Sep 23 2014
GTA Resources and Mining Inc. is pleased to announce that a program of prospecting and drill core sampling is in progress on its Ivanhoe Property located near the town of Foleyet in northern Ontario. The 100 sq. km. (616 claim units) property is located between Probe Mines Limited's new gold discovery at Borden Lake and the prolific Timmins Gold Camp.
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. GTA interprets the western extension of the Destor Porcupine Fault Zone to extend across the Ivanhoe Property. The north part of the Property is underlain by the Slate Rock Lake deformation zone and associated porphyries.
Two areas of anomalous gold mineralization are known from previous work carried out on the Property in the 1980s but are poorly documented in the existing Ontario MNDM assessment file data base. The Utah Gold Zone was discovered in 1986 by Utah Mines Limited while testing an induced polarization chargeability anomaly. The zone is described as a highly sheared, siliceous carbonate sericite zone containing pyrite and arsenopyrite mineralization over widths up to 20 meters. The second zone, Slate Rock Porphyry, located 5 km west of the Utah zone mineralization, exhibits porphyry style mineralization over a 150 meter core width and was drill tested by B.P. Resources Limited in 1986. Both zones are completely open and appear to be traceable with existing ground geophysical data.
GTA has located drill core from the 1986 drilling in the Timmins core library and it has been made available for additional sampling by GTA. This sampling consists of both quarter splitting previously sampled core and half splitting core that was previously not sampled. One hundred and forty-three (143) split core samples from the historic drill holes have been sent for gold analysis and results are pending.
GTA has also begun field work at Ivanhoe, which to date has focused on prospecting along the north part of the Property. A total of 123 prospect samples have been sent for gold analysis and results are pending. The prospecting/sampling program is continuing. Results will be reported as they are received.
GTA is fully funded for this prospecting and drill core sampling program, having raised flowthrough funds earlier this fall (see GTA's press release of August 5, 2014).
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 30,906,855 shares outstanding of which insiders control approximately 22% 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
Source: http://www.gtaresources.com/