VANCOUVER, British Columbia, Aug. 27, 2020 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT) (the “Company” or “GT Gold”) reports its audited financial results for the quarter ended June 30, 2020. Copies of both the Financial Statements and the Management’s Discussion & Analysis may be obtained on the Company’s website at www.gtgoldcorp.ca or under the Company profile on SEDAR.
“We are very pleased with our team achievements and progress to date,” commented Paul Harbidge, President and Chief Executive Officer. “In just over two years of drilling at Saddle North, GT Gold has successfully delivered a globally significant Mineral Resource Estimate with optionality and flexibility - all in a great Canadian mining jurisdiction. In the second half of 2020, our dual-focused strategy will play a greater role, as we work to both advance Saddle North through the next milestone in the PEA stage, while drill-testing brand new targets in the prospective Quash Pass area at Tatogga.”
At June 30, 2020, the Company had a cash position of C$13.7 million, which is expected to be sufficient to fund all expenditures up to and including the Preliminary Economic Assessment (“PEA”), as well as to provide a sizeable buffer for work following the PEA into 2021, to be planned based on the results of the 2020 technical program.
Highlights of the Second Quarter and for the Subsequent Period up to August 27, 2020:
43-101 Technical Report. On August 20, the Company filed a National Instrument 43-101 technical report to support the maiden mineral resource estimate for the Saddle North project. The report highlighted the continuous higher-grade central core within the deposit, the simple metallurgy, the excellent local infrastructure and topography and the exploration upside of the property. The Mineral Resource Estimate will the basis for a PEA.
2020 exploration program. On August 10, the Company announced that exploration drilling has commenced at the Tatogga property. The 2020 exploration program will initially focus on testing new greenfield exploration targets in the Quash Pass area.
Saddle North Mineral Resource. On July 6 GT Gold announced a Mineral Resource Estimate for the Saddle North project of Indicated Resource of 298 Mt grading 0.28% copper, 0.36 g/t gold and 0.8 g/t silver for a total of 1.81 Blb of copper, 3.47 Moz of gold and 7.58 Moz of silver and Inferred Resource of 543 Mt grading 0.25% copper, 0.31 g/t gold and 0.7 g/t silver for a total of 2.98 Blb of copper, 5.46 Moz of gold and 11.64 Moz of silver.
Saddle North geological model. On April 28, the Company provided an update on the geological model which describes the controls on mineralization of the Saddle North gold-rich copper porphyry.
About GT Gold
GT Gold Corp. is focused on exploring for base and precious metals in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 46,827 hectare Tatogga property, located near Iskut, BC, upon which it made two significant discoveries in 2017 and 2018 at its Saddle prospect: a precious metal rich vein system at Saddle South and a gold rich copper porphyry system at Saddle North.
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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. 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 release.