GTA Options the Ivanhoe Property, Foleyet Area, Ontario and Updates Winter Drill Program at the Auden Property
30 April 2014 - 2:22PM
Marketwired
GTA Options the Ivanhoe Property, Foleyet Area, Ontario and Updates
Winter Drill Program at the Auden Property
BURLINGTON, ONTARIO--(Marketwired - Apr 30, 2014) - GTA
Resources and Mining Inc. (TSX-VENTURE:GTA) announces that it has
entered into an option agreement to earn a 100% interest in the
Ivanhoe Property, a large land package near the town of Foleyet in
northern Ontario. The 94.6 sq. km. property is located between
Probe Mines Limited's new gold discovery at Borden Lake and the
prolific Timmins Camp. A location map can be found at
www.gtaresources.com.
The optioned claims are located approximately 75 km east of
Probe Mines Limited's Borden Lake Gold Zone which contains a
pit-constrained Indicated Resource of 3,686,000 ounces of gold
averaging 1.02 g/t Au and an additional Inferred Resource of
625,000 ounces of gold averaging 1.08 g/t Au
(www.probeminerals.com). Probe has recently completed a winter
drill program which was targeting on expanding this resource and in
particular outlining a high grade sub-zone internal to the larger
resource.
Geologically, the Ivanhoe Property is located in the western
portion of the Swayze Greenstone belt, proximal to the Kapuskasing
High metamorphic terrain. It is underlain by rocks typical of the
Timmins gold camp, and includes variably altered and deformed mafic
and ultramafic volcanic rocks, intermixed with Timiskaming-type
conglomerates and porphyry intrusives. The Destor Porcupine Fault
Zone, which is spatially associated with the prolific Timmins Gold
camp, has been interpreted to extend across the Ivanhoe
Property.
The most significant gold mineralization in the immediate area
of the Ivanhoe Property is the Joburke Gold Mine which is
surrounded by the claims. Past production from Joburke is reported
at 450,000 tonnes at 3.58 g/Au/t (Ontario MNDM). Previous work on
the GTA claims has outlined a number of gold occurrences, gold-in
soil anomalies and gold alteration trends which will be the focus
of GTA's initial exploration. Additionally the area has been the
focus of a recent airborne geophysical survey sponsored by the OGS
(Ontario Geological Survey), resulting in an excellent data base.
Ivanhoe is accessible by a major highway, by railway, and by forest
access roads.
Pursuant to the terms of the option agreement, GTA can earn a
100% interest in Ivanhoe by making staged cash payments totaling $
260,000 over five years, share issuances totaling 1,000,000 common
shares over 5 years, and incurring minimum exploration expenditures
of $ 250,000 over two years. The optionors will retain a 3% Net
Smelter Royalty, half of which can be purchased for $1,500,000.
This agreement remains subject to regulatory approval.
"The Ivanhoe option represents a great opportunity to add
another high-quality gold project to GTA's Ontario precious metal
portfolio. We are very excited to have acquired the Ivanhoe
Property as it has great potential to host significant gold
mineralization", commented Wayne Reid, CEO and President of GTA. "A
number of recent multi-million ounce discoveries have been made in
the Swayze Greenstone Belt including Probe Mineral's Borden Lake
deposit and IAMGOLD's Cote Lake deposit. This area is one of the
most active in Canada right now and we look forward to completing
the compilation and initiating an exploration program this
summer."
Auden Property: The initial drill program has now been completed
on the Company's Auden graphite property located near Hearst,
Ontario. A total of 10 holes (1217 meters) were drilled, targeted
on six EM (electro-magnetic) anomalies located in the west central
portion of the property. These EM anomalies were first identified
in a recently completed airborne survey, and subsequently verified
with a ground geophysical surveying. No graphitic horizons were
encountered. The Auden property hosts several other EM anomalies
which are currently being evaluated. Further drilling is expected
to commence this fall.
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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