GTA Mining and Resources Inc. ("GTA" or the "Company") (TSX VENTURE:GTA) reports
the results of an initial National Instrument 43-101 ("NI 43-101") mineral
resource estimate for the Afric Zone on the Northshore Property located near
Schreiber, Ontario, Canada. The Property is located in Priske Township,
approximately 200 km east of Thunder Bay, and 100 km west of Hemlo, Ontario.
HIGHLIGHTS INCLUDE: (using a cutoff grade of 0.50 grams gold per tonne)
-- Indicated Category: 391,000 ounces gold in 12,360,000 tonnes at a grade
of 0.99 g/t gold
-- Inferred Category: 824,000 ounces gold in 29,580,000 tonnes at a grade
of 0.87 g/t gold
-- All resources are open for expansion
The mineral resource estimates have been prepared by Mr. Gary Giroux, MASc.,
P.Eng. of Giroux Consultants Ltd., Vancouver, British Columbia, and Mr. Doug
Blanchflower, P. Geo., of Minorex Consulting Limited, Aldergrove, British
Columbia. Both Messrs. Giroux and Blanchflower are qualified persons, and are
independent of GTA.
The resource estimate is based on a drilling database including a total of
13,777 samples from 100 diamond drill holes, representing approximately 19,448
metres of drilling. The drilling includes surface holes completed from the 1990s
through 2013. Of these, 53 drill holes totaling 13,000 metres were completed by
GTA from 2011 to 2013. The mineral resource is constrained by wireframes of the
favourable host lithologies. Both the indicated and inferred resources were
calculated using the GTA holes, as well as the historical data, which included
drill holes completed since 1990. Some of the historic holes were not under the
same "QA - QC" scrutiny as the GTA drilling programs. Gold grades were
interpolated into 10-by-10-by-5-metre blocks using a combination of ordinary
kriging ("OK") and indicator kriging ("IK") estimation methods.
Further details of the resource estimate, including inferred and indicated
categories, and using cut-off grades ranging from 0.20 to 1.20 g/t gold are
summarized in the following tables.
INDICATED RESOURCES (Afric Zone)
-------------------------------------------------------
Cut Off
Grade Gold Grade Contained
(g/t Au) Tonnage (g/t) Ounces
-------------------------------------------------------
0.20 27,980,000 0.61 549,000
-------------------------------------------------------
0.50 12,360,000 0.99 391,000
-------------------------------------------------------
0.80 6,650,000 1.28 275,000
-------------------------------------------------------
1.20 2,560,000 1.78 147,000
-------------------------------------------------------
INFERRED RESOURCES (Afric Zone)
------------------------------------------------------------
Cut Off Grade Gold Grade Contained
(g/t Au) Tonnage (g/t) Ounces
------------------------------------------------------------
0.20 63,490,000 0.58 1,184,000
------------------------------------------------------------
0.50 29,580,000 0.87 824,000
------------------------------------------------------------
0.80 12,090,000 1.22 472,000
------------------------------------------------------------
1.20 4,210,000 1.73 233,000
------------------------------------------------------------
MINERAL RESOURCE NOTES AND PARAMETERS
1. A top cut of 180 gpt was applied to Au assays before compositing (only 2
samples were above the cap grade).
2. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
socio-political, marketing, or other relevant issues. Mineral resource
estimate figures may not total due to rounding issues.
3. The quantity and grade of reported inferred mineral resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category.
4. The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council November 27, 2010.
5. Resources were estimated using 2.5-metre composites within a Block Model
with block dimensions of 10x10x5m, and using a combination of ordinary
kriging ("OK") and indicator kriging ("IK") grade interpolation method.
Seven overlapping grade intervals were identified within the block
model. The lower and higher grade mineralized intervals were subdivided
at a statistically-determined grade of 1.4 gpt gold. Without
comprehensive metallurgical results, recoveries were assumed to be 100%.
6. Mineral resources were classified as Indicated if estimated in the first
two passes using search dimensions up to 1/2 the semivariogram range. A
minimum of four composites from at least two different holes were
required within the search ellipse to estimate a block. All other blocks
were classified as Inferred.
GTA is encouraged with this initial resource estimate as it not only exceeds
management's expectations, but it also exceeds the historical resources
estimated by Noranda Explorations in the early 1990's. The above table shows
both indicated and inferred gold mineral resources for the Afric Zone at various
incremental gold cut-off grades. The cut-off grade of 0.50 gpt gold was
highlighted as it is believed that this value represents a reasonable cut-off
grade for exploiting a bulk tonnage gold deposit, such as the Afric Zone,
located in northern Ontario with excellent existing infrastructure. The table
also shows a cut-off grade of 0.20 gpt gold with an estimated contained inferred
mineral resource of over 1.1 million ounces of gold (63,490,000 tonnes grading
0.58 gpt) and an indicated resource of over 0.5 million ounces gold (27,980,000
tonnes grading 0.61 gpt). These results clearly show that the Afric Zone is a
significant, large intrusive-related gold system with a higher grade inner gold
zone.
Gold mineralization within the Afric Zone is hosted within widespread sections
of quartz carbonate, pyrite, tourmaline, sericite, (and localized potassic)
altered felsic to intermediate intrusive and porphyritic rocks. These rocks
exhibit brittle deformation and fracturing, and host quartz and quartz carbonate
veins, veinlets, stringers and fracture infillings. These fracture infillings
are mineralized with pyrite, with minor to trace amounts of chalcopyrite,
sphalerite, galena, and molybdenite. Multiple occurrences of visible gold were
observed in drill core from many of the holes drilled by GTA.
"We are very pleased with these initial resource estimates, as the data further
strengthens our confidence in the Afric Zone, and allows us to advance to the
next stage of evaluating options regarding exploiting the deposit," stated Wayne
Reid, President and CEO of GTA. "This is the first time that a NI
43-101-compliant resource has been estimated on the Afric Zone, and we were able
to complete this maiden resource in just over 2 years from the commencement of
our initial drill program. Going forward, we will focus on expanding the zone
and scoping out the economic potential of both the bulk tonnage Afric Zone and
the near surface higher grade mineralization within the central part of the
zone."
A copy of the full mineral resource estimate will be available in a NI
43-101-compliant report on the SEDAR website within 45 days of this press
release. That report is being prepared by Doug Blanchflower, P.Geo. of Minorex
Consulting Limited and Gary Giroux, MASc., P.Eng. of Giroux Consultants Ltd. The
mineral resource estimates, which are effective today, are based on geological
interpretations and data provided by the Company. Gary Giroux is an "independent
qualified person" for the purposes of NI 43-101 Standards of Disclosure for
Mineral Projects of the Canadian Securities Administrators and has verified the
mineral resource data disclosed in this release. Doug Blanchflower, P.Geo., of
Minorex Consulting Ltd. and an 'independent qualified person" for the purposes
of NI 43-101 Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators, has verified the sampling procedures and QA/QC data
delivered to Giroux Consultants Ltd., and is of the opinion that the data are of
good quality and suitable for use in the mineral resource estimates.
GTA's 2013 drill program also confirmed the presence of high grade gold
mineralization in a vein system north of the Afric Zone, and south of the main
Northshore Vein (underground workings). This recently discovered vein, termed
the "Gino Vein", has not been included in the 2014 resource estimates.
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. Messrs.
Giroux and Blanchflower approved the disclosure of the technical information
contained in this press 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 currently has three exploration focused
projects in its portfolio. Its flagship project, the Northshore Property,
located near Schreiber, Ontario, is subject to an option agreement with Balmoral
Resources Ltd. (TSX VENTURE:BAR) whereby GTA can earn up to a 70% interest.
Secondly, the 100% owned Auden Property, is located near Hearst, Ontario and
consists of 1748 claim units covering virtually an entire greenstone belt and
hosting a number of graphite, gold, base metal and PGE targets. The third
project, the Ivanhoe Property, is comprised of a large land package near the
town of Foleyet in northern Ontario. The 94.6 sq. km. property is located
between Probe Mines Limited's new gold discovery at Borden Lake and the prolific
Timmins Camp.
GTA is a tightly held company having only 26,931,855 shares outstanding of which
insiders control approximately 30% 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 www.gtaresources.com.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
GTA Resources and Mining Inc.
Wayne Reid
President and CEO
709 699 1733
www.gtaresources.com
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