GT Resources Announces Diamond Drilling Underway on the Canalask Nickel-Copper Project
Toronto, July 8, 2024 - GT Resources Inc. (TSXV: GT) (OTCQB: CGTRF) (FSE: 7N1) (the "Company" or "GT Resources") is pleased to announce drilling of the Electromagnetic ("EM") targets at the Canalask Nickel-Copper Project is now underway.
"The first drill hole is well underway and is targeting a ~1000m x 400m EM Maxwell plate in the feeder dyke, proximal to the Historic Resource Estimate containing 1.35% nickel in 400kt (while abundant, copper was not historically reported). Given the strong EM response that we have, our target is massive sulphide (copper-nickel) mineralization in the main body of the feeder dyke," stated Derrick Weyrauch, President and CEO.
Plans include drilling up to 2,000 meters plus conducting downhole EM surveys to locate massive nickel-copper sulphide mineralization (see news release January 16, 2024).
Figure 1 - Drill setup on the first drill pad of the 2024 drill program.
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Figure 2 - Drill setup on the first drill pad of the 2024 drill program.
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Exploration Target
The "White River Intrusive Complex" (WRIC) is a favourable setting for magmatic nickel-copper sulphide mineralization and is considered a "feeder system" with a high volume of magma flow. As evidenced by the abundance of magmatic Ni-Cu-PGE showings at the base of the WRIC and the discovery of the nickel-rich Canalask footwall deposit, the project hosts strong potential for both "magmatic feeder-type" basal deposits and "epigenetic footwall-type" footwall deposits. The geological setting draws comparison to the world-class Norilsk Ni-Cu-PGE camp.
Figure 3. Isometric view new looking southwest of the modelled ultramafic dyke (purple) and modelled Maxwell plate (yellow) from the 2023 ground EM survey and position of historic drill holes including VQ-7 which is located near the upper northeast corner of the plate. Insert map in the upper left is a stylized cross section illustrating the exploration target consisting of massive magmatic sulphides located at the base of the ultramafic dyke.
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Canalask Historical Resource Estimate
Readers are cautioned that the Company has not attempted to verify the historic mineral resource estimate and therefore readers should not place any reliance on the historical estimate. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as current mineral resource.
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.
About GT Resources Inc.
With a focus on climate change risks and opportunities, GT Resources Inc.'s (TSXV: GT) strategy is to discover and ultimately produce critical Green Transportation Metals, including but not limited to sulphide nickel, copper, palladium, platinum and cobalt. A Canadian mineral exploration and development company, GT Resources is advancing district scale deposits in Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Our strategy includes delivering Net-Zero Greenhouse Gas ("GHG") emissions considering the full life cycle of exploration, development, mining activities and that of the metals we strive to produce.
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ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email: info@gtresourcesinc.com
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of GT Resources Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-Looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in mineral and commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and the impact of governmental entities. Forward-Looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
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