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GTA Intersects 149.5 Metres Grading 3.21 g/t Gold (Uncapped) or 1.20 g/t Gold (Capped) on Northshore Property
- Majority of holes collared in and terminated in gold mineralized zones - Caly and Caly North Vein Systems return values of 12.49 g/t gold over 33.80 metres, including bonanza grades of 760.15 g/t gold over 0.40 metres and 131.99 g/t gold over 0.50 metres - High-Grade Audney Vein returns 13.23 g/t gold over 6.50 metres
BURLINGTON, ONTARIO--(Marketwire - Feb. 14, 2012) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) announces results from the Phase 1 drilling program completed on the Northshore Property during October, 2011. A total of 12 holes were drilled (1,038m) in a closely spaced drilling program targeting the Audney and Caly Veins. Gold mineralization was encountered in each of the holes, and drilling confirmed the continuity of these high-grade gold-bearing vein systems along strike and to depth. Drilling also intersected a number of additional high-grade veins and demonstrated much better than expected continuity of the broad Afric Gold System which hosts these high-grade gold-bearing vein structures.
GTA has an option agreement with Balmoral Resources Ltd.("Balmoral") (TSX VENTURE:BAR), whereby GTA can earn up to a 70% interest in the Northshore Project.
Results from the broader Afric Gold System are highlighted by holes WB-11-07, WB-11-09 and WB-11-11 that tested both the high-grade Audney and Caly Vein Systems. These holes returned cut grades of 0.99 g/t gold over 150 metres (WB-11-07), 1.05 g/t gold over 159 metres (WB-11-09) and 1.20 g/t gold over 149.5 metres (WB-11-11). All of these holes were collared and terminated within the gold mineralized system. For reporting purposes of the broad intercepts, the high-grade intervals encountered in all holes were capped at 28.79 g/t gold, representing the 99th - percentile of all drill core sample assay results obtained from the current program. Corresponding averages using uncapped high grade values are shown on the accompanying table.
The high-grade Audney and Caly Vein Systems (see previous news release dated Nov. 8, 2011) demonstrated good continuity with the Audney Vein being intersected to a depth of 110 metres vertical below surface. Gold mineralization within and marginal to both vein systems showed significant increases in thickness compared to the previously reported surface chip sampling results. Highlights from the Audney Vein include intercepts of 13.23 g/t gold over 6.50 metres, including a bonanza grade intercept of 131.99 g/t gold over 0.50 metres (WB-11-01), and 10.28 g/t gold over 4.30 metres (WB-11-09) which represents the deepest intercept on this vein to date. The Caly Vein System returned intercepts of
12.49 g/t gold over 33.80 metres including a bonanza grade intercept of 760.15 g/t gold over 0.40 metres (WB-11-11); 17.25 g/t gold over 4.50 metres (WB-12-08); and, 14.94 g/t gold over 4.00 metres (WB-12-09). A detailed summary of all results in shown in the following table:
| Hole Number | Hole
Depth
(m) | | From
(m) | | To
(m) | | Interval*
(m) | | Gold Uncapped
(g/t) | | Gold
Capped**
(g/t) | | Zone |
| WB1101 (-70°) | 62.00 | | 3.00 | | 50.50 | | 47.50 | | 2.06 | | 0.98 | | Afric |
| including | | | 28.50 | | 35.00 | | 6.50 | | 13.23 | | | | Audney Vein |
| which includes | | | 28.50 | | 29.80 | | 1.30 | | 60.49 | | | | " |
| which includes | | | 29.30 | | 29.80 | | 0.50 | | 131.99 | | | | " |
| WB1102 (-75°) | 101.00 | | 8.10 | | 101.00 | | 92.90 | | 0.47 | | 0.47 | | Afric |
| including | | | 11.40 | | 15.00 | | 3.60 | | 3.07 | | | | Audney South |
| which includes | | | 11.40 | | 11.80 | | 0.40 | | 12.31 | | | | " |
| and | | | 60.00 | | 62.00 | | 2.00 | | 3.57 | | | | Audney Vein |
| which includes | | | 61.70 | | 62.00 | | 0.30 | | 10.50 | | | | " |
| WB1103 (-51°) | 62.00 | | 3.00 | | 62.00 | | 59.00 | | 0.55 | | 0.55 | | Afric |
| including | | | 3.00 | | 4.00 | | 1.00 | | 4.77 | | | | ? |
| and | | | 12.00 | | 13.00 | | 1.00 | | 4.29 | | | | Audney South |
| and | | | 32.50 | | 33.20 | | 0.70 | | 5.92 | | | | Audney Vein |
| WB1104 (-70°) | 87.50 | | 2.00 | | 87.50 | | 85.50 | | 0.52 | | 0.52 | | Afric |
| including | | | 3.00 | | 4.00 | | 1.00 | | 4.90 | | | | ? |
| and | | | 23.00 | | 25.00 | | 2.00 | | 2.50 | | | | Audney South |
| and | | | 81.50 | | 83.00 | | 1.50 | | 7.33 | | | | Audney Vein |
| WB1105 (-50°) | 62.00 | | 2.00 | | 14.00 | | 12.00 | | 1.12 | | 0.29 | | Afric |
| | | | | | | | Audney and Audney South diked out | | |
| WB1106 (-70°) | 92.00 | | 1.00 | | 68.00 | | 67.00 | | 1.40 | | 1.08 | | Afric |
| including | | | 7.50 | | 8.50 | | 1.00 | | 18.18 | | | | Audney South |
| and | | | 64.30 | | 65.60 | | 1.30 | | 45.18 | | | | Audney |
| which includes | | | 64.30 | | 64.80 | | 0.50 | | 71.33 | | | | " |
| WB1107 (-50°) | 152.00 | | 2.00 | | 152.00 | | 150.00 | | 1.04 | | 0.99 | | |
| including | | | 7.50 | | 7.80 | | 0.30 | | 43.87 | | | | Caly Vein |
| and | | | 11.30 | | 11.80 | | 0.50 | | 6.84 | | | | Caly N Vein |
| and | | | 70.00 | | 71.00 | | 1.00 | | 6.91 | | | | ? |
| and | | | 81.10 | | 81.60 | | 0.50 | | 16.37 | | | | ? |
| and | | | 83.00 | | 83.50 | | 0.50 | | 8.06 | | | | ? |
| and | | | 113.00 | | 114.00 | | 1.00 | | 22.16 | | | | Audney South |
| and | | | 120.80 | | 121.50 | | 0.70 | | 15.86 | | | | Audney Vein |
| and | | | 129.00 | | 134.00 | | 5.00 | | 3.58 | | | | Audney Vein |
| WB1108 (-70°) | 32.00 | | 2.00 | | 32.00 | | 30.00 | | 2.42 | | 1.07 | | Afric |
| including | | | 14.50 | | 18.20 | | 3.70 | | 17.25 | | | | Caly + Caly N |
| which includes | | | 14.50 | | 14.80 | | 0.30 | | 147.69 | | | | Caly Vein |
| | | | 17.80 | | 18.20 | | 0.40 | | 40.43 | | | | Caly N Vein |
| WB1109 (-50°) | 161.00 | | 2.00 | | 161.00 | | 159.00 | | 1.25 | | 1.05 | | Afric |
| including | | | 16.00 | | 20.00 | | 4.00 | | 14.94 | | | | Caly + Caly N |
| which includes | | | 16.50 | | 17.00 | | 0.50 | | 51.25 | | | | Caly Vein |
| and | | | 54.00 | | 55.00 | | 1.00 | | 28.64 | | | | ? |
| and | | | 67.00 | | 68.00 | | 1.00 | | 5.81 | | | | ? |
| and | | | 142.00 | | 146.30 | | 4.30 | | 10.28 | | | | Audney Vein |
| which includes | | | 144.60 | | 145.10 | | 0.50 | | 67.58 | | | | " |
| WB1110 (-70°) | 35.00 | | 1.20 | | 35.00 | | 33.80 | | 0.55 | | 0.55 | | Afric |
| including | | | 8.90 | | 9.40 | | 0.50 | | 6.03 | | | | Caly Vein |
| and | | | 26.00 | | 26.40 | | 0.40 | | 4.11 | | | | ? |
| and | | | 30.00 | | 31.00 | | 1.00 | | 7.93 | | | | ? |
| WB1111 (-50°) | 152.00 | | 2.50 | | 152.00 | | 149.50 | | 3.21 | | 1.20 | | Afric |
| including | | | 2.80 | | 36.00 | | 33.20 | | 12.49 | | | | Caly System |
| which includes | | | 2.80 | | 4.00 | | 1.20 | | 5.52 | | | | ? |
| and | | | 14.00 | | 15.00 | | 1.00 | | 35.78 | | | | ? |
| and | | | 21.60 | | 22.00 | | 0.40 | | 760.15 | | | | Caly Vein |
| and | | | 26.00 | | 34.00 | | 8.00 | | 6.39 | | | | Caly N Vein |
| which includes | | | 26.00 | | 29.00 | | 3.00 | | 11.96 | | | | " |
| and | | | 61.00 | | 62.00 | | 1.00 | | 3.05 | | | | ? |
| and | | | 134.00 | | 136.00 | | 2.00 | | 13.20 | | | | Audney Vein |
| which includes | | | 134.70 | | 135.30 | | 0.60 | | 28.76 | | | | " |
| WB1112 (-70°) | 35.00 | | 1.20 | | 35.00 | | 33.80 | | 1.58 | | 1.58 | | Afric |
| including | | | 20.00 | | 22.00 | | 2.00 | | 13.18 | | | | Caly Vein |
| and | | | 26.00 | | 27.00 | | 1.00 | | 3.21 | | | | Caly N Vein |
| and | | | 33.80 | | 34.40 | | 0.60 | | 7.68 | | | | ? |
| | |
| * | Width as shown represents core lengths as insufficient drilling has been completed to determine true thicknesses. |
| ** | High-grade values are cut to 28.79 g/t gold, representing the 99th percentile of all drill core assay values obtained from the 2011 drill program. |
| *** | Averaged intervals as shown may include sections of up to 4.3 metres of zero grade. |
"We are very excited with these drill results from the Northshore Property, as both widths and grades have certainly exceeded our expectations," said Peter M. Clausi, President and CEO of GTA. "Our geological team continues to be impressed with the consistent high grade nature of gold mineralization associated with the Audney and Caly Veins, and with the overall degree and size of the brittle deformation and fracturing associated with the Afric Zone."
Based on these results the Company is planning further drilling. A follow up diamond drilling program is expected to commence late March 2012.
Afric Zone
The Afric Zone is a broad zone of gold mineralization which has been interpreted to track roughly east-west across a portion of the Northshore Property. The zone has been intersected in widely spaced historic drilling for at least 480 metres along strike and remains open along strike to the east. The Afric Zone is characterized by intense fracturing (brittle deformation) associated with moderate to strong alteration of felsic intrusive rocks. These brittle felsic rocks have been intruded with several northeast trending high-grade quartz vein systems including the Audney and Caly Veins. These vein structures may represent a system of conjugate dilatational structures hosted within the main trend of the Afric Zone.
Drilling results indicate a significantly greater degree of continuity to the Afric Gold System than demonstrated by the majority of historic drilling where sampling and assay results were typically restricted to the areas proximal to visible quartz veining. In virtually all cases, the holes announced today collared and terminated in gold-bearing vein or vein stockwork mineralization.
Audney Vein System
The Audney Vein System was successfully intersected in 8 of the 9 holes drilled to test the continuity of the system. In hole WB-12-05 the Audney Vein was "diked out" by a late stage mafic intrusive rock. When combined with historic drill intercepts the Audney Vein System now has an interpreted strike length of over 100 metres, and has been drilled to a vertical depth of 110 metres. The Audney Vein System remains open in all directions and continues to exhibit consistent high-grade gold mineralization.
Caly Vein System
The Caly Vein System (Caly and Caly North Veins) was successfully intersected at shallow depths in all 6 holes (WB-12- 07 to WB-12-12) targeting this structure. The Caly Vein System strikes parallel to the Audney Vein and is located approximately 70 metres to the east southeast. Both vein systems are conjugate to and appear to trend across the principal trend of the Afric Zone. The Caly Vein returned the highest grade intercept from the current program of 760.15 g/t gold over a core length of 0.40 metres (WB-11-11) which is similar to previous reported bonanza grade samples collected from surface. Drilling to date has traced the Caly Vein System for a minimum of 50 metres along strike and it too remains open in all directions.
Drill Program
A total of 1,038 metres were completed in 12 closely-spaced holes to test the vertical continuity of the high-grade Audney and Caly Vein systems exposed at surface. Holes were spaced 12.5 metres apart and two holes were collared from each location at dips of varying from -50 to -75 degrees. Drilling was completed during October, 2011, under the supervision of Mr. Robert Duess (P.Geo), Qualified Person for GTA. Plan maps and idealized cross sections for the holes reported are available on the Company's website at gtaresources.com.
Members of the Pays Plat First Nation assisted in the completion of the program and the Company would like to thank Pays Plat for its cooperation and continued support of the Company's exploration activities on the Northshore Property.
GTA and Balmoral also acknowledge the on-going cooperation and support of the municipality of Schrieber, Ontario in its exploration efforts at Northshore.