VANCOUVER, B.C., Nov. 08, 2018 (GLOBE NEWSWIRE) -- GT Gold Corp. (“GT Gold,” “GT,” or the “Company”) (GTT.V) is pleased to announce that it has completed 24,749m of diamond drilling at its Tatogga property in northwest B.C. The original 18,000m program was expanded following the discovery of extensive and high-grade Au-Cu porphyry-style mineralization at GT Gold’s Saddle North occurrence. The Company is excited by the many successes achieved this season and looks forward to announcing further drill results over the next several months, as analytical work is completed. GT Gold also recognizes that its accomplishments were largely the result of hard work put in by our exploration team and its key partners, including the Tahltan First Nation.
Key objectives that were met in this season’s program included:
- successfully drill-testing and expanding the Saddle North porphyry system, first identified late in the 2017 drill campaign
- extending the Saddle South Au-Ag mineralized zones along strike and successfully identifying additional high-grade Au mineralization at depth
- implementing an oriented core program to better aid in understanding ore controls at Saddle
- completing a more detailed sampling and geologic mapping program at Saddle
- expanding reconnaissance-scale geological mapping southward 6-8km to the exciting Quash-Pass occurrence, where continued grid geochemical and geophysical work further defined a high-potential precious metals-bearing hydrothermal system.
- initiating route planning and permitting for a road to the Saddle area from Highway 37
Mineralization at Saddle South has been extended to well over 1000m along strike. It remains open to both east and west, and at depth, and a new trend with high-grade intercepts was intersected at depth to the south. Implementation of our oriented core program has yielded a better understanding of the structural controls at Saddle South and this enabled us to more successfully target Au-mineralized zones (see GT press release dated September 4, 2018).
Airborne magnetic ground Induced Polarization (IP) surveys completed in 2018 indicated an extensive, strongly magnetic zone coincident with a chargeabilty anomaly, centred on the Au-Cu porphyry intercept drilled in late 2017. Drill testing this anomaly gave us our second major discovery in as many seasons. A new Au-Cu-Ag porphyry discovery, known to come to surface beneath thin overburden, has now been intersected in twelve holes along a strike length of over 600m, across a width of approximately 500m, and to a depth of greater than 1100m (see Figure). Mineralization at Saddle North remains open along strike and at depth and grades and widths generally appear to increase with depth (see GT press releases dated September 10, 2018 and October 10, 2018).
Charles Greig, Vice-President of Exploration for GT Gold, commented: “The Management and Board of GT Gold are very proud of the discoveries our team has made at Saddle South and North. We were fortunate to be able expand on our planned 18,000 metre program, and with our capable crew and the cooperation of unseasonably mild weather, we were able to extend the drill season into November. With the amount of data collected over the past two seasons our team will have a busy off-season as we continue to build upon our understanding of our two very significant discoveries.”
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/37e98774-f3ad-4958-96ad-103c7573a8c3.
Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About GT Gold
GT Gold Corp. is focused on exploring for gold in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 44,206-hectare Tatogga property, located near Iskut, BC, close to roads and grid power. The Company achieved, in 2017, a major new gold-silver discovery at its Saddle prospect, located up a gentle valley only 10 kilometres off highway 37. The Saddle discovery comprises two parts: a high-grade, near surface, epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a largely covered, porphyry gold-copper-silver mineralized system. Geophysical surveying suggests that both may be large in scale, and current 2018 drill results indicate that Saddle North bears strong similarities to the nearby Red Chris deposit. The Saddle South discovery was internationally recognized for its significance in November 2017 with the Mines and Money “Exploration Discovery Award”. The Company has the backing of major institutions and key Canadian investors and is fully funded for the 18,000-metre program of expansion drilling now underway on this exciting new discovery.
|For more information please contact:|
|GT Gold Corp.||GT Gold Corp.||GT Gold Corp.|
|Steve Burleton||Charles J. Greig, P.Geo||Amandip Singh|
|President and Chief Executive Officer||Vice President, Exploration||Director, Corporate Development|
|Tel: (647) 256-6754||Tel: (250) 492-2331||Tel: (647) 256-6754|
Cautionary Statement Regarding Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.