BURLINGTON, ONTARIO--(Marketwire - March 19, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to announce that it has resumed diamond drilling at its flagship Northshore Property located in the Hemlo-Schreiber greenstone belt in Ontario. The phase four, 2500 metre, program is targeting the Afric Zone and its east and northeast extensions. The focus will be continuing to expand the broader Afric Gold Zone and on further delineating the high to bonanza grade gold bearing structures within the broader zone.
Since optioning the Northshore Property in September, 2011 GTA has drilled a total of 35 holes (8,224 metres) in three different campaigns. Most holes have produced significant gold intersections within a strongly altered felsic intrusive package, often including multiple occurrences of visible gold mineralization. Gold mineralization occurs in low-sulphide, brittle veins and veinlets throughout the host intrusive phases and has strong affinities to porphyry style gold deposits.
To date drilling by GTA and historic operators has defined this "porphyry style" disseminated gold mineralization - the Afric Zone - over an area of some 500 x 350 metres and to a vertical depth of 350 metres. Previous results from the Central part of the Afric Zone included an intersection of 12.49 g/t Au over 33.2 meters within a zone assaying 3.21 g/t Au (1.20 g/t cut) over 152 metres in hole WB-11-11 (see GTA press release Feb. 14, 2012). The drilling completed since then has helped outline the main zone however additional drilling is needed to establish the limits and controls on the gold system which remains open for expansion in multiple directions and at depth. The new drilling will target these extensions with the initial holes testing the "northeast" and "east" trends. Assay results will be released as they become available.
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 active gold projects. 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 S quid 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.