BURLINGTON, ONTARIO--(Marketwired - May 9, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) reports results for the initial five holes (WB-13-36 to WB-13-40) completed in its Phase 4 drill program on the Northshore Property, located 80 km west of Hemlo in northwest Ontario. The current program commenced in mid-March and is scheduled to include a minimum of 2500 meters of drilling focused on testing a number of extensions to the Afric Gold Zone. To date, a total of 1698 meters has been completed in nine holes and the program has been temporarily suspended due to winter break-up conditions. Drilling is scheduled to resume by the end of May, pending weather conditions.
This initial drilling targeted both the East and Northeast Extensions and was successful in extending the Afric Zone along these trends. In general, the extension zones are characterized as wide lower grade zones containing higher grade zones over narrower widths. All holes intersected significant gold mineralization hosted within altered felsic porphyritic and intrusive rocks ("porphyry style gold"). Multiple occurrences of visible gold mineralization was observed in all holes.
East Extension - Highlights from the initial results include intersections of 2.50 g/t (grams per tonne) gold over 13.0 meters (m) (within a wider zone of 1.4 gpt over 43.5 m) in hole WB-13-37 and 12.28 g/t gold over 2.0 m (within a zone of 1.47 g/t over 70.0 m) in hole WB-13-38. These holes, drilled approximately 50 meters and 100 meters respectively below a previously drilled shallow intersection of 1.51 g/t gold over 50.8 m (hole WB-12-29) help confirm the strike continuity of the East Extension for a distance of 170 meters from the Central Afric Zone. Hole WB-13-36 was drilled 70 meters further east from the above described section and intersected anomalous gold (0.66 g/t gold over 10.0 m) at the interpreted East Extension trend location.
Northeast Extension - Holes WB-13-39 and 40 tested the Northeast Extension approximately 130 meters northeast from the Central Afric Zone and were successful in intersecting the interpreted zone. The upper hole (WB-13-39) intersected 4.77 g/t gold over 8.0 meters within a wider zone of 1.35 g/t over 34.2 m. Hole WB-13-40 tested the zone 50 meters below and intersected 7.97 g/t over 1.5 meters within a 49.0 meter zone assaying 0.53 g/t gold.
"These early results confirm the presence of the interpreted East and Northeast trends," commented Wayne Reid, President of GTA. "The intersections in this Phase are relatively shallow and will help expand the bulk tonnage potential of the Afric Zone away from the Central Zone. We are looking forward to completing the planned drill program and incorporating all the results into an updated model outlining both the low grade halo and the high grade zones."
Results from the remaining drill holes will be released as they become available. A summary of the results from the initial five holes follows:
An updated plan map showing all new collar locations and drill hole traces can be viewed on GTA's website at www.gtaresources.com. Also posted on the website is an updated schematic drill section illustrating the results from holes WB-13-37 to 40.
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 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 exploration focused projects in its portfolio. 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. ("MEK") to earn up to a 70% interest in the Squid 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.