VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 9, 2018) – GT Gold Corp. (“GT Gold” or the “Company”) (TSX VENTURE:GTT) is pleased to report additional assay results from the summer 2017 drill program at the Saddle gold-silver discovery, located on the Company’s 100%-owned Tatogga property in northwestern British Columbia, Canada. Drilling has expanded the Saddle South mineralized trend to the east and west, extending total strike length to more than 1,000 metres. Reconnaissance holes TTD059 and TTD061 were drilled 300 and 500 metres, respectively, to the east of previous drilling, and were designed to test geochemical and Induced Polarization (“IP”) anomalies on the eastern slopes of Saddle South ridge and the adjacent area. To the west, step-out hole TTD051, drilled due south from a set-up 190 metres west of previous drilling, tested for mineralization beneath thick glacial cover in the valley west and south of where the majority of Saddle South drilling was undertaken.
Hole TTD059: 12.12 g/t Au over 5.83 metres from 129.00 metres
- Including 20.34 g/t Au over 3.33 metres from 131.50 metres (est. true width 80%)
- Including 56.20 g/t Au over 0.84 metres from 131.50 metres
“These latest encouraging results, from both east and west of where the majority of our summer 2017 drilling occurred, confirm our belief that the Saddle South system has considerable strength along strike,” said Kevin Keough, President and CEO. “We look forward to following up as part of what promises to be a major exploration program at the Saddle prospect in 2018.”
Table 1 – Saddle South Diamond Drill Program Assay Results. Refer to drilling plan view for location of holes.
|TTD051||197.00||220.48||23.48||0.51||–||West step-out||Saddle Southwest|
|Including||200.23||200.89||0.66||3.82||–||Est. 80% true widths|
|TTD059||57.25||59.00||1.75||1.95||–||East recon||Saddle Southeast|
|And||80.85||81.41||0.56||5.35||–||Est. 80% true widths|
|TTD061||13.49||31.85||18.36||0.11||–||East recon. Saddle Southeast. In contrast to hole 59, hole 61 did not test the best gold-in-soil geochemistry. The broad, very low grade intersect is encouraging and a follow-up hole from a setup north of this is planned for summer 2018|
Significant intersects for three diamond drill holes, arranged by hole number are reported above. Widths reported are drilled core lengths. True widths are estimated to be approximately 80% of drilled lengths for the minus 45 to 50 degree holes in this news release.
Table 2 – Saddle South Diamond Drill Hole Details: Key information for the above three diamond drill holes, arranged by hole number, is reported below. Refer to drilling plan view for location of holes.
|Hole Number||Azimuth (degrees)||Dip
|UTM E||UTM N||Section|
A map of the drill hole locations and three drill sections are included below. The same map and sections, along with photos of core, camp and drill sites, can be obtained from the “Downloads” portion of the Company’s homepage (scroll down, left) at: http://www.gtgoldcorp.ca/.
Comments on Individual Drillholes:
Hole TTD051, a minus 50-degree hole drilled to the south, was designed to test for mineralization beneath deep glacial cover (a rock glacier) in the valley immediately west and south of where the majority of the drilling at Saddle South was undertaken. The hole intersected several intervals of strongly altered wallrock which hosted sulphide-bearing quartz-carbonate veins and vein breccias with associated Saddle South pathfinder elements As, Pb, Zn and Ag. Encouraging values were returned from a 23.48-metre interval (est. 80% true width), commencing at 197 metres, where generally very low (0.1 – 1 g/t Au) to low (1-3 g/t Au) grades were present, ranging to a high of 3.82 g/t Au over 0.82 metres from 200.23 metres. This zone was shaping up nicely when it was truncated downhole by a broad zone of post-mineral diking. Encouraging mineralization and alteration was, however, evident in the narrow wallrock between dykes which suggests the zone was otherwise present, but “dyked out” on this section. Three additional zones much farther down the hole (and much farther south) also returned low values over strong widths: 0.51 g/t Au was returned over 5.8 metres starting at 449.00 metres, including a high of 1.46 g/t Au over 0.60 metres from 451.40 metres; from 478.90 metres a 3.80-metre interval returned 0.67 g/t Au, including a high of 1.66 g/t Au over 0.90 metres from 481.80 metres; and from 489.00 metres a narrow 0.85 metre interval returned 1.27 g/t Au. All of the aforementioned intersections occur within host rocks for which geochemical alteration indices are both strongly developed and similar to those along trend to the east. This indicates that good exploration potential exists to the west along the Saddle South trend, as well as to the south, perhaps along a trend sub-parallel to that of Saddle South.
Hole TTD059 was drilled at minus 45 degrees to the southwest from a pad set up on the eastern slopes of the Saddle South ridge. The hole intersected fragmental volcanic rocks cut by numerous dykes and local monzonitic intrusions. Widely scattered very low (0.1 g/t to 1 g/t Au) to low (1-3 g/t Au) gold values were returned from much of its 274 metre length, with four notable exceptions: a single vein sample returning 5.35 g/t Au over 0.56 metres from 80.85 metres with associated strong copper; a second vein zone between about 105 and 114 metres with mostly sequential low (1-3 g/t Au) to strong (3-10 g/t Au) values and moderately strong Zn, Pb, As and Cu pathfinder elements; a third narrow vein over 0.95 metres from 125.05 metres which returned both a low (1-3 g/t Au) and a strong (3-10 g/t Au) value; and a fourth vein zone in the interval between 129 and 135 metres which returned four sequential strong (3-10 g/t Au) to high grade (>10 g/t Au) gold values, with one occurrence of visible gold and associated strong pathfinder geochemistry, hosted within quartz-carbonate pyrite veins. The first and fourth vein zones in this series are especially noteworthy for the combination of grades and true widths, which approximate 80% of the reported intersects. These very strong drill results, coupled with the broad area covered by both the IP chargeability and gold-in-soil geochemical anomalies on this “east side” of the Saddle South trend, indicate excellent exploration potential.
Hole TTD061, drilled due south at minus 48 degrees, returned scattered very low (0.1 g/t to 1 g/t Au) to low (1-3 g/t Au) grade assays over much of its length, with reasonably consistent clustering of very low grade values in the first 18.36 metres of the hole from 13.49 metres, followed by a narrow zone from 52.68 metres running 1.11 g/t Au over 1.03 metres, and thereafter by a broad 53-metre interval from 102.00 to 155.00 metres which averaged 0.23 g/t Au, including highs to 1.82 g/t Au over 0.64 metres from 105.00 metres and 1.48 g/t Au over 0.88 metres from 129.36 metres. Two additional narrow zones of plus 1 gram gold values were also cut further down-hole. All intersects in this hole were accompanied by generally elevated Zn, Pb, As and Cu pathfinders. These results are considered promising as the preferred planned hole for this target, which was to have been drilled from a set-up north of the pad for TTD061, could not be drilled due to end-of-program time constraints. The undrilled hole was intended to target a strong gold-in-soil geochemical anomaly akin to that targeted successfully by hole TTD059 located 200 metres to the west, and a stronger IP response at depth.
About the Saddle Discovery
The Saddle discovery is located in northwestern B.C. within 10 kilometres of paved highway 37 and a similar distance from grid power. Two broad styles of mineralization have been identified to date: high-grade epithermal gold-silver, and porphyry copper-gold +/- silver. Epithermal mineralization is of transitional low sulphidation type, with higher-grade sections characterized by semi-massive to massive quartz-carbonate sulphide veins and vein breccias dominated by pyrite with subordinated sphalerite, galena, chalcopyrite and local sulphosalts. Host rocks consist of fragmental volcanic and volcaniclastic rocks of the Lower Jurassic Hazelton Group. The porphyry-style intersects along the Saddle North trend are hosted by monzonitic intrusive rocks and the gold and copper values are not associated with the suite of pathfinder elements typically found with the epithermal-style mineralization found to the west along the Saddle North trend and at Saddle South. Rather, they bear greater similarities to largely intrusive-hosted mineralization in nearby Cu-Au porphyry systems, such as North Rok and Castle (Colorado Resources) and the Red Chris deposit (Imperial Metals), which all lie less than 25 kilometres distant.
GT Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of 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. Assay results presented below are fire assay results only. For gold, fire assays are performed as per ALS protocol Au-AA26 (0.01-100.00 g/t Au) using 50 grams of sample with assays equal to or greater than 5 g/t Au calculated gravimetrically, and lower-grade samples measured by (AA) atomic absorption.
Charles J. Greig, M.Sc., P.Geo., Vice President, Exploration for GT Gold and the Company’s Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/FIGURE1_1106535.jpg
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/FIGURE2_1106535.jpg
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/FIGURE3_1106535.jpg
To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/FIGURE4_1106535.jpg
Kevin M. Keough
President and Chief Executive Officer
Tel: (613) 832-4592
GT Gold Corp.
Charles J. Greig, P.Geo
Vice President, Exploration
Tel: (250) 492-2331