VANCOUVER, British Columbia, Jan. 09, 2019 (GLOBE NEWSWIRE) — GT Gold Corp. (“GT Gold” or the “Company”) (TSX.V: GTT) is pleased to announce that the final and deepest hole of the Company’s 2018 Saddle North porphyry drill program, hole TTD109, has returned the strongest intercept to date. The results confirm the presence of a high-grade stockwork- and sheeted vein-rich “core zone” encompassing grades exceeding 1.0% CuEq2 and 1.5 g/t AuEq2 on Section 5740 (see Figures 1-2), which reaches from near surface (hole TTD108) to greater than 1,300 metres down-dip, where it remains open, with associated true widths that approximate 100 metres near surface in hole TTD108, expanding with depth to greater than 300 metres in holes TTD093 and, 300 metres farther down-dip, in TTD109.
Results from the previous 10 holes at Saddle North (see news Sept. 10, Oct. 10, Nov. 19 and Dec. 12) demonstrate that this high-grade core zone extends to at least 500 metres of strike (e.g., hole TTD102), and that it lies within a much broader, strongly mineralized envelope which has 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. A full geological compilation and interpretation is now well underway, and planning has begun for the 2019 drill campaign. Results for the remaining 22 holes from the Saddle South target area are expected prior to the end of January.
- TTD109: 0.62 g/t Au, 0.36% Cu, 1.17 g/t Ag (0.82% CuEq2; 1.12 g/t AuEq2) over 1149.70 metres1 from 11.33 to 1161.00 metres
- Including 0.84 g/t Au, 0.44% Cu, 1.52 g/t Ag (1.07% CuEq; 1.46 g/t AuEq) over 776.58 metres from 384.42 to 1161.00 metres
- Including 1.28 g/t Au, 0.57% Cu, 2.30 g/t Ag (1.53% CuEq; 2.08 g/t AuEq) over 342.50 metres from 740.00 to 1082.50 metres
“As with previous holes from Saddle North, our final hole of the 2018 Saddle North drill program delivers an exceptional porphyry-style gold-copper intercept and it’s a great way to begin 2019,” says Charles Greig, Vice-President of Exploration for GT Gold. “Hole 109 confirms we have a large, high-grade system with grades increasing to depth. With broad intercepts of mineralization returning grades in excess of 1.0% or 1.5% CuEq in holes 93 and 109, we are excited by the prospects for what may lie even deeper in this system. In just our first eleven holes at Saddle North we have outlined a truly significant copper-gold mineralized system consisting of a large, northwest-southeast trending zone encompassing an extensive high-grade core dipping and/or plunging steeply west-southwest. As hole 108 has already shown, the higher-grade mineralization comes very close to surface, and a high-grade core, hundreds of metres thick, has now been demonstrated in our deeper holes.”
Complete assay results for hole TTD109 are presented in Table 1 below, along with a drilling plan view (Figure 1) and a cross-section (Figure 2).
Table 1. Saddle North Hole TTD109 Assay Results. For hole location, dip and azimuth, please refer to the accompanying drilling plan view (Figure 1) and drill section (Figure 2), as well as Table 2, below. Widths reported are drilled core lengths. True widths are estimated to be approximately 65% of drilled lengths.
1. Widths reported are drilled core lengths. True width is estimated to be approximately 65% of drilled length
2. 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
Table 2 – Saddle North Collar Information: Refer also to the accompanying drilling plan view and drill section
|Hole Number||Azimuth (degrees)||Dip (degrees)||Length (m)||Elevation (m)||UTM E||UTM N||Section|
Saddle North Geology
The Saddle North intrusive complex appears to be similar lithologically to the porphyry system at the nearby Red-Chris mine, but with high-K calc-alkalic rocks predominating. The host intrusive rocks comprise fine-grained equigranular to crowded hornblende feldspar porphyritic (quartz) monzonite or monzodiorite bodies, locally rich in sub-round inclusions. The youngest intrusive phase, a relatively narrow and variably mineralized inter-mineral coarse hornblende plagioclase porphyry, which is recognized in hole TTD109 and the other holes on section 5740, is better-mineralized in the deeper holes (e.g. TTD109 and 093). This appears to contribute significantly to the increase in grade with depth. Along with chalcopyrite:pyrite ratios increasing in that direction and the potential for a deeper bornite zone, the prospects for further grade increases deeper in the system are excellent.
The intrusive rocks at Saddle North are variably and commonly strongly altered by potassic (magnetite, potassium feldspar, biotite) or chlorite-sericite-silica alteration assemblages. They appear to be bound on either side by relatively intense phyllic alteration assemblages (quartz-sericite-pyrite), as well as by peripheral propylitic assemblages (chlorite, epidote, +/- pyrite), mainly developed in Upper Triassic lapilli tuff or reworked lapilli tuff (debris flow conglomerate) of intermediate to mafic composition. Mineralization occurs in quartz-magnetite-pyrite-chalcopyrite veins and as closely associated disseminations, with the principal sulphide phases being pyrite and chalcopyrite.
GT Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of diamond drill core, the details of which can be viewed on the Company’s website at http://www.gtgoldcorp.ca/projects/tatogga/.
All assays are performed by ALS Canada Ltd., with sample preparation carried out at the ALS facility in Terrace, BC, and assays at the North Vancouver laboratory. Assay values are uncut. For gold, fire assays are performed as per ALS method Au-AA26 (0.01-100.00 g/t Au) using 50 grams of sample measured by atomic absorption (AA). Assays equal to or greater than 100 g/t Au are reanalyzed gravimetrically by method Au-GRA22. Silver and copper are analyzed by ALS method ME-MS61 with a 4-acid digestion followed by ICP-MS analysis.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About GT Gold
GT Gold Corp. is focused on exploring for metals in the geologically fertile terrain of British Columbia’s renowned Golden Triangle. The Company’s flagship asset is the wholly-owned, 45,847-hectare Tatogga property, located near Iskut, BC, upon which it achieved in 2017 two major discoveries 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. The Company has the backing of major institutions and key Canadian investors and is fully funded into 2019 .
For more information please contact:
|GT Gold Corp.||GT Gold Corp.||GT Gold Corp.|
|Steve Burleton||Charles J. Greig, P.Geo||Amandip Singh|
|President and Chief Executive Officer||Vice President, Exploration||Director, Corporate Development|
|Tel: (647) 256-6754||Tel: (250) 492-2331||Tel: (647) 256-6754|
Cautionary Statement Regarding Forward Looking Statements
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.