Mr. Kevin Keough reports
MULTIPLE HIGH-GRADE GOLD INTERCEPTS RETURNED FROM FIRST CORE HOLES EVER DRILLED AT GT GOLD'S SADDLE SOUTH DISCOVERY
GT Gold Corp. has provided the following update.
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Multiple intercepts of high-grade gold plus or minus silver have been returned from six of the first eight core holes ever drilled into the new Saddle South gold discovery, including a very high-grade intercept of 51.53 grams per tonne (1.5 ounces per ton) gold and 117.38 grams per tonne silver over 6.95 metres (22.80 feet) (TTD007), and the first visible gold has been observed in core at 109 metres in TTD031. Assays are pending, and photos of gold from both holes are available on the company's website.
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Mineralization of a similar style has also been intercepted in first-ever drilling at Saddle North (TTD011 and TTD012 (190.5 metres to 192.5 metres downhole)); assays are pending.
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Assays for eight Saddle South core holes (TTD001, TTD002 and TTD003 (pad No. 1); TTD004, TTD005 and TTD006 (pad No. 2); and TTD007 and TTD008 (pad No. 3)), drilled from three pads spanning approximately 130 metres from east to west, respectively, are presented in this press release. Assays for the single remaining hole from the June reverse circulation drill program are presented in a separate attached table.
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All core holes drilled into the Saddle target area to date, now totalling 36 (including stepouts and stepbacks), have returned intercepts of Saddle-style mineralization, as supported visually and by X-ray fluorescence (XRF) readings for gold pathfinder elements such bismuth, arsenic, zinc, lead and copper.
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In addition to the eight core holes reported in this news release, a further 28 core holes have been completed or are presently under way, assay results for which will be made public, multiple holes per release, following receipt, quality assurance/quality control and interpretation. Turnaround times for lab assays have been unusually long but are improving.
Highlights:
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Intercepts along approximately 320 metres of east-west strike to 330 metres (TTD032) down dip from surface, expansion continues;
- Multiple intercepts per hole, such as seen in TTD004 and TTD005 (see attached table), add up to considerable widths in each hole of moderate grade encompassing multiple high-grade to very-high-grade shoots;
- 51.53 grams per tonne (1.50 ounces per ton) gold and 117.38 grams per tonne silver over 6.95 metres (90-per-cent true width) from 122.13 metres to 129.08 metres in hole TTD007;
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Including 86.00 grams per tonne (2.51 ounces per ton) gold and 259.00 grams per tonne silver over 1.46 metres from 122.75 metres to 124.21 metres;
- And 67.11 grams per tonne (1.96 ounces per ton) gold and 132.76 grams per tonne silver over 4.39 metres from 122.75 metres to 127.14 metres;
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Including 72.64 grams per tonne (2.12 ounces per ton) gold and 74.34 grams per tonne silver over 2.14 metres from 125.00 metres to 127.14 metres;
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10.26 grams per tonne gold and 46.07 grams per tonne silver over 7.00 metres from 20.00 metres to 27.00 metres in hole TTD001 -- multiple zone intercepts;
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Including 32.10 grams per tonne gold and 283.00 grams per tonne silver over 1.00 metre from 21.00 metres to 22.00 metres;
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6.57 grams per tonne gold and 121.31 grams per tonne silver over 14.78 metres from 51.22 metres to 66.00 metres in hole TTD002;
- Including 22.00 grams per tonne gold and 440.00 grams per tonne silver over 1.00 metre from 59.00 metres to 60.00 metres;
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9.01 grams per tonne gold over 3.00 metres from 81.00 metres to 84.00 metres in hole TTD004 -- multiple zone intercepts;
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Including 12.65 grams per tonne gold over 1.00 metre from 81.00 metres to 82.00 metres;
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6.25 grams per tonne gold over 6.44 metres from 44.00 metres to 50.44 metres in hole TTD005 -- multiple zone intercepts;
- Including 10.10 grams per tonne gold over 1.50 metres from 46.50 metres to 48.00 metres;
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18.29 grams per tonne gold and 49.24 grams per tonne silver over 2.81 metres from 108.09 metres to 110.90 metres in hole TTD008 -- multiple zone intercepts;
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Including 29.23 grams per tonne gold and 79.75 grams per tonne silver over 1.72 metres from 109.18 metres to 110.90 metres;
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8.79 grams per tonne gold and 17.98 grams per tonne silver over 7.62 metres from 24.99 metres to 32.61 metres in RC hole TTR025;
- Including 37.90 grams per tonne gold and 85.00 grams per tonne silver over 1.53 metres from 28.04 metres to 29.57 metres.
Drilling plan view maps and sections, along with photos of core, camp and drill sites, can be obtained from the "downloads" portion of the company's website.
Comments by the chief executive officer
"These first-ever Saddle South core results reveal a high-grade epithermal vein system bearing the key hallmarks -- high grades, widths and continuity -- required to advance the project," said Kevin Keough, president and chief executive officer. "Saddle South appears to be evolving in the direction of robust, high-grade underground potential, with expansion drilling continuing to deliver a steady flow of fresh intercepts, now to 320 metres down dip, and we're rapidly pushing out and deeper. It's commonly the case, as in TTD004 and TTD005, that we achieve multiple high-grade intercepts in each hole, often encompassed by broader mineralized envelopes. Cumulatively, these multiple intrahole intercepts really add up. We're generally rewarded with great visuals and have been encouraged by our ability to consistently drill three and even four holes per pad, each below the previous, and to walk it deeper. Stepouts along strike have been successful, with a bias toward the west, and our first three deep stepbacks have also hit. In a couple of very steep holes, TTD003 and TTD006, we appear to have drilled down or subparallel to dikes sharing -- as is so often the case in structurally focused gold systems such as Saddle -- the structural volume with the mineralization, but we can successfully avoid this by stepping back and coming at the target with lower-angle holes.
"In general, we've experienced rapid discovery expansion and gained confidence we can follow the mineralization with the drills down and laterally. The field crew, led by vice-president, exploration, Charlie Greig, has been doing an outstanding job, and our results to date are a testament to their diligence and hard work. Our focus will continue to be on expansion and painting the largest-possible picture before season's end. We intend to drill the Saddle discovery as long as the weather allows and look forward to delivering more good news."
Comments by the vice-president of exploration
"Our GT Gold crew and contractors, which includes a large proportion of both local Tahltan and other Northern British Columbia-based first nations workers, have been working exceptionally hard in the field to unfold this discovery," said Charles Greig, vice-president, exploration, "and the effort is paying off. Our hit in TTD007 is terrific and has clearly validated the potential evident in the spectacularly elevated soil geochemistry at Saddle South and documented in earlier news releases. Like most other significant intersections at Saddle, the high grades in this hole are associated with semi-massive to massive sulphide quartz-calcite veining in the range of specific gravity [of] 3.1 to 3.7, but, in this case, the sulphides are relatively enriched in chalcopyrite, with elevated bismuth accompanying the copper. What's exciting is that we've also observed this chalcopyrite enrichment over strong downhole widths in a number of recently drilled Saddle South holes for which we have yet to receive assays. We believe the very high-grade shoots, one of which the TTD007 intercept evidently has tapped into, may rake down to the southwest within the structural panel. We're obviously going to try to stay onto these shoots and follow them with the drills, and, as matters are unfolding, we appear to be succeeding.
"With the experience of 36 core holes behind us, our efforts to stay on target are now greatly helped by our visual estimates of mineralization in core, even for the more subtle varieties. Our ability to visually predict what will run and what will not is excellent, and a credit to the quality of our geological and geotechnical team at Saddle. To date, we've drilled over 7,100 metres on Saddle South and North combined, with the bulk of it at Saddle South. We intend to push hard until that time when weather conditions make continued drilling difficult, with the main aim being expansion of the vein zones along trend and down dip, and, as weather conditions at the higher elevations of Saddle South deteriorate, with more reconnaissance-style drilling at Saddle North."
Saddle South diamond drilling, geophysics and petrography
Inclusive of the eight holes reported in this press release, 34 HQ-diameter diamond drill holes totalling over 6,500 metres have now been completed at the Saddle South discovery and two at Saddle North, with Saddle South intercepts from drill set-ups spanning 320 metres east-west and as deep as 330 metres (TTD035) down dip from surface. Within the great majority of these holes, multiple zones display high (hundreds of parts per million) to very high (thousands of parts per million) XRF values for the key Saddle pathfinder elements arsenic, lead, zinc and copper, which are strongly indicative of gold-silver content. Low XRF pathfinder values commonly manifest in the wallrock and postmineral dikes between these zones.
A second core drill was added to the program on Aug. 15, 2017, and both are currently active at Saddle South, where drilling is focused on extending the discovery down dip and along strike. Given the continuing drilling success, drilling is now targeted to continue as late in the season as the weather allows. If the weather is favourable, a further 6,000 metres of drilling beyond current levels are anticipated. The continuing diamond drill program is expanding upon the successful 28-hole, 1,527-metre program of reverse circulation drilling carried out in late June, the results of which were announced on July 25, 2017.
Core drilling has provided a greatly improved understanding of the geology and mineralization of the Saddle South prospect and indicates that the mineralized structural panel trends east-west and variably dips from 60 degrees to 80 degrees south. Diamond drill collars are predominantly located south of the projected surface trace of the structural panel, and are drilled to the north at varying dips. Holes are therefore ideally situated for intersecting the target optimally, resulting in intercepts that approach true widths in the minus-45-degree to minus-50-degree holes such as TTD007. Where topography presents challenges drilling to the north, such as on the west side of the Saddle South tableland, several recent holes have been successfully drilled due south.
Drilling to date also indicates that the structural panel hosting the gold and silver is occupied in part by steeply dipping dikes, which, depending on how they are intercepted in drilling, are believed to block out (in industry parlance, dike out) mineralization. The company has been able to successfully complete several holes from each pad and to follow the mineralization to depth. However, in practice this has meant that the steepest holes from each set-up, for example, holes TTD003 and TTD006, tend to drill subparallel to the dip of (and therefore along or within) the non-mineralized dikes. This outcome can be successfully avoided by stepping back and coming at the target with shallower-angle holes.
Ground-based induced polarization (IP) geophysics has demonstrated that the Saddle South mineralization is coincident with an excellent and quite focused IP and resistivity (low) response. The IP program carried out in June provided a view to only about a depth of 150 metres. As drilling to date suggests the Saddle South mineralization continues along strike and may have deep-seated roots, a program of deeper-looking borehole IP has just concluded at the Saddle South prospect, the results of which are being used to guide current drilling.
Selected samples of Saddle South drill core representative of the various styles of mineralization, alteration and host rocks were sent to a British Columbia lab for petrographic work. Some results from this work, including thin sections of the high-grade mineralization intercepted in TTD007, have now been received. These images clearly show the close association between gold, pyrite and chalcopyrite and have been posted to the company website for viewing.
Saddle North geophysics and drilling
An IP ground geophysical survey carried out in June this year revealed a large target comprising both chargeability and resistivity anomalies trending for more than a kilometre east under glacial cover from the known Saddle North gold-in-soil anomaly. The glacial cover is believed to in part mask the gold-in-soil geochemical response, giving it a discontinuous appearance. Because the IP target remained open off grid to the east at the close of the June program and because local outcrops in that area display attractive quartz-sericite-pyrite alteration, an additional 10 line-kilometres of IP was undertaken to the east of the June grid. The results of this work suggest the most prospective part of the anomaly, as defined by coincident geochemical and geophysical anomalies, is the narrower western arm which strikes into the known strong gold geochemical anomaly.
Prior to the expansion of the IP survey, two reconnaissance holes totalling 597 metres were completed late in July on the western arm of the IP anomaly and drilled to the northeast. The first hole, TTD011, encountered difficult ground conditions and was shut down not far short of the targeted IP high. Nonetheless, the hole achieved a narrow visual-plus-XRF intercept of Saddle-style mineralization, a photo of which may be downloaded from the company's website. A follow-up hole is planned to complete the testing of this portion of the IP target from a new pad to be set up to the northeast of the site of TTD011, drilling back, azimuth southwest.
A second reconnaissance hole, TTD012, drilled from a set-up 440 metres northwest of TTD011 and also drilled to the northeast, achieved its objective. This hole tested an IP response lower in intensity than that targeted by TTD011, in the process intercepting Saddle-style mineralization exhibiting a strong XRF response. Assays for this intercept are pending, but if, as expected, the intercept returns gold values, it will confirm the potential of Saddle North as a target of considerable importance.
Additional drilling in follow-up to the initial intercepts at the Saddle North target, which is located in the more sheltered valley bottom, is planned for September, when weather is expected to force withdrawal from the exposed higher elevations of Saddle South.
SADDLE SOUTH DIAMOND DRILL PROGRAM RESULTS
Hole ID From To Intercept Au Ag
(m) (m) (m) (g/t) (g/t)
TTD001 20.00 27.00 7.00 10.26 46.07
Including 20.00 24.88 4.88 14.12 65.51
Including 21.00 24.88 3.88 17.48 81.65
Including 21.00 23.00 2.00 19.73 152.85
Including 21.00 22.00 1.00 32.10 283.00
And 24.00 24.88 0.88 26.93 8.71
58.00 61.13 3.13 11.51 52.61
Including 59.00 60.00 1.00 29.50 109.00
TTD002 51.22 66.00 14.78 6.57 121.31
Including 57.00 66.00 9.00 9.99 198.24
Including 59.00 65.00 6.00 12.52 242.03
And 57.00 61.00 4.00 13.15 197.55
Including 59.00 61.00 2.00 15.83 269.50
Including 59.00 60.00 1.00 22.00 440.00
TTD003 Undercut to TTD002 -- near-vertical hole -- no significant
intercepts -- mostly drilled down near-vertical dikes
within mineralized zone
TTD004 43.00 48.00 5.00 5.93 18.58
Including 44.00 48.00 4.00 6.71 21.80
Including 46.00 47.00 1.00 8.70 42.50
74.00 93.00 19.00 3.69 5.75
Including 79.00 84.00 6.27 6.98 11.76
Including 81.00 84.00 3.00 9.01 10.50
Including 81.00 82.00 1.00 12.65 11.30
102.88 113.26 10.38 3.21 6.35
Including 102.88 106.13 3.25 6.06 8.09
Including 104.00 106.13 2.13 7.28 8.77
Including 105.00 106.13 1.13 8.09 10.6
116.23 119.33 3.10 9.93 16.86
Including 117.48 119.33 1.52 13.00 18.43
TTD005 44.00 51.79 7.79 5.38 6.99
Including 44.00 50.44 6.44 6.25 7.90
Including 46.50 50.44 3.94 7.66 11.52
Including 46.50 48.00 1.50 10.10 7.30
75.00 88.00 13.00 4.88 5.04
Including 79.00 88.00 9.00 6.29 6.13
Including 79.00 83.00 4.00 7.25 10.18
Including 81.00 82.00 1.00 13.40 19.70
And 86.00 88.00 2.00 9.52 4.00
Including 87.00 88.00 1.00 11.60 4.40
94.00 103.00 9.00 3.82 3.16
Including 99.00 103.00 4.00 6.39 4.55
Including 99.00 101.00 2.00 10.35 5.55
Including 100.00 101.00 1.00 17.20 9.60
105.94 108.07 2.13 8.28 4.02
112.88 120.00 7.12 4.01 22.92
Including 112.88 115.21 2.33 5.60 23.95
Including 112.88 114.00 1.12 6.59 30.60
And 118.03 119.24 1.21 9.10 25.50
TTD006 Undercut to TTD005 -- near-vertical hole -- mostly drilled down
near-vertical dikes within mineralized zone
147.92 149.00 1.08 7.66 -
165.06 165.88 0.82 6.50 -
TTD007 122.13 129.08 6.95 51.53 117.38
Including 122.75 129.08 6.33 56.22 128.88
Including 122.75 124.21 1.46 86.00 259.00
And 122.75 127.14 4.39 67.11 132.76
Including 125.00 127.14 2.14 72.64 74.34
TTD008 108.09 110.90 2.81 18.29 49.24
Including 109.18 110.90 1.72 29.23 79.75
Including 109.18 110.00 0.82 30.70 62.90
161.45 165.00 3.55 9.56 4.02
Including 161.45 162.85 1.40 22.20 7.90
Notes: Turnaround times for assays were unusually long in July and August
(over one month), due to an upsurge in exploration activity in British
Columbia. Widths reported are drilled core lengths. True widths are
estimated to be approximately 90 per cent of drilled lengths for
minus-45-degree holes, 70 per cent for minus-70-degree holes and about
50 per cent for minus-85-degree holes. All assays are performed by ALS
Canada Ltd., with sample preparation carried out at the ALS facility in
Terrace, B.C., and assays at the North Vancouver laboratory. Assay
values are uncut. Assay results presented are fire assay results only.
For gold, fire assays are performed as per ALS protocol Au-AA26 (0.01
gram per tonne to 100.00 grams per tonne gold) using 50 grams of sample,
with assays equal to or greater than five grams per tonne gold calculated
gravimetrically and lower-grade samples measured by atomic absorption (AA).
SADDLE SOUTH RC PROGRAM RESULTS
(REMAINDER OF CONCLUDED JUNE PROGRAM)
Hole ID From To Intercept Au Ag
(m) (m) (m) (g/t) (g/t)
TTR025 24.99 32.61 7.62 8.79 17.98
Including 28.04 29.57 1.53 37.90 85.00
Note: Assay quality control checks for reverse
circulation hole TTR025, drilled in late June, had
indicated potential contamination of a single
standard following in sequence a high-grade
intercept. Accordingly, the standard and five samples
on either side were rerun, resulting in an increase
to the gold grade, the final results for which are
presented in the table. True widths for the intercept
are estimated to be approximately 75 per cent. All
assays are performed by ALS Canada Ltd., with sample
preparation carried out at the ALS facility in
Terrace, B.C., and assays at the North Vancouver
laboratory. Assay values are uncut. Assay results
presented herein are fire assay results only. For
gold, fire assays are performed as per ALS protocol
Au-AA26 (0.01 gram per tonne to 100.00 grams per
tonne gold) using 50 grams of sample, with assays
equal to or greater than five grams per tonne gold
calculated gravimetrically and lower-grade samples
measured by atomic absorption (AA). Quality assurance/quality control procedures
GT Gold has implemented a rigorous quality assurance/quality control program to ensure best practices in sampling and analysis of reverse circulation chips and diamond drill core, the details of which can be viewed on the company's website.
Charles J. Greig, MSc, PGeo, vice-president, exploration, for GT Gold and the company's qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
We seek Safe Harbor.
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