BURLINGTON, ONTARIO--(Marketwire - Nov 21, 2012) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to report results from the first seven holes (WB-12-21 to WB-12-27) of the Phase 3 drill program recently completed on the Northshore Property in northern Ontario. These latest results further confirm the potential of the Northshore property to host both a large scale gold porphyry system and discrete high grade gold zones. Highlights include:
- hole WB-12-25 returned an averaged grade of 0.28 grams gold per tonne (g/t) over a core length of 344.0 metres, including 8.65 Au g/t gold over 2.0 metres.
- Hole WB-12-26 returned an averaged grade of 22.72 g/t Au over a core length of 1.1 metres and 2.83 g/t Au gold over 8.0 metres.
- Hole WB-12-27 returned an averaged grade of 0.72 g/t Au over a core length of 124 meters including 1.41 g/t Au over 40.5 metres and 31.6 g/t Au over 0.5 metres.
All holes intersected wide sections of gold mineralization associated with pyritic, tourmaline, and sericitic altered felsic porphyritic rocks (the Afric Intrusive Complex). These rocks are structurally deformed resulting in a variety of fracturing and brecciation which host quartz and quartz carbonate veins and stringers. The quartz rich veins and fracture infillings are mineralized with pyrite, and lesser amounts of sphalerite, galena and telluride. Visible gold has been recognized in most of the holes and the high grade sections are often associated with these occurrences.
The Phase 3 drilling program consisted of 15 drill holes (WB-12-21 to WB-12-35) totaling 4,766 metres. Drill holes WB-12-21 to WB-12-25 were drilled to test the northeast extension of the Audney Vein and the broader Afric Zone and holes WB-12-26 and WB-12-27 were drilled to test the southwest extensions. The highest assays of these first 7 holes included 47.2 g/t Au and 31.6 g/t Au (each over a core length of 0.5 metres) from holes WB-12-26 and WB-12-27 respectively. Both these high grade values were returned from a quartz vein mineralized with several specks of visible gold, and interpreted to be the faulted southwest extension of the high grade Audney Vein.
Updated plan maps showing collar locations and drill hole traces can be viewed on GTA''s website at www.gtaresources.com. Results from the remaining 8 holes are pending and will be released once they become available.
A detailed summary of the results from the initial 7 holes is shown in the following table:
|Hole Number||Hole Depth |
* Width as shown represents core lengths as insufficient drilling has been completed to determine true thicknesses.
"Management is very encouraged with these latest results as they further confirm the presence of wide spread gold mineralization within the Afric Intrusive Complex," commented current president Peter M. Clausi. "We anticipate having all the phase 3 drilling results over the next month and follow-up drilling is scheduled to start again in the New Year. With the addition of Mr. Wayne Reid as President and CEO effective Dec 1, GTA''s technical team of Wayne Reid and Robert (Bob) Duess positions GTA to move the Northshore Project forward towards a joint venture with Balmoral Resources Ltd."
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 advises that Belmont Capital Corporation has withdrawn its requisition for a shareholder meeting.
GTA is a 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 two active gold projects. Its flagship project, the Northshore Project, located near Schreiber, Ontario, is subject to an option agreement with Balmoral Resources Ltd. ("BAR") whereby GTA can earn up to a 70% interest. The second 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 25,431,855 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.
Peter M. Clausi, 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.