BURLINGTON, ONTARIO--(Marketwire - Jan. 8, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to report results from the last eight holes (WB-12-28 to WB-12-35) of the Phase 3 drill program recently completed on the Northshore Property in northern Ontario. The intercepts reported herein expands the Afric gold zone on the Property along strike to the northeast and to depth. Both high grade and bulk tonnage style gold mineralization continue to be encountered with highlights including:
- Hole WB-12-29 returned 1.54 g/t Au over 58.0 meters (including 9.78 g/t Au over 5.0 metres), which appears to be an expansion of the Afric Zone mineralization to the northeast, in an area of limited drilling.
- Hole WB-12-33 returned an averaged grade of 1.37 g/t Au over 68.0 meters (including 12.16 g/t over 4.0 metres), representing one of the deepest intersections, at approximately 390 meters below surface, indicating the mineralized zone is open at depth.
- Several bonanza grade intersections including 66.5 g/t Au over 0.5m (WB-12-33), 50.9 g/t Au over 0.5 metres (WB-12-29), 50.9 g/t Au over 0.5 metres (WB-12-29), and 20.1 g/t Au over 1.0 metres (WB-12-29).
- The gold mineralization hosted within the Afric Intrusive Complex has been partially defined over an area exceeding 450 meters in strike length, with core lengths of anomalous gold mineralization exceeding 350 meters.
All recent holes intersected significant gold mineralization hosted within a strongly altered felsic porphyry package termed the Afric Intrusive Complex. Multiple occurrences of visible gold mineralization was observed in many of the holes.
Holes WB-12-32 and WB-12-33, the deepest holes ever drilled on the Northshore property, were drilled to undercut the main Afric Zone at depth, and both holes intersected significant gold values. The intersection in WB-12-33 of 1.37 g/t Au over 68.0 meters (including 12.16 g/t over 4.0 meters) represents one of the deepest gold intersections ever encountered on the property, at approximately 390 metres vertically below surface. Furthermore, hole WB-12-33 was stopped at 563m and ended in gold mineralization (0.7 g/t Au over 7.0m from 557m to 563m). These results clearly indicate that gold mineralization on the Northshore Property remains open at depth.
Holes WB-12-29, WB-12-30 and WB-12-35 were drilled to further evaluate the northeast extension of the Afric Zone and all three holes encountered significant gold mineralization. An averaged grade of 1.95 g/t Au over 44.5 meters (including 9.78 g/t over 5.0 metres) in hole WB-12-29 occurs at approximately 200 metres vertically below surface, and 1.06 g/t Au over 16 meters in WB-12-35 at approximately 330 metres vertically below surface. These deeper intersections are in an area of very limited drilling and gold mineralization is open up dip, at depth, and along strike.
An updated plan map showing collar locations and drill hole traces can be viewed on GTA's website at www.gtaresources.com. A detailed summary of results for these 8 holes is shown in the following table:
|Hole Depth |
|* Width as shown represents core lengths as insufficient drilling has been completed to determine true thicknesses.|
To date, GTA has drilled a total of 35 drill holes (8,224 metres) on the Northshore Property and gold mineralization has been tested over a surface extent exceeding 450 meters by 350 meters. Gold mineralization is hosted within a broad gold porphyry system, and results from drilling confirm that the Northshore Property has the potential to host both a large scale gold porphyry system and discrete high grade gold zones. As documented in GTA's early stage drilling, the Afric Zone has a central high grade core (i.e., 3.21 g/t Au over 152 meters in hole WB-11-11). This higher grade core is hosted within a much larger zone of lower grade anomalous gold mineralization as shown by the results of hole WB-12-33. This hole averaged 1.37 g/t Au over 68.0 meters and the hole had anomalous gold through its entire core length of 543.0 metres (this hole ended in gold mineralization).
Based on results to date a fourth phase of drilling is currently being planned, and GTA expects Phase 4 drilling to commence by February 2013.
"The results to date clearly indicate that gold mineralization on the Northshore property is a 'porphyry style' system, which remains open in multi-directions and at depth," states GTA president and CEO Wayne Reid. "Our drilling campaign will continue to concentrate on defining the overall geometry of the mineralization and delineating the higher grade zones. The next phase of drilling is expected to commence within the next several weeks."
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. In some cases, due to the high grade nature and the abundance of visible gold mineralization, a screen pulp and metallic analyses was performed.
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.
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.