GTA Resources and Mining Inc.: Silver Results Enhance New Gold Discovery on Squid East Property in the White Gold District, Yukon
BURLINGTON, ONTARIO--(Marketwired - Sep 12, 2013) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to announce that final assay results for silver have been received for trench samples from its Squid East Project in the Yukon. A previous release (see press release dated 06 August 2013) had outlined the gold results from the "Exploits Zone" trench, however the silver results were delayed. The recent results show the new zone to have significant silver mineralization with a final composite across the zone of 1.96 grammes per tonne (g/t) Au and 160.5 g/t Ag over 22 meters. This trench also contained a higher grade zone of 6.39 g/t Au and 513.5 g/t Ag over 4.0 meters.
The trenching program focused on a strong northwest trending gold plus pathfinder element soil anomaly. Bedrock mapped in the trenches consisted of heavily bleached and weathered broken rock which is considered to be in place and is typical for the White Gold district. The host rock to the gold mineralization consists of sericite schist with local quartz veining, and local hematite alteration. A follow-up drill program consisting of 428 meters in four holes has recently been completed, however assays are pending.
All chip samples were sent to Acme Analytical Laboratories Ltd located in Vancouver, B.C. The precious metals assays were analyzed utilizing a standard fire assay with an atomic absorption finish and lead assays were fire assay with ICP finish.
GTA can earn an initial 51% interest in the Squid East property from Metals Creek Resources Corp. ("MEK") and can increase its interest to 70% as previously announced in a press release dated 12 January 2013. MEK will be the operator during the initial earn-in period.
The Squid East property was initially staked in February, 2011 and is located proximal to the Matson Creek placer gold operations, approximately 90km southwest of Dawson City. A four wheel drive access road and airstrip service the placer camp and the current field work availed of the placer camp airstrip, accommodations and equipment to help carry out the program. A six km access trail was completed from the Matson Creek four wheel drive road to the target area, making access more cost effective.
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 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 VENTURE:BAR) whereby GTA can earn up to a 70% interest. Secondly, GTA recently completed 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 adjacent to Zenyatta Ventures Ltd., and consists of 1718 claim units covering virtually an entire greenstone belt and hosting a number of graphite, gold, base metal and PGE targets.
GTA has 25,731,855 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.