GTA Reports Gold Results From Phase Three Drill Program at Northshore
08 Janvier 2013 - 1:00PM
Marketwired Canada
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:
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Hole Hole Depth From To Interval Grade
Number (metres) (metres) (metres) (metres) g/t gold
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WB-12-28 (-50 degrees) 287.0 24.0 41.0 17.0 0.32
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- including 24.0 25.0 1.0 1.82
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WB-12-29 (-50 degrees) 350.0 9.2 84.0 74.8 1.12
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- including 28.0 56.0 28.0 2.00
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- including 42.0 42.5 0.5 25.3
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229.0 287.0 58.0 1.54
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- including 237.5 282.0 44.5 1.95
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- and 236.0 239.0 3.0 9.15
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- and 237.5 238.0 0.5 50.90
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- and 268.0 285.0 17.0 3.25
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- including 270.0 275.0 5.0 9.78
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- including 270.0 270.5 0.5 50.90
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- and 274.0 275.0 1.0 20.10
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WB-12-30 (-50 degrees) 326.0 5.0 48.0 43.0 1.02
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- including 12.0 20.0 8.0 4.58
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- and 176.0 181.0 5.0 1.93
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- and 275.0 276.0 1.0 14.50
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WB-12-31 (-50 degrees) 344.0 143.0 198.0 55.0 0.83
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- including 143.0 157.0 14.0 1.32
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- including 146.5 147.0 0.5 20.60
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- including 197.0 198.0 1.0 15.80
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WB-12-32 (-50 degrees) 444.0 231.0 244.0 13.0 1.00
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- and 337.0 348.5 11.5 1.26
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- and 368.0 369.0 1.0 9.91
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- and 419.8 432.0 12.2 1.02
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WB-12-33 (-50 degrees) 563.0 421.0 489.0 68.0 1.37
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- including 421.0 430.0 9.0 5.94
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- including 421.0 425.0 4.0 12.16
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- including 423.5 424.0 0.50 66.50
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WB-12-34 (-50 degrees) 215.0 61.1 83.0 21.9 0.96
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- including 74.0 83.0 9.0 2.01
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- including 74.0 76.0 2.0 6.96
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WB-12-35 (-50 degrees) 449.0 62.0 63.0 1.0 4.11
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- and 413.0 429.0 16.0 1.06
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- including 414.0 416.0 2.0 2.76
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(i) 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."
QA/QC
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.
About GTA
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
GTA Resources and Mining Inc.
Wayne Reid
President and CEO
709 699 1733
www.gtaresources.com
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