Oct 23 2013
GTA Resources and Mining Inc. announces the resumption of diamond drilling at its flagship Northshore Property located in the Hemlo-Schrieber greenstone belt in Ontario. This latest program will consist of approximately 1000 metres of drilling and will target both the Afric Gold Zone and an area of high grade gold-quartz veins located between the Afric Zone and the Northshore Mine vein system.
Since optioning the Northshore Property from Balmoral Resources Ltd. (TSX:BAR) in September, 2011 (News Release - July 27, 2011), GTA has completed a total of 47 holes (10,537 metres) in four different campaigns. This drilling has focused on the Afric Gold Zone which has been outlined over an area of 500 x 350 metres and to a vertical depth of 350 metres, remaining open at depth and to the northeast. GTA is continuing its evaluation of the Afric Gold Zone potential by compiling the drill hole data into a model that will allow it to better understand the geometry and size of both the bulk tonnage potential and the higher grade zones. This new drilling will provide fill-in gold assay information to aid in this evaluation.
Additionally, two holes are planned to expand on a new gold discovery to the north of the Afric Zone. Drilling in June, 2013, intersected a new high-grade gold system, returning an average grade of 5.23 g/t gold over 6.00 metres at a vertical depth of less than 15 metres, including 19.20 g/t gold over 1.50 metres. A quartz vein containing multiple grains of visible gold was encountered lower in the same hole, and returned 8.85 g/t gold over 1.00 metre (see press release dated July 18, 2013). Both these shallow, high-grade intercepts are located in an area of sparse testing between the Afric Gold Zone and the former producing high-grade Northshore mine. Early interpretation suggests that these zones trend parallel to the Northshore Mine vein system and are open for lateral and vertical expansion.
The planning, execution and monitoring of GTA's exploration programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P. Geo. (Ontario), VP Exploration of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data. Mr. Duess has also reviewed and approved this release.
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 exploration 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:BAR) whereby GTA can earn up to a 70% interest. Secondly, GTA recently completed trenching and a 400 metre drill program under an option agreement with Metals Creek Resources Corp. ("MEK") to earn up to a 70% interest in the Squid East Property in the White Gold District, Yukon. The third 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