTA has entered into 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
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