BURLINGTON, ONTARIO--(Marketwire - Nov. 8, 2011) - GTA Resources and Mining Inc. ("GTA") (TSX VENTURE:GTA.V - News) announced today the results of a detailed chip sampling program that was carried out on two gold bearing quartz vein systems on its Northshore Property in Ontario. A total of 55 chip samples were collected across these quartz vein systems and all samples returned significant results with values ranging from 1.10 g/t to 798.82 g/t gold. Over 78% of samples collected returned values greater than 10.0 g/ton gold, and over half returned values greater than 25.0 g/t gold.
These structures, termed the "Audney Vein" and the "Caly Vein", both strike in a northeasterly direction, dip near vertical, and form part of the Afric Zone. The Audney Vein has been traced on surface for approximately 30 metres and varies in true width from 0.20 to 0.50 metres. A total of 22 chip samples were collected along the strike length of the vein. These samples returned values ranging from 3.71 to 580.28 g/t Au. All samples except for one assayed in excess of 12.00 g/t Au, and over half of the 22 samples returned values greater than 31.00 g/t Au.
The Caly Vein is located approximately 70 metres to the southeast of the Audney Vein, and consists of the main Caly Vein and a subsidiary vein structure located approximately 8 metres to the northwest (Caly North). These veins have been traced intermittently by GTA along surface for approximately 25 metres, dip near vertical, with true widths varying from 5 to 30 centimetres. Both of these vein structures are mineralized with gold, with values ranging in grade from 1.10 g/t Au to 798.82 g/t gold. Over half the samples returned values greater than 10.00 g/t gold.
Grab sample results from both the Audney and Caly veins had previously indicated high-grade gold mineralization ranging from 19.70 g/t gold (0.575 oz/t ) to a high of 7520.91 g/t gold (219.42 oz/t) (see GTA press release dated June 28, 2011). In fact, spectacular specimens of visible gold were discovered in one of these vein systems, photographs of which can be viewed on the Company's website at www.gtaresources.com. (Note that grab samples are selective by nature and are unlikely to represent average grades on the property.)
Elsewhere on the Property, several other northeast vein structures (N040 degrees ) have been examined and sampled. Results received to date from grab samples from these other structures have also returned significant gold values, ranging from 9.93g/t Au to 14.16 g/t. Results are pending from other northeasterly trending quartz vein systems which were just recently chip sampled.
Results of the chip samples collected from the Audney, Caly and Caly North veins are summarized in the following tables:
Diamond Drill Program
GTA also announced that the initial drill program on Northshore, consisting of 12 holes totaling 1035 metres, has recently been completed (see press release dated 18 October, 2011). All holes (WB-11-01 to 12) were drilled to test the shallow, high-grade potential of the Audney and/ or Caly veins. Although these veins do form part of the broader Afric zone, the high grade nature of the veins make them priority, stand-alone targets. These holes were drilled on 4 sections spaced 12.5 metres apart, and intersected the same style and degree of alteration, mineralization and structural deformation as encountered in the previous drilling in the immediate area. Visible gold mineralization was observed in 9 of the 12 holes drilled. Drill results are pending and will be released as they become available.
In the 1990's Noranda Explorations drilled 4 holes in this area, (NR-90-2, 3, NR-91-8 and 11) which returned values including; NR-90-2: 1.5 g/t Au over 44.8 metres, NR-90-3: 2.1 g/t Au over 44.2m including 3.9 g/t Au over 19.8m, NR-91-8: 3.4 g/t Au over 42.1 metres including 4.5 g/t Au over 28.4m, and NR-92-11: 1.3 g/t Au over 64 metres, including 2.1 g/t Au over 16.5m. And, in 1992, Noranda calculated a "preliminary reserve" for the Afric Zone of 2 million tonnes with an average grade of 2.2 grams per tonne, for approximately 135,000 ounces of contained gold between surface and 150 metres vertical depth.
Note: the term "preliminary reserve" which was used by Noranda / Hemlo Gold in their 1992 reports is not a currently approved CIM term. The above reserve estimates are historic in nature and are not considered as National Instrument 43-101 defined reserves. The historic figures generated by Noranda have not been redefined to conform to the CIM approved standards required by NI 43-101. Although the reserve estimates are relevant, they have not been verified. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. GTA is not treating the historical estimates as current mineral resources or mineral reserves and therefore the historical estimates should not be relied upon.
Based on the trenching results and several occurrences of visible gold observed in drilling, further work is being planned for Northshore. A sketch map showing the extents of the Audney and Caly veins and drill hole locations can be viewed on the company website at gtaresources.com. Exact locations of trench samples and assay results are also posted.
GTA has implemented a quality control program for the trench sampling and drill programs to ensure best practice in sampling and analysis. The planning, execution and monitoring of GTA's quality control programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P. Geo. Mr. Duess is a qualified person as defined by National Instrument 43-101. GTA maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Accurassay Laboratories Ltd. of Thunder Bay, Ontario with ISO 17025 accreditation. Samples are transported in security sealed bags to Accurassay and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA and/or gravimetric finish.
"We are particularly encouraged by the consistency of high grade gold values from the Audney and Caly veins" stated CEO Peter M. Clausi. "And with several occurrences of visible gold in drill core, we are anxiously awaiting final assay results".
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 Schrieber, Ontario, and the Auden project near Hearst, Ontario. GTA has an option agreement with Balmoral Resources Ltd. ("BAR") whereby it can earn 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 13,946,357 shares outstanding, of which insiders control over 50% of the outstanding shares. The Company's common shares trade on the TSX Venture Exchange under the symbol "GTA".
GTA acknowledges and appreciates the cooperation and support of the communities of Schreiber and Pays Plat (First Nations) Ontario.
For more information, please visit the corporate website at www.gtaresources.com.
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.
On behalf of the board of directors of
GTA RESOURCES AND MINING INC.
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.
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.
Peter M. Clausi
GTA Resources and Mining Inc.