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GT Gold Corp. (GTT.V)

TSXV - TSXV Real Time Price. Currency in CAD
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2.37000.0000 (0.00%)
At close: 3:52PM EST
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Previous Close2.3700
Open2.3600
Bid2.3600 x 0
Ask2.3900 x 0
Day's Range2.3600 - 2.4000
52 Week Range0.6700 - 2.7500
Volume27,515
Avg. Volume139,496
Market Cap308.415M
Beta (5Y Monthly)0.17
PE Ratio (TTM)N/A
EPS (TTM)-0.0740
Earnings DateNov. 27, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est3.38
  • GlobeNewswire

    Muddy Waters Responds to GT Gold’s Blatantly False and Inaccurate Statements

    SANTA ROSA, Calif., Feb. 16, 2021 (GLOBE NEWSWIRE) -- The following is a statement from Muddy Waters Capital regarding recent comments in a GT Gold press release: Muddy Waters Capital LLC (“Muddy Waters”) has investment authority over 13,289,400 shares representing 10.204% of the outstanding shares of GT Gold Corp (ticker: GTT.V). Despite Muddy Waters’ lack of faith in the current board of directors, which is led by the ex-Marc Rich executive Ashwath Mehra, we continue to buy shares in the open market. We firmly reiterate our intention to vote against the current board of directors and support the slate of directors proposed by K2 & Associates. GT Gold’s January 29, 2021 response to our press release was filled with lies and misleading statements. In order to dispel this misinformation, we will address three misleading – or outright false – statements that GT Gold made. It is important to note that Mr. Mehra offered us an opportunity to participate in the dilutive and abusive financing. We felt that this was a thinly veiled attempt at buying our acquiescence. Despite our desire to increase our GT Gold position, we declined to participate in this tainted financing, and instead purchased additional shares at higher prices in the open market. False / Misleading Statement #1: GT Gold stated that "the [Muddy Waters] proposal contained highly unusual and restrictive off-market rights" and the "price [offered by Muddy Waters] was at market and not at a premium". This is false. In an October 22, 2020 email from Muddy Waters' Chief Investment Officer, Carson Block, to Mr. Mehra, Mr. Block stated that Muddy Waters was willing to provide "financing at CAD$1.35 per share on terms that are otherwise identical to those you have proposed" (emphasis added). In other words, in that email we offered to pay an 8% premium on otherwise identical terms to the Company's November offering. GT Gold’s November 2020 offering was unnecessarily more dilutive and at a lower price. We therefore conclude that its primary purpose was to steer a disproportionate number of shares into the hands of Mr. Rutherford and Mr. Mehra. Problematic Statement #2: GT Gold states “Muddy Waters [has a] reputation as an activist short seller, rather than as a supportive long-term investor.” Presumably Mr. Mehra had a different view of our reputation when he proposed that, should we have agreed to participate in the dilutive and abusive offering, we issue a press release that he drafted. Miscalculating that we are as conniving as he is, Mr. Mehra sent us the below draft press release statement: “Muddy Waters is well known for identifying opportunities through performing extensive due diligence in all our investments,” reflected Carson Block, Founder of Muddy Waters Research. “In the case of GT Gold, we have performed our due diligence and believe this to be one of the most exciting assets in the mining industry and are happy to provide capital to advance the project and expand its potential.” Problematic Statement #3: The Company stated that it wanted to avoid "creating a new control block.” We would like to remind GT Gold and its current Board that after we rejected Mr. Mehra’s unethical financing proposal, we purchased shares that caused us to exceed 10% ownership anyway. We would also like to remind Mr. Mehra that his business partner Mick McMullen sold millions of GT Gold shares over the last two years (many of which we likely purchased on the open market). This likely makes Mr. McMullen the single largest on-market seller of stock since the Company was founded. Had he not been so eager to sell GT Gold shares, Mr. McMullen and Mr. Mehra would have owned the largest block of shares in the Company. Often times, self-interest clouds good judgment, and the shareholders of GT Gold deserve better. For that reason, we intend to vote against the current board of directors, and in particular, Mr. Mehra and Mr. Rutherford, and we reiterate our support for the slate of directors proposed by K2 & Associates. Contact: Stefan PrelogMOBILE: +19178047003Email: sprelog@rubenstein.com

  • GT Gold Reports Results From Quash Pass Drilling
    GlobeNewswire

    GT Gold Reports Results From Quash Pass Drilling

    Location of Quash Pass prospect, Tatogga Project, northwestern BC. Figure 1. Quash Pass geology and borehole location, Tatogga Project, northwestern BC. Figure 2. Quash Pass gold-in-soil anomalies, IP chargeability anomalies, borehole collars and traces, Tatogga Project, northwestern BC. Figure 3. Quash Pass copper-in-soil anomalies, IP chargeability anomalies, borehole collars and traces, Tatogga Project, northwestern BC. Figure 4. Quash Pass gold-in-soil anomalies, reduced-to-pole magnetic anomalies, borehole collars and traces, Tatogga Project, northwestern BC. Figure 5. VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT; OTCQX:GTGDF) (the “Company” or “GT Gold”) today announces the results of a drilling program at Quash Pass, on its Tatogga property in British Columbia. Quash Pass Exploration Summary The Quash Pass target covers an area of approximately fourteen square kilometres and is located seven kilometres to the south-southwest of the Saddle North and Saddle South discoveries. The target is a large-scale surface anomaly with reactive host rocks, chemistry variations, alteration, major structures and chemical signatures of both vein and porphyry style mineralization. As further discussed later in this news release, the nine, very widely spaced reconnaissance boreholes drilled in 2020, returned narrow anomalous to weakly mineralized intersections for gold and copper. All the boreholes intersected significant distal, chlorite and epidote (“green rock”), alteration characteristic of mineralized porphyry systems, and anomalous base and precious metal mineralization. Further work will test deeper, blind targets by reviewing all available geochemical, geophysical and alteration vectors, to target potential deeper, blind mineralization. GT Gold has initiated a “green rock study” whereby mineral chemistry will be used as a vectoring tool to target potential mineralized potassic alteration zones in future drilling programs. Details of the Quash Pass Drill Program The Company completed an initial drill program at the Quash Pass target located approximately seven kilometres to the south-southwest of the Saddle North gold rich copper porphyry deposit and the Saddle South precious metal rich vein systems within the Tatogga Project (Figure 1). A total of nine (9) very widely spaced boreholes for 4,841.14 m were completed over the Quash Pass target (Table 1; Figure 2). The program was designed to commence the testing of a large area (14 km2) of coincident precious metal and base metal soil geochemical anomalies, geophysical anomalies (both Induced Polarization (IP) chargeability and magnetic), structural anomalies, surface alteration and evidence for both vein style and intrusion style mineralization (Figures 2 to 5). Table 1. Quash Pass borehole statistics. BoreholeNorthingEastingElevationAzimuthInclinationTotal Depth(#)(m)(m)(m)(°)(°)(m)QPD20-00164015504295011,856.8000-50600.00QPD20-00264018754298021,940.4020-60541.78QPD20-003*64018164309251,658.3180-6022.61QPD20-00464018164309251,658.3180-60522.00QPD20-00564012594306851,575.0000-501125.00QPD20-00664000464322061,525.0000-65390.00QPD20-007**64007874315971,571.0000-60142.75QPD20-00864009464295081,891.5180-50540.00QPD20-00964012964314821,300.0045-50957.00 Total Metres4,841.14 * QPD20-003 - Lost the borehole due to bad ground. QPD20-004 a redrill from same drill pad.** QPD20-007 - Did not reach intended target due to bad ground conditions. The geology of the Quash Pass target is characterized by a sequence of volcanic-volcaniclastic rocks of the Late Triassic Stuhini Group, unconformably overlain by, or in faulted contact to, pelitic sedimentary rocks of the Hazelton Group. These sequences are cross-cut by a series of predominantly east-west oriented intrusive bodies, of mainly monzonitic to dioritic composition and, minor intermediate to felsic dykes (Figure 2). The alteration logged in the boreholes and identified from spectral data consists predominantly of chlorite and white mica (sericite) with carbonate overprint, discrete zones of epidote, very minor biotite and potassic alteration. Mineralization is mainly characterized by thin to moderate (<1 m to 10 m) zones of pyrite bearing quartz and quartz-carbonate veins with minor to trace chalcopyrite and sulfosalts. Minor to moderate narrow base metal veins (galena-sphalerite±chalcopyrite) were intersected in the drilling. Pyrrhotite may be disseminated, in clusters and veinlets in both sedimentary and intrusive units and can extend over tens of metres down hole and correlates with high IP chargeability readings. Molybdenite bearing quartz veins were observed associated with mafic intrusions in the western portion of Quash Pass prospect. There is a good correlation between the distribution of sulphides and the intensity of the IP chargeability. Table 2. Mineralized intercepts for Quash Pass boreholes QPD20-001 to QPD20-009 BoreholeFromToIntervalAuAgCuPbZn(#)(m)(m)(m)(g/t)(g/t)(ppm)(ppm)(ppm)QPD20-001303.00304.501.500.412.09141158759553.85554.730.881.2479.802,8805,33038,000QPD20-002No significant interceptQPD20-004271.50273.001.501.480.941642095QPD20-005516.54517.050.510.5026.901,0101,91030,800549.00549.790.791.142.80893833,780665.00666.501.500.380.32261670727.00729.752.750.342.79674543881,015.001,019.504.500.904.953061882,389including:1,016.501,018.001.501.996.982932051,0701,024.001,025.501.501.371.0832219501,034.501,039.004.500.300.4212636226QPD20-00612.0016.504.500.350.684713561625.5028.503.000.441.333618989877.5079.001.500.720.455055242150.00150.860.860.431.63492071,820172.00174.002.000.670.1046646216.00226.0010.000.290.72110233910234.00236.002.000.390.43146578258.00260.002.000.630.50131686318.50320.161.660.530.33149349QPD20-007No significant interceptsQPD20-008No significant interceptsQPD20-00960.0060.740.740.471.25654424634.31634.870.560.64216.001213947672.00673.001.000.3679.301,305871,060707.00715.008.000.320.581321110737.00743.006.000.370.368882 Green Rock Study Exploration for both porphyry as well as epithermal vein deposits has become increasingly expensive with new discoveries often occurring at considerable depth or concealed by post mineral cover. However, with improved analytical techniques as well as global research initiatives, mineral chemistry has emerged as a viable exploration targeting tool in both the porphyry and epithermal mineralized environment. As observed at the Saddle North gold rich copper porphyry, the deposit is centred within an alteration halo with characteristic mineralogical and chemical zonation patterns from a core of strong potassic alteration grading out to phyllic alteration on the margins. Drilling on this deposit has yet to determine the full extent of the mineralized and alteration halo. At the Quash Pass target the initial reconnaissance drilling intersected extensive chlorite and to a lessor extent epidote in drill core. Chlorite and epidote are great repositories of trace elements, the concentrations of which change systematically with distance from the centre of a mineralized system and have been shown to define a deposit footprint up to five kilometres or more beyond a deposit. This technique of using mineral chemistry to vector to mineralization has been shown to be successful in studies across five countries (Canada, USA, Chile, Australia and Philippines). Given the extensive chlorite alteration encountered in the boreholes at Quash Pass, the Company has collected a total of twenty-two samples from the seven boreholes. The samples varied in length from 10-20 cm of drill core, from which both a thin and thick polished section was cut, as well as an aliquot prepared and sent for whole rock analysis. The selected sections are currently being investigated by optical microscopy as well as X-ray mapping by a Scanning Electron Microscope (SEM) and Laser Ablation-ICP-MS work. We expect the results in the second half of 2021 which will then guide further work at Quash Pass. Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08faa8f8-7514-4fed-abdd-ab7790261e4d https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b57eaa-3bc2-4e0a-984d-bf9bcdbc06ea https://www.globenewswire.com/NewsRoom/AttachmentNg/c63df07d-5165-421b-a217-78dca38908b0 https://www.globenewswire.com/NewsRoom/AttachmentNg/da19b727-da27-4617-b664-ebb1ad2c0ed8 https://www.globenewswire.com/NewsRoom/AttachmentNg/86303041-f5cb-42f7-93ba-0a9fed3d5e74 Quality Assurance GT Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of diamond drill core, the details of which can be viewed on the Company's website at http://www.gtgoldcorp.ca/projects/tatogga/. All assays are performed by ALS Canada Ltd., with sample preparation carried out at the ALS facility in Terrace, BC, and assays at the North Vancouver laboratory. For gold, fire assays are performed as per ALS method Au-AA26 (0.01- 100 g/t Au) using 50 grams of sample measured by atomic absorption. Assays equal to or greater than 100 g/t Au are reanalyzed gravimetrically by method Au-GRA22. Silver and copper are analyzed by ALS method ME-MS61 with a 4-acid digestion followed by ICP-MS analysis. Assays greater than 100 ppm silver or 1% copper are reanalyzed by ICP-AES by method OG-62. Qualified Person In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Michael Skead, FAusIMM, Vice President Projects, is the Qualified Person for the Company and has validated and approved the technical and scientific content of this news release. About GT Gold GT Gold is engaged in advancing its wholly-owned, 47,500 hectare Tatogga property, located in the renowned “Golden Triangle” near Iskut, British Columbia. To date, GT Gold has made two significant discoveries on the Tatogga property, “Saddle South”, a precious metal rich vein system and “Saddle North”, a gold-rich copper porphyry system. At Saddle North, the Company is currently working to complete a Preliminary Economic Assessment following the July 2020 release of its maiden mineral resource estimate comprising an Indicated resource of 1.81 Blb copper and 3.47 Moz gold and an Inferred resource of 2.98 Blb copper and 5.46 Moz gold. Investor Contact GT Gold Corp.Paul HarbidgePresident and Chief Executive OfficerTel: (236) 427 5744Website: www.gtgoldcorp.ca GT Gold Corp.Shawn CampbellChief Financial OfficerTel: (236) 427 5744 Cautionary Statement Regarding Forward Looking Statements This news release contains forward-looking statements and forward-looking information (together, "forward looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects”, "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 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 release.

  • GT Gold Sets Record Straight on Misleading Statements by Dissidents
    GlobeNewswire

    GT Gold Sets Record Straight on Misleading Statements by Dissidents

    VANCOUVER, British Columbia, Jan. 29, 2021 (GLOBE NEWSWIRE) -- GT Gold Corp. (TSX-V:GTT; OTCQX:GTGDF) (the “Company” or “GT Gold”) today set the record straight on misleading statements by The K2 Principal Fund L.P. ("K2") and Muddy Waters Capital LLC (“Muddy Waters”) (collectively, the “Dissidents”) that materially misrepresent GT Gold’s recent financing (the “Financing”) and the Board representation discussions. Muddy Waters’ Unacceptable Financing Initiative GT Gold’s Board of Directors unanimously rejected the financing proposed by Muddy Waters because it was not in the best interests of the Company. The Dissidents omitted the following key facts: It was at K2’s request that GT Gold became involved in discussions with Muddy Waters. A draft “indicative” proposal, submitted by Muddy Waters on behalf of itself and unidentified related parties, would have made Muddy Waters and those unidentified parties a new control block shareholder. Moreover, the proposal contained highly unusual and restrictive off-market rights. The price, which was at market and not at a premium, was inadequate given the nature of the terms sought. In addition, the Board had concerns about making Muddy Waters a significant shareholder, given Muddy Waters’ reputation as an activist short seller, rather than as a supportive long-term investor.The Board pursued a less dilutive financing with existing shareholders, creating no new control block and with the issuance of fewer shares than Muddy Waters’ indicative proposal. Muddy Waters was given the opportunity to participate. However, after initially accepting to participate, Muddy Waters backed away.Instead, Muddy Waters submitted a variant of its original indicative proposal, which the Board had already rejected and which created the same issue of a new control block shareholder. By that point, beyond the reasons noted above, GT Gold had significantly advanced the Financing with other large existing shareholders. The Board unanimously determined, after consulting with outside advisors, to continue with the Financing as it was well advanced, had received good-faith commitments from third party investors and was in the best interest of the Company. GT Gold’s Bona Fide Offer to K2 for Board Representation The Board made a bona fide offer last year to appoint a K2 representative as a GT Gold director, an offer which K2 accepted but ultimately decided not to take up. K2 omitted the following key facts: Subsequent to its initial acceptance of a Board seat, K2 demanded that its representative must be guaranteed a seat on any Special Committee of the GT Gold Board formed to look at possible M&A transactions, should they ever arise.No GT Gold director has such a right and the Board unanimously determined, having consulted on the matter with its external advisors, that this right would not reflect best governance practices. GT Gold therefore offered the Board seat without this inappropriate and atypical right. K2 rejected the offer.During the discussions about a prospective board seat, the Board granted K2 temporary observer status for Board meetings as a precursor to the anticipated appointment of a K2 representative to the Board. A K2 representative attended part of one Board meeting and all of two others before requesting, on November 19, 2020, to not be exposed to any material non-public information that might restrict K2 from trading. The Board honoured that request. GT Gold has consistently outperformed its peers, delivering cumulative four-year shareholder returns in excess of 600%. The Company has a strong, majority independent Board with the appropriate mix of skills and experience to guide the execution of its strategy and remains focused on the overriding objective of maximizing value for all shareholders. Detailed Information to Come in Management Information Circular As previously disclosed, GT Gold has scheduled a meeting of shareholders for April 13, 2021 in response to a requisition from K2. Shareholders will receive detailed information about the requisitioned meeting by way of a Management Information Circular in advance of the requisitioned meeting. Shareholders should read the circular carefully before reaching a decision with regard to their votes. In the meantime, there is no need for shareholders to take any action. The Company has published a new Proxy Contest website page to keep shareholders up to date on news and other information related to the requisitioned meeting. For information on GT Gold’s current governance practices, guiding documents, directors’ biographies and the full independence of Board committees, shareholders are also invited to visit the “Corporate” section of the Company’s website at www.gtgoldcorp.ca. About GT Gold GT Gold is engaged in advancing its wholly-owned, 47,500 hectare Tatogga property, located in the renowned “Golden Triangle” near Iskut, British Columbia. To date, GT Gold has made two significant discoveries on the Tatogga property, “Saddle South”, a precious metal rich vein system and “Saddle North”, a gold-rich copper porphyry system. At Saddle North, the Company is currently working to complete a Preliminary Economic Assessment following the July 2020 release of its maiden mineral resource estimate comprising an Indicated resource of 1.81 Blb copper and 3.47 Moz gold and an Inferred resource of 2.98 Blb copper and 5.46 Moz gold. Investor Contact James RutherfordLead Independent Director+1 236-427-4711j.rutherford@gtgoldcorp.ca Media Contact Longview Communications & Public AffairsTrevor Zeck (604) 694-6037; tzeck@longviewcomms.caAlan Bayless (604) 694-6035; abayless@longviewcomms.ca Cautionary Statement Regarding Forward Looking Statements This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects”, "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 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 release.