GTA Commences Drilling at the Auden Graphite Project
Initiates Calculation of a NI-43-101-Compliant Mineral Resource
Estimate at the Northshore Gold Project
BURLINGTON, ONTARIO--(Marketwired - Feb 11, 2014) - GTA
Resources and Mining Inc. (TSX-VENTURE:GTA) is pleased to provide
an update on its exploration programs at both the Auden Graphite
and Northshore Gold projects.
Auden Graphite - Diamond drilling has commenced at GTA's Auden
graphite project initially targeting three isolated electromagnetic
(EM) conductor targets located in the central "Hockey Puck" area.
These anomalies are characterized as isolated, moderate to strong
bedrock conductors, and all are located within or proximal to the
southern extension of the alkaline intrusive complex that hosts
Zenyatta Ventures Ltd.'s Albany graphite deposits. All three
anomalies appear to be non-magnetic, are accessible by winter
trail, and have not been previously drill tested. GTA is also
continuing its ground geophysical program of locating and
evaluating several other EM conductors identified from the airborne
surveys and anticipates further drill testing as these priority
targets are outlined.
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.
An Ontario exploration permit is in place and an exploration
agreement with Constance Lake First Nation allows for a
co-operative continuous field program to evaluate the graphite and
other mineral potential on the Auden Property.
Northshore Gold - Consulting geologists, Doug Blanchflower, P.
Geo of Minorex Consulting Limited., and John Reddick, P. Geo. of
Reddick Consulting Inc., have been retained to complete a NI
43-101- compliant mineral resource estimate for the Afric Zone on
GTA's Northshore Gold Property. GTA has now completed a total of 52
holes, totaling 11,390 metres, and has identified the Afric Zone as
an intrusive-related porphyry style gold system. The drilling
completed by GTA has delineated the gold zone over a surface area
of approximately 500 by 350 metres, to a depth of 350 metres
beneath the surface and containing a shallow, central higher grade
sub-zone. GTA's drill data, combined with results from previous
operators, is currently being evaluated and modeled by Messrs.'
Reddick and Blanchflower, who have a wealth of expertise in mineral
exploration and mineral resource estimation. This will be the first
NI 43-101 Technical Report for the Northshore Gold Project that
contains a mineral resource estimate in accordance with CIM
standards. GTA expects the work to be completed by March 2014.
The Northshore project is subject to an option agreement with
Balmoral Resources Ltd., whereby GTA can earn an initial 51%
interest. GTA has made all of the shares and cash payments and GTA
fully expects to earn a 51% interest in 2014. GTA can then elect to
earn up to a 70% interest in the Northshore by making additional
cash payment of $ 100,000, issuing 1,000,000 common shares, and
incurring additional exploration expenditures of at least $ 3.0
million.
In other news, GTA announces the resignation of Peter M. Clausi
as a director of the company. Peter was instrumental in the
formation of GTA and has been involved in the management of the
company since its inception. Peter will continue on as an officer
of the company as EVP Corporate Development and General
Counsel.
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 exploring for gold and graphite in Canada.
GTA is a tightly held company having only 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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