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GTA Resources and Mining Inc
Symbol GTA
Shares Issued 40,146,855
Close 2016-08-22 C$ 0.175
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Balmoral, GTA drill nine m of 23.7 g/t Au at Northshore

2016-08-22 07:42 ET - News Release

See News Release (C-BAR) Balmoral Resources Ltd

Mr. Darin Wagner of Balmoral reports

BALMORAL REPORTS 23.73 G/T GOLD OVER 9.00 METRES (INCLUDING 139.00 G/T GOLD OVER 1.20 METRES) FROM DRILLING ON NORTHSHORE PROPERTY, ONTARIO

Balmoral Resources Ltd. has received, from joint venture partner GTA Resources and Mining Inc., the results from 36 shallow drill holes (surface to approximately 30 metres in vertical depth) recently completed on the Northshore property located near Schreiber, Ont.

Drilling focused on delineation of the high-grade Audney and Caly vein systems which outcrop at surface and are located within the central core of the broader Afric gold zone. Drilling continues to intersect very high-grade (greater-than-one-ounce-per-ton), near-surface gold mineralization (including 139.00 grams per tonne gold over 1.20 metres, 72.40 g/t gold over one metre and 39.3 g/t gold over 1.50 metres -- see associated table) along both the Audney (D series holes) and Caly (A series holes) vein systems. Additional highlights of the program, more fully detailed in the associated tables, include:

  • 4.06 g/t gold over 23.00 metres, including 25.60 g/t gold over three metres in hole A-16-12;
  • 5.67 g/t gold over 10.40 metres, including 33.70 g/t gold over 1.40 metres in hole A-16-08;
  • 5.96 g/t gold over nine metres, including 24.14 g/t gold over two metres in hole D-16-07;
  • 7.29 g/t gold over 5.40 metres, including 18.54 g/t gold over two metres in hole D-16-08.

"We are pleased to see the current drill program further delineating the near-surface potential at Northshore and appearing to outline local continuity to the high-grade vein systems located at the core of the broader Afric gold zone," said Darin Wagner, president and chief executive officer of Balmoral Resources.

              A SERIES HOLES TARGETING THE CALY SYSTEM
 
Hole                       From         To   Interval*     Gold**
No.                    (metres)   (metres)    (metres)      (g/t)

A-16-01                    5.00      26.00       21.00       2.79
including                  5.00      12.50        7.50       5.16
A-16-02                   17.00      30.50       13.50       2.55
including                 20.00      26.00        6.00       5.22
which includes            20.00      21.00        1.00      25.70
A-16-03                    9.50      11.00        1.50       1.69
A-16-04                   26.00      32.00        6.00       0.93
A-16-05                    4.00      24.50       20.50       2.36
including                 15.50      24.50        9.00       3.61
A-16-06                    3.50      18.50       15.00       1.15
including                 12.50      18.50        6.00       1.92
A-16-07                    8.00      24.50       16.50       0.71
A-16-08                    0.60       5.00        4.40      12.81
including                  0.60       2.00        1.40      33.70
A-16-09                   24.50      32.00        7.50       1.25
including                 29.00      30.50        1.50       5.19
A-16-10                    3.50       6.50        3.00       2.11
A-16-11                    2.60       8.00        5.40       0.24
A-16-12                    3.00      26.00       23.00       4.06
including                  3.00      17.00       14.00       0.91
and                       17.00      20.00        3.00      25.60
and                       20.00      26.00        6.00       0.66
A-16-13                    6.50      21.50       15.00       1.10
including                 11.00      14.00        3.00       2.79
A-16-14                    4.00      26.00       22.00       0.23
A-16-15                    8.00      26.70       18.70       2.03
including                  8.00      11.00        3.00       8.56
A-16-16                    5.00      30.50       25.50       1.43
including                 11.60      18.00        6.40       2.33
A-16-17                   12.50      26.00       13.50       1.94
including                 14.00      22.00        8.00       2.42


        D SERIES HOLES TARGETING THE AUDNEY SYSTEM
 
Hole                   From        To Interval*    Gold**
No.                (metres)  (metres)  (metres)     (g/t)

D-16-01                              redrilled as D-16-1A
D-16-02                              redrilled as D-16-2A
D-16-03                8.00     10.00      2.00      3.87
D-16-04               13.00     14.00      1.00      5.58
D-16-05                8.00      9.50      1.50      1.68
D-16-06               10.00     18.20      8.20      3.54
including             10.00     12.00      2.00      9.40
D-16-07                2.90     17.00     14.10      3.94
including              2.90      8.00      5.10      0.39
and                    8.00     17.00      9.00      5.96
including             11.70     13.70      2.00     24.14
and                   13.70     17.00      3.30      0.59
D-16-08               14.00     19.40      5.40      7.29
including             17.40     19.40      2.00     18.54
D-16-09                9.50     12.50      3.00      4.25
D-16-10               16.50     20.00      3.50      9.76
including             16.50     17.50      1.00     30.90
D-16-11                8.00     11.00      3.00     25.32
including             10.00     11.00      1.00     72.40
D-16-12                8.00     16.20      8.20      1.79
including             15.20     16.20      1.00      8.45
D-16-13                7.50      9.50      2.00      4.41
D-16-14                                               NSA
D-16-15                                               NSA
D-16-16                8.00     17.00      9.00     23.73
including             15.80     17.00      1.20    139.00
D-16-17                                               NSA
D-16-1A               11.00     12.00      1.00      1.62
D-16-2A                9.50     17.50      8.00      3.14
including             14.50     15.50      1.00     21.40

Notes:
NSA -- no significant assay results.                                   
* Widths as shown are over drilled core length, and do 
not represent true widths which remain undefined at 
the current time.              
** Gold values are presented uncapped.                                
  

GTA, as operator of the Northshore property, is currently evaluating the near-surface potential of the Afric gold zone on the Northshore property. The company has been advised that GTA anticipates resuming the current drill program on the property in early September and that it should be completed within one month of commencement. GTA has further advised that preliminary metallurgical work on two composited drill core samples, one from each of the Caly and Audney vein systems, is currently under way.

The Northshore property is a joint venture between Balmoral and GTA. GTA is the current operator of the joint venture and holds a 51.4-per-cent interest in the property. In addition to its 48.6-per-cent interest in the Northshore property Balmoral currently holds approximately 7.65 per cent of the issued and outstanding shares of GTA.

Quality control and assurance

GTA has implemented a quality control program for the drill programs on the Northshore property to ensure best practice in sampling and analysis. 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 Actlabs in Thunder Bay, Ont., with ISO 17025 accreditation. Samples are transported in sealed bags to Actlabs and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30-gram fire assay with an atomic absorption and/or gravimetric finish.

The planning, execution and monitoring of GTA's exploration programs on the Northshore project are under the supervision of Robert (Bob) Duess, PGeo (Ontario), vice-president, exploration, of GTA. Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the qualified person for this release. Mr. Duess has supervised the work programs on the Northshore property, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data. Mr. Duess has also reviewed and approved this release.

About Balmoral Resources

Balmoral is actively delineating and expanding the high-grade Bug Lake gold trend on its wholly owned, 700-square-kilometre Detour trend project in Quebec, Canada.

We seek Safe Harbor.

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