GTA Updates Progress on the Auden Graphite Project; Identifies Three Priority EM Targets
15 Januar 2014 - 6:09PM
Marketwired
GTA Updates Progress on the Auden Graphite Project; Identifies
Three Priority EM Targets
BURLINGTON, ONTARIO--(Marketwired - Jan 15, 2014) - GTA
Resources and Mining Inc. (TSX-VENTURE:GTA) announces the
continuation of its graphite exploration program on the Auden
Property, located northwest of Hearst, Ontario. A drill program,
which commenced in mid December, was temporarily postponed to allow
for the Christmas break and for more effective frost conditions
allowing better access to other target areas. Prior to the
Christmas break, one hole totaling 70 metres was completed
targeting a weak EM anomaly located in the west central portion of
the property and easily accessible from existing roads. The hole
intersected a clay filled fault zone near the interpreted conductor
axis, however, no graphite was encountered.
Ground geophysics is continuing and has resulted in the
delineation of three additional isolated Electro-Magnetic (EM)
conductors in the central "Hockey Puck" target area. The anomalies
can be described as isolated, moderately strong bedrock conductors,
and all are located within or proximal to the southern extension of
the alkaline intrusive complex that hosts Zenyatta's Albany
graphite deposits. All three anomalies appear to be non-magnetic,
are accessible by winter trail and will be the initial focus once
drilling resumes later this month. GTA is continuing its ground
geophysical program of locating and evaluating the EM conductors
identified from the airborne surveys and anticipates drill testing
the priority targets as weather allows.
"The Auden Property has taken on a much higher priority for GTA
since mid 2013 and we look forward to starting up the drill again
in late January," stated GTA President Wayne Reid. "The ground
geophysics is continuing to identify additional targets and as the
work progresses, the quality of conductors appears to be improving.
This is demonstrated by the recently identified EM targets
described above, whose potential is also enhanced by their
proximity to the carbonatite/alkaline complex associated with
Zenyatta's discoveries. Our understanding of the parameters
associated with this new type of graphite deposit is limited and we
expect a few surprises going forward."
GTA is the largest land holder in the emerging graphite "camp"
and holds the mineral rights to over 69,000 acres. The Albany
graphite deposits, located 5.5 km north of GTA's property, were
initially discovered by Zenyatta, while testing electromagnetic
(EM) targets, and have been described as breccia pipes (diatremes)
with dimensions in the order of 200 m by 400 m. GTA's management
and geological consultants believe that the graphite breccia pipes
that exist on Zenyatta's Albany Project are similar to kimberlite
pipes and are likely to occur in clusters along structural
corridors that may extend onto GTA's Auden Property.
Previous work by GTA has identified a number of electromagnetic
anomalies (conductive zones), on the Auden Property from an
in-house airborne geophysical survey which was recently extended to
cover the entire property. The anomalies are the focus of the
current exploration program. Most targets are accessible via
existing logging roads and bush trails originating from Hwy 11
located 15 km to the south. An Ontario exploration permit is in
place and a recently signed exploration agreement with Constance
Lake First Nation allows for a co-operative continuous field
program to evaluate the graphite potential on the Auden
Property.
Robert Duess, P. Geo, VP Exploration for GTA and a qualified
person as defined in National Instrument 43-101, is responsible for
this release, and supervised the preparation of the information
forming the basis for this release.
About GTA
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 and graphite exploration in Canada. GTA
currently has two 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. The second 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
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 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.
GTA Resources and Mining Inc.Wayne ReidPresident and CEO709 699
1733www.gtaresources.com
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