Press Release – July 11 2012 – GTA Expands Gold System on Northshore Property
- Multiple occurrences of gold mineralization in all holes
- Gold mineralization extended laterally and at depth
- Broad zones of gold mineralization
(Burlington, July 11, 2012) GTA Resources and Mining Inc. (TSXV “GTA”) announces results from drill holes WB-12-15 to WB-12-20 of the Phase 2 drilling recently completed on the Northshore Property. The property is located in the Hemlo – Schreiber greenstone belt of northwestern Ontario, approximately 200 km east of Thunder Bay, and 70 km west of Hemlo.
The phase 2 drilling program consisted of 8 holes (2,431 metres) and commenced in March 2012 as follow up drilling to the results obtained from the fall 2011 drilling (see press release dated Feb 14, 2012). The first 2 holes (WB-12-13 and WB-12-14) of the program were completed prior to spring break, and results from these holes were reported in April (see press release April 18, 2012). The balance of drilling was completed by mid-May, and included drill holes WB-12-15 to WB-12-20.
Results are highlighted by:
- hole WB-12-18 which returned an averaged grade of 1.09 g Au/t over a core length of 90.50 metres,and a high grade vein grading 44.2 g/t Au over 0.5 metres;
- hole WB-12-15, returning an average grade of 0.90 g/t Au over a core length of 143 metres including four separate one metre intercepts ranging from 8.98 to 18.2 g/t Au;
- hole WB-12-17 which returned 82 metres of 0.53 g Au/t, including two separate half metre intercepts of over 13 g Au/t, and;
- hole WB-12-20, the most easterly hole drilled, extended the lateral extent of gold mineralization to 275 metres in an east – west direction.
All holes intersected widespread sections of quartz, carbonate, pyrite, tourmaline, sericite, (and localized potassic) altered felsic to intermediate intrusive and high level intrusive (porphyritic) rocks. Termed the “Afric Zone”, these rocks are structurally deformed exhibiting brittle deformation and fracturing and host quartz and quartz carbonate veins, veinlets, stringers and fracture infillings. These fracture infillings are mineralized with pyrite and with minor to trace amounts of chalcopyrite, sphalerite, galena, and molybdenite. Multiple occurrences of visible gold were observed in drill core from each of the holes.
A detailed summary of results is shown in the following table.
* Width as shown represents core lengths as insufficient drilling has been completed to determine true
** High-grade values are cut to 28.79 g/t gold, representing the 99th percentile of all drill core assay values
obtained from the 2011 drill program
Based on ongoing geological, structural and mineralogical examinations of the Northshore Property GTA believes that the “Afric Zone” is hosted within a large felsic intrusive – porphyry system termed the “Afric Intrusive Complex”. GTA further believes that this “Afric Intrusive Complex” represents a porphyry system capable of hosting not only high grade gold bearing quartz veins, but also a bulk tonnage, low to medium grade gold system. Of particular interest, WB-12-19 and WB-12-20 (both drilled at -50° in a southeasterly direction) are the most westerly and easterly (respectively) holes drilled by GTA. Significant widespread gold mineralization encountered in these holes suggests that the gold mineralization of the “Afric Zone” spans a distance of at least 275 metres in an east-west direction. Furthermore, results from drill hole WB-12- 18 demonstrates that the Afric Zone gold mineralization extends to a depth of over 300 metres vertically below surface. The limits of the gold mineralization associated with the Afric Zone remain undetermined in all directions.
Updated plan maps showing drill hole locations and traces can be viewed on the Company’s website gtaresources.com.
“GTA continues to deliver strong results in the field, while responsibly managing shareholders’ capital,” stated Peter M. Clausi, President and CEO of GTA. “We are very excited by the increased area of the gold system, and the ongoing consistency of the mineralization throughout Northshore. Northshore is a relatively low-cost exploration project which we intend to continue to expand with Phase 3 drilling”.
As disclosed on June 6, 2012, GTA has had prepared a NI 43-101 compliant technical report (the “Report”) dated May 22, 2012. The author of the Report is Minorex Consulting Ltd., with J. Douglas Blanchflower, P.Geo. as the Consulting Geologist. The Report concludes, “It is the author’s opinion that the Northshore property has very good exploration potential for both lode and bulk tonnage gold mineralization and further work is warranted.” Mr. Blanchflower recommended a two-phase multi-million dollar exploration program in and around the Afric Zone.
Prospecting and geologic mapping is continuing on the property, and the next phase drill program is expected to commence in mid to late August. Management believes the results from Phase 2 support Mr. Blanchflower’s conclusion and recommendations. As a result, further drilling will focus on determining the potential size, scope and grade of gold mineralization hosted within the Afric Intrusive Complex.
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 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 is exploring two gold projects, the Northshore Property, near Schreiber, Ontario, and the Auden Property 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 Property under the terms of an option agreement announced June 28, 2011. The Company owns a 100% interest in the Auden Property, which consists of over 1,500 claim units, and covers virtually an entire underexplored greenstone belt on strike with the prolific Geraldton-Beardmore gold camp.
GTA has 24,831,855 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
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.