GT Gold Mobilizes a Third Drill to its Tatogga Project
VANCOUVER, Aug. 15, 2019 - GT Gold Corp. (TSX-V:GTT) (the “Company” or “GT Gold”) is pleased to announce that it has mobilized a third drill to its Tatogga project and that it will be operational by mid-August.
“The 2019 season is off to an excellent start,” said Charles Greig, Vice President of Exploration. “The third drill gives us flexibility to test additional targets on the large Tatogga property while maintaining our focus on what’s most important, Saddle North.”
GT Gold’s Phase 1 exploration program is now complete. Soil and stream sediment sampling is largely complete, and we anticipate receipt of these results over the next several weeks. The Company released the first set of drill results on July 17, 2019 (see news) and is expecting to release the next set of results in early September.
GT Gold’s Tatogga Project lies in the northern part of northwest B.C.’s prolific Golden Triangle. The property features district scale exploration potential, with two recent discoveries, Saddle North and Saddle South, along with a third target, Quash-Pass, which is close to being drill-ready. All lie close to Highway 37 and to grid power that leads to the Red Chris copper-gold mine, which lies approximately 20 km to the southeast. GT Gold is well funded, with a current cash position of approximately C$17.8 million.
Initial drilling at Saddle North followed indications from early rock and soil geochemical sampling, geology, and geophysical work which outlined a kilometre-scale geochemical, magnetic and Induced Polarization (IP) chargeability anomaly coincident with local exposure of quartz-sericite-pyrite altered rocks. Reconnaissance holes TTD062 and 064, completed late in the 2017 drilling season, indicated the presence of a copper-gold porphyry system that bore some similarities to the nearby Red Chris copper-gold mine.
GT Gold’s 2018 program demonstrated the potential for a significant copper-gold porphyry system at Saddle North, with grades exceeding 1.0% CuEq1 and 1.5 g/t AuEq1 in a higher-grade core zone (see news January 9, 2019). It also showed that this core zone reached from near surface (hole TTD108) to greater than 1,300 metres down-dip, where it remains open. True thickness of the core zone is approximately 100 metres in hole TTD108, at a depth of 200m. Copper equivalent grade appears to increase with depth, and in mineralized thickness increases to greater than 300 metres in holes TTD093 and TTD109. The 2018 results also demonstrated that the high-grade core zone extends along strike at least 500 metres (to hole TTD102) and that it lies within a much broader, strongly mineralized envelope with a drilled strike length in excess of 650 metres, a true width of approximately 700 metres, and a down-dip extent of more than 1,300 metres. This large, high-grade copper-gold mineralized zone generally appears to trend northwest-southeast and to dip steeply to the west-southwest, while the central higher-grade core zone may plunge similarly west-southwest or perhaps more southerly.
The results from the first six holes of GT’s 2019 program confirmed that the high grades identified in 2018 Saddle North hole TTD108 continue up-dip to surface, and showed, through hole TTD112, that a direct link of excellent and increasing grades exists between the near-surface mineralization through moderate depths to the deeper and generally highest grade mineralization at Saddle North. Saddle North mineralization remains open in most directions, and a number of excellent targets remain to be tested, both peripheral to the Saddle North mineralized zone, and farther afield.
1 January 4, 2019 intra-day spot prices used to calculate CuEq and AuEq are: Cu: $2.57/lb, Au: $1,294.80/oz, Ag: $15.65/oz. All values are reported in USD and do not consider metal recoveries
Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
About GT Gold
GT Gold Corp. is focused on exploring for base and precious metals in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 46,827 hectare Tatogga property, located near Iskut, BC, upon which it achieved two significant discoveries in 2017 and 2018 at its Saddle prospect: a near surface bulk-tonnage and potential deep high-grade underground-style epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a large-scale, richly mineralized porphyry gold-copper-silver mineralized intrusion.
For further information, please contact:
|GT Gold Corp. |
President and Chief Executive Officer
Tel: (647) 256-6752
|GT Gold Corp. |
Charles J. Greig, P.Geo
Vice President, Exploration
Tel: (250) 492-2331
|GT Gold Corp. |
Director, Corporate Development
Tel: (647) 256-6754
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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.