BURLINGTON, ONTARIO--(Marketwired - Oct. 22, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) announces the resumption of diamond drilling at its flagship Northshore Property located in the Hemlo-Schrieber greenstone belt in Ontario. This latest program will consist of approximately 1000 metres of drilling and will target both the Afric Gold Zone and an area of high grade gold-quartz veins located between the Afric Zone and the Northshore Mine vein system.
Since optioning the Northshore Property from Balmoral Resources Ltd. (BAR.TO) in September, 2011 (News Release - July 27, 2011), GTA has completed a total of 47 holes (10,537 metres) in four different campaigns. This drilling has focused on the Afric Gold Zone which has been outlined over an area of 500 x 350 metres and to a vertical depth of 350 metres, remaining open at depth and to the northeast. GTA is continuing its evaluation of the Afric Gold Zone potential by compiling the drill hole data into a model that will allow it to better understand the geometry and size of both the bulk tonnage potential and the higher grade zones. This new drilling will provide fill-in gold assay information to aid in this evaluation.
Additionally, two holes are planned to expand on a new gold discovery to the north of the Afric Zone. Drilling in June, 2013, intersected a new high-grade gold system, returning an average grade of 5.23 g/t gold over 6.00 metres at a vertical depth of less than 15 metres, including 19.20 g/t gold over 1.50 metres. A quartz vein containing multiple grains of visible gold was encountered lower in the same hole, and returned 8.85 g/t gold over 1.00 metre (see press release dated July 18, 2013). Both these shallow, high-grade intercepts are located in an area of sparse testing between the Afric Gold Zone and the former producing high-grade Northshore mine. Early interpretation suggests that these zones trend parallel to the Northshore Mine vein system and are open for lateral and vertical expansion.
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 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. (BAR.TO) whereby GTA can earn up to a 70% interest. Secondly, GTA recently completed trenching and a 400 metre drill program under 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 1748 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets. GTA has 26,731,855 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.
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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.