RE: GTA news out
Based on continuing geological, structural and mineralogical examinations of the Northshore property, GTA believes that the Afric zone is hosted within a large felsic-intrusive porphyry system termed the Afric intrusive complex. GTA further believes that this Afric intrusive complex represents a porphyry system capable of hosting not only high-grade gold-bearing quartz veins, but also a bulk-tonnage low-to-medium-grade gold system. Of particular interest, WB-12-19 and WB-12-20 (both drilled at minus 50 degrees in a southeasterly direction) are the most westerly and easterly, respectively, holes drilled by GTA. Significant widespread gold mineralization encountered in these holes suggests that the gold mineralization of the Afric zone spans a distance of at least 275 metres in an east-west direction. Furthermore, results from drill hole WB-12-18 demonstrate that the Afric zone gold mineralization extends to a depth of over 300 metres vertically below surface. The limits of the gold mineralization associated with the Afric zone remain undetermined in all directions.
Updated plan maps showing drill hole locations and traces can be viewed on the company's website.
"GTA continues to deliver strong results in the field, while responsibly managing shareholders' capital," stated Peter M. Clausi, president and chief executive officer of GTA. "We are very excited by the increased area of the gold system and the ongoing consistency of the mineralization throughout Northshore. Northshore is a relatively low-cost exploration project which we intend to continue to expand with phase 3 drilling."
As disclosed on June 6, 2012, GTA has prepared a National Instrument 43-101-compliant technical report dated May 22, 2012. The author of the report is Minorex Consulting Ltd., with J. Douglas Blanchflower, PGeo, as the consulting geologist. The report concludes, "It is the author's opinion that the Northshore property has very good exploration potential for both lode and bulk-tonnage gold mineralization and further work is warranted." Mr. Blanchflower recommended a two-phase multimillion-dollar exploration program in and around the Afric zone.
Prospecting and geologic mapping are continuing on the property, and the next phase drill program is expected to commence in mid- to late August. Management believes the results from phase 2 support Mr. Blanchflower's conclusion and recommendations. As a result, further drilling will focus on determining the potential size, scope and grade of gold mineralization hosted within the Afric intrusive complex.