GTA News ReleaseGTA Resources and Mining Inc. (“GTA”) (TSXV:GTA) provides an exploration update on its Northshore Property near Thunder Bay, Ontario.
Phase 2 Completed
GTA announces that Phase 2 drilling has now been completed, with 8 holes drilled (WB-12-13 to WB-12-20) totaling 2431 metres. The goals of Phase 2 include testing the continuity of mineralization throughout the broader Afric Zone, including the Audney and Caly vein systems.
On April 18, 2012 GTA previously announced assay results from holesWB-12-13 and WB-12-14. Highlights included:
- the Afric Zone returned values of 1.41 g/t gold over a core length of 240 metres, including bonanza grades of 132 g/t gold over 0.5 metres and 120 g/t gold over 0.5 metres;
- the Caly Vein System returned values of 7.82 g/t gold over a core length of 12.0 metres; and
- confirmation of the extension of the Afric Zone over 200 metres along strike and to a vertical depth of 190 metres.
The assay results from holes WB-12-15 to WB-12-20 will be reported when they become available.
Prospecting and geologic work continues to assist GTA in preparing for additional drilling which is expected to commence mid-summer, 2012.
GTA has had prepared a NI 43-101 compliant technical report (the “Report”) dated May 22, 2012. The author of the Report is Minorex Consulting Ltd., with J. Douglas Blanchflower, P.Geo. 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 multi-million dollar exploration program in and around the Afric Zone.
The Report will be posted at SEDAR and will be available from GTA’s website.
First Year Commitment to Balmoral
The First Anniversary Date of the Option Agreement between GTA and Balmoral Resources
Ltd. (“Balmoral”) is September 27, 2012. With the delivery of the Report to Balmoral, GTA will have satisfied its firm first year commitments to Balmoral under the Option Agreement (see GTA’s press release of September 28, 2011). The Option Agreement further provides that GTA may earn an initial 51% interest in the Northshore Property by making cash payments to Balmoral of $50,000 (of which $10,000 has already been paid and $15,000 would be payable by the First Anniversary Date), issuing in favour of Balmoral 2,500,000 common shares of GTA (of which 1,000,000 have already been issued and 500,000 would have to be issued by the First Anniversary Date) and incurring a minimum of $2,500,000 in eligible exploration expenditures (of which approximately $700,000 has already been incurred) on Northshore, over a three year period.
Mr. Robert Duess (P.Geo.), GTA’s Vice President, Exploration, is the non-independent qualified person for the technical disclosure contained in this news release. Minorex Consulting Ltd. has reviewed this news release prior to its issuance.
About GTA
GTA is a publicly traded mineral exploration company focused on gold exploration in Canada. The Company is governed by an experienced and successful team consisting of management, directors, and technical advisors.
GTA currently has two gold projects, the Northshore project, near Schreiber, Ontario, and the Auden project near Hearst, Ontario. GTA has an option agreement with Balmoral Resources Ltd. (“BAR”) whereby GTA can earn up to a 70% interest in the Northshore Project. The Company owns a 100% interest in the Auden project, which consists of over 1,500 claim units, and covers virtually an entire greenstone belt.
GTA has approximately 24,700,000 shares outstanding. GTA’s common shares trade on the TSX Venture Exchange under the symbol “GTA.”
On behalf of the board of directors
GTA Resources and Mining Inc.
“Peter M. Clausi”
President and CEO
289-288-3255
pclausi@gtaresources.com
Investor relations:
First Canadian Capital Corp. – Dan Boase
416-742-5600 ext 232
Toll free: 1-866-580-8891
request@firstcanadiancapitalcorp.com