GTA Reports Gold Resource Estimate for the Afric Zone, Northshore
Property
BURLINGTON, ONTARIO--(Marketwired - Jun 10, 2014) - GTA Mining
and Resources Inc. ("GTA" or the "Company") (TSX-VENTURE:GTA)
reports the results of an initial National Instrument 43-101 ("NI
43-101") mineral resource estimate for the Afric Zone on the
Northshore Property located near Schreiber, Ontario, Canada. The
Property is located in Priske Township, approximately 200 km east
of Thunder Bay, and 100 km west of Hemlo, Ontario.
HIGHLIGHTS INCLUDE: (using a cutoff grade of 0.50 grams gold
per tonne)
- Indicated Category: 391,000 ounces gold in 12,360,000 tonnes at
a grade of 0.99 g/t gold
- Inferred Category: 824,000 ounces gold in 29,580,000 tonnes at
a grade of 0.87 g/t gold
- All resources are open for expansion
The mineral resource estimates have been prepared by Mr. Gary
Giroux, MASc., P.Eng. of Giroux Consultants Ltd., Vancouver,
British Columbia, and Mr. Doug Blanchflower, P. Geo., of Minorex
Consulting Limited, Aldergrove, British Columbia. Both Messrs.
Giroux and Blanchflower are qualified persons, and are independent
of GTA.
The resource estimate is based on a drilling database including
a total of 13,777 samples from 100 diamond drill holes,
representing approximately 19,448 metres of drilling. The drilling
includes surface holes completed from the 1990s through 2013. Of
these, 53 drill holes totaling 13,000 metres were completed by GTA
from 2011 to 2013. The mineral resource is constrained by
wireframes of the favourable host lithologies. Both the indicated
and inferred resources were calculated using the GTA holes, as well
as the historical data, which included drill holes completed since
1990. Some of the historic holes were not under the same "QA - QC"
scrutiny as the GTA drilling programs. Gold grades were
interpolated into 10-by-10-by-5-metre blocks using a combination of
ordinary kriging ("OK") and indicator kriging ("IK") estimation
methods.
Further details of the resource estimate, including inferred and
indicated categories, and using cut-off grades ranging from 0.20 to
1.20 g/t gold are summarized in the following tables.
|
INDICATED RESOURCES (Afric Zone) |
|
Cut Off Grade (g/t Au) |
Tonnage |
Gold Grade (g/t) |
Contained Ounces |
0.20 |
27,980,000 |
0.61 |
549,000 |
0.50 |
12,360,000 |
0.99 |
391,000 |
0.80 |
6,650,000 |
1.28 |
275,000 |
1.20 |
2,560,000 |
1.78 |
147,000 |
|
INFERRED RESOURCES (Afric Zone) |
|
Cut Off Grade (g/t Au) |
Tonnage |
Gold Grade (g/t) |
Contained Ounces |
0.20 |
63,490,000 |
0.58 |
1,184,000 |
0.50 |
29,580,000 |
0.87 |
824,000 |
0.80 |
12,090,000 |
1.22 |
472,000 |
1.20 |
4,210,000 |
1.73 |
233,000 |
|
MINERAL RESOURCE NOTES AND PARAMETERS |
|
- A top cut of 180 gpt was applied to Au assays before
compositing (only 2 samples were above the cap grade).
- Mineral resources which are not mineral reserves do not
have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, socio-political, marketing, or other relevant issues.
Mineral resource estimate figures may not total due to rounding
issues.
- The quantity and grade of reported inferred mineral
resources in this estimation are uncertain in nature and there has
been insufficient exploration to define these inferred resources as
an indicated or measured mineral resource and it is uncertain if
further exploration will result in upgrading them to an indicated
or measured mineral resource category.
- The mineral resources in this press release were estimated
using the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM), CIM Standards on Mineral Resources and Reserves, Definitions
and Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council November 27, 2010.
- Resources were estimated using 2.5-metre composites within
a Block Model with block dimensions of 10x10x5m, and using a
combination of ordinary kriging ("OK") and indicator kriging
("IK") grade interpolation method. Seven
overlapping grade intervals were identified within the block model.
The lower and higher grade mineralized intervals were subdivided at
a statistically-determined grade of 1.4 gpt gold. Without
comprehensive metallurgical results, recoveries were assumed to be
100%.
- Mineral resources were classified as Indicated if estimated
in the first two passes using search dimensions up to 1/2 the
semivariogram range. A minimum of four composites from at least two
different holes were required within the search ellipse to estimate
a block. All other blocks were classified as Inferred.
GTA is encouraged with this initial resource estimate as it not
only exceeds management's expectations, but it also exceeds the
historical resources estimated by Noranda Explorations in the early
1990's. The above table shows both indicated and inferred gold
mineral resources for the Afric Zone at various incremental gold
cut-off grades. The cut-off grade of 0.50 gpt gold was highlighted
as it is believed that this value represents a reasonable cut-off
grade for exploiting a bulk tonnage gold deposit, such as the Afric
Zone, located in northern Ontario with excellent existing
infrastructure. The table also shows a cut-off grade of 0.20 gpt
gold with an estimated contained inferred mineral resource of over
1.1 million ounces of gold (63,490,000 tonnes grading 0.58 gpt) and
an indicated resource of over 0.5 million ounces gold (27,980,000
tonnes grading 0.61 gpt). These results clearly show that the Afric
Zone is a significant, large intrusive-related gold system with a
higher grade inner gold zone.
Gold mineralization within the Afric Zone is hosted within
widespread sections of quartz carbonate, pyrite, tourmaline,
sericite, (and localized potassic) altered felsic to intermediate
intrusive and porphyritic rocks. These rocks exhibit brittle
deformation and fracturing, and host quartz and quartz carbonate
veins, veinlets, stringers and fracture infillings. These fracture
infillings are mineralized with pyrite, with minor to trace amounts
of chalcopyrite, sphalerite, galena, and molybdenite. Multiple
occurrences of visible gold were observed in drill core from many
of the holes drilled by GTA.
"We are very pleased with these initial resource estimates, as
the data further strengthens our confidence in the Afric Zone, and
allows us to advance to the next stage of evaluating options
regarding exploiting the deposit," stated Wayne Reid, President and
CEO of GTA. "This is the first time that a NI 43-101-compliant
resource has been estimated on the Afric Zone, and we were able to
complete this maiden resource in just over 2 years from the
commencement of our initial drill program. Going forward, we will
focus on expanding the zone and scoping out the economic potential
of both the bulk tonnage Afric Zone and the near surface higher
grade mineralization within the central part of the zone."
A copy of the full mineral resource estimate will be available
in a NI 43-101-compliant report on the SEDAR website within 45 days
of this press release. That report is being prepared by Doug
Blanchflower, P.Geo. of Minorex Consulting Limited and Gary Giroux,
MASc., P.Eng. of Giroux Consultants Ltd. The mineral resource
estimates, which are effective today, are based on geological
interpretations and data provided by the Company. Gary Giroux is an
"independent qualified person" for the purposes of NI 43-101
Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators and has verified the mineral resource
data disclosed in this release. Doug Blanchflower, P.Geo., of
Minorex Consulting Ltd. and an 'independent qualified person" for
the purposes of NI 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators, has verified
the sampling procedures and QA/QC data delivered to Giroux
Consultants Ltd., and is of the opinion that the data are of good
quality and suitable for use in the mineral resource estimates.
GTA's 2013 drill program also confirmed the presence of high
grade gold mineralization in a vein system north of the Afric Zone,
and south of the main Northshore Vein (underground workings). This
recently discovered vein, termed the "Gino Vein", has not been
included in the 2014 resource estimates.
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. Messrs. Giroux and Blanchflower
approved the disclosure of the technical information contained in
this press 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
currently has three 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. Secondly, 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. The third project, the Ivanhoe
Property, is comprised of 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.
GTA is a tightly held company having only 26,931,855 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
For more information, please visit the corporate website at
www.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 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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