BURLINGTON, ONTARIO--(Marketwired - Sept. 22, 2014) - GTA Resources and Mining Inc. (TSX VENTURE:GTA) is pleased to announce that a program of prospecting and drill core sampling is in progress on its Ivanhoe Property located near the town of Foleyet in northern Ontario. The 100 sq. km. (616 claim units) property is located between Probe Mines Limited's new gold discovery at Borden Lake and the prolific Timmins Gold Camp.
Geologically, the Ivanhoe Property is located in the western portion of the Swayze Greenstone belt, proximal to the Kapuskasing High metamorphic terrain. It is underlain by rocks typical of the Timmins gold camp, and includes variably altered and deformed mafic and ultramafic volcanic rocks, intermixed with Timiskaming-type conglomerates and porphyry intrusives. GTA interprets the western extension of the Destor Porcupine Fault Zone to extend across the Ivanhoe Property. The north part of the Property is underlain by the Slate Rock Lake deformation zone and associated porphyries.
Two areas of anomalous gold mineralization are known from previous work carried out on the Property in the 1980s but are poorly documented in the existing Ontario MNDM assessment file data base. The Utah Gold Zone was discovered in 1986 by Utah Mines Limited while testing an induced polarization chargeability anomaly. The zone is described as a highly sheared, siliceous carbonate sericite zone containing pyrite and arsenopyrite mineralization over widths up to 20 meters. The second zone, Slate Rock Porphyry, located 5 km west of the Utah zone mineralization, exhibits porphyry style mineralization over a 150 meter core width and was drill tested by B.P. Resources Limited in 1986. Both zones are completely open and appear to be traceable with existing ground geophysical data.
GTA has located drill core from the 1986 drilling in the Timmins core library and it has been made available for additional sampling by GTA. This sampling consists of both quarter splitting previously sampled core and half splitting core that was previously not sampled. One hundred and forty-three (143) split core samples from the historic drill holes have been sent for gold analysis and results are pending.
GTA has also begun field work at Ivanhoe, which to date has focused on prospecting along the north part of the Property. A total of 123 prospect samples have been sent for gold analysis and results are pending. The prospecting/sampling program is continuing. Results will be reported as they are received.
GTA is fully funded for this prospecting and drill core sampling program, having raised flowthrough funds earlier this fall (see GTA's press release of August 5, 2014).
Robert Duess, P. Geo, VP Exploration for GTA and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.
About GTA
GTA is a well funded publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold and graphite in Canada.
GTA is a tightly held company having 30,906,855 shares outstanding of which insiders control approximately 22% of the outstanding shares. The Company's shares trade on the TSX Venture Exchange under the symbol "GTA".
On behalf of the board of directors
GTA Resources and Mining Inc.
Wayne Reid, President and CEO
For more information, please visit the corporate website at gtaresources.com
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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.