Press Release – April 18 2012 – GTA Extends Gold Mineralization
GTA EXTENDS GOLD MINERALIZATION ON NORTHSHORE PROPERTY
(Burlington, Ontario April 18, 2012) GTA Resources and Mining Inc. (TSXV “GTA”) announces results from the first two holes of the Phase 2 drilling program on the Northshore Property located in the Hemlo-Schreiber greenstone belt of northwestern Ontario. Highlights include:
- Afric Zone returns values of 1.41 g/t gold over a core length of 240 metres, including bonanza grades of 132 g/t gold over 0.5 metres and 120 g/t gold over 0.5 metres.
- Caly Vein System returns values of 7.82 g/t gold over a core length of 12.0 metres.
- Recent Drilling extends Afric Zone over 200 metres along strike and to a vertical depth of 190 metres.
The phase 2 drilling program, which will consist of approximately 10 to 12 holes (2,500 metres), commenced in March 2012 as follow up to the exceptional results obtained in the fall 2011 drilling program (see press release dated 14 Feb 2012). The first 2 holes (WB-12-13 and WB-12-14) of the current program were completed prior to spring break-up and both holes returned significant gold values, of up to 1.41 g/t gold over a core length of 240 metres.
Hole WB-12-14, the last hole completed before drilling was temporarily suspended due to spring break up, was collared 40 m to the southeast of holes WB-11-11 and WB-11-12. Holes WB-11-11 and 12 were completed in the fall of 2011, and both intersected broad, high gold values, including 3.21 g/t gold (uncapped) over a core length of 149.50 metres (see press release dated 14 Feb 2011). Designed as a stepback to these holes, hole WB-12-14 extends the lateral and vertical extent of the Afric Zone and furthermore demonstrates the continuity of the high grade Caly and Audney Vein Systems. The Caly and Audney vein structures are two of several gold mineralized quartz veins which comprise the broad Afric Zone.
WB-12-14 returned an average grade of 1.41 g/t gold (uncapped) over a core length of 240.0 metres and represents the broadest intersection of gold mineralization to date from the Afric Zone. The higher grade Caly Vein System, intersected near the top of the hole, returned an average grade of 3.15 g/t gold over a core length of 81.5 metres, including 7.82 g/t gold over a core length of 12.0 metres.
WB-12-14 intersected a late stage north trending diabase dike (post mineralization) at a depth of 248 metres, and the hole was terminated in diabase at 401.0 metres. It is unclear at this time if the Afric gold system continues on the western side of this dike.
Hole WB-12-13 was drilled in a southeasterly direction and collared approximately 80 m to the northeast of the Caly vein outcropping. This hole, drilled to test the lateral strike extent of the Afric Zone, returned a broad intersection of 0.77 g/t gold over a core length of 80.0 metres, including a high grade section of 4.27 g/t gold over a core length of 8.0 metres. With this drilling, the Afric Zone has now been extended to over 200 metres along strike.
The Phase 2 drilling program is continuing and drill holes WB-12-15 and WB-12-16 have just recently been completed. These holes are collared 25 m apart, inclined at -62° and were designed as infill holes, located between the Audney and Caly Vein Systems. Both holes intersected the same geology and style of mineralization, alteration and deformation as previous holes drilled in the immediate area. Furthermore, multiple occurrences of visible gold mineralization have been observed in these holes.
A detailed summary of results from holes WB-12-13 and WB-12-14 is shown in the following table.
* Width as shown represents core lengths as insufficient drilling has been completed to determine true thicknesses.
** For reporting purposes of the broad intercepts, the high-grade intervals encountered in both holes were capped at 28.79 g/t gold, representing the 99th - percentile of all drill core sample assay results obtained from the current program.
Updated plan maps and idealized cross sections are available on the Company’s website at gtaresources.com.
“Based on current interpretations, the size, scope and grade of gold mineralization associated with the Afric Zone appear significantly better than we expected”, stated Peter M. Clausi, President and CEO of GTA. “These are exciting times for GTA shareholders, and we anticipate that further drilling at Northshore will add even more value to the Company.”
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 Mississauga, 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 publicly traded mineral exploration company focused on gold exploration in Canada. The Company is governed by an experienced and successful team consisting of management, directors, and technical advisors.
GTA currently has two gold projects, the Northshore project, near Schreiber, Ontario, and the Auden project near Hearst, Ontario. GTA has an option agreement with Balmoral Resources Ltd. (“BAR”) whereby GTA can earn up to a 70% interest in the Northshore Project. The Company owns a 100% interest in the Auden project, which consists of over 1,500 claim units, and covers virtually an entire greenstone belt.
GTA has 24,633,921 shares outstanding of which insiders control over 40% 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
First Canadian Capital Corp. – Dan Boase
416-742-5600 ext 232
Toll free: 1-866-580-8891
For more information, please visit the corporate website at gtaresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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 forwardlooking 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.