VANCOUVER, British Columbia, April 24, 2018 (GLOBE NEWSWIRE) -- GT Gold Corp. (“GT Gold” or the “Company”) (TSXV:GTT) is pleased to announce plans (map, below) for 18,000 metres of drilling this summer at its high-profile Saddle gold discovery in British Columbia’s prolific Golden Triangle. The program will focus on expanding the 2017 gold-silver and copper-gold-silver discoveries at the Saddle discovery area. The Company will test along strike both east and west from the near surface Saddle South (West Side) high-grade vein zone, as well as the continuity of mineralization along the nearby 2.5 km-long Saddle North trend, including the very large-scale Saddle Porphyry target anchoring the central and eastern parts of the trend. Two core drills will be utilized during the summer program. Camp mobilization is slated to begin June 1, two weeks earlier than last year, with plans to construct a more weather-resistant camp to support an extended drilling season.
The summer 2018 plan is projected to cost $6.8 million and is fully funded. The Company presently has $9 million in its treasury with the potential for an additional $873,000 from the exercise of in-the-money 20 cent warrants, which expire this year.
Saddle South Trend
GT Gold’s 2017 drill campaign on the Tatogga property resulted in the discovery, along the Saddle South trend, of gold-silver veining over a strike length of one km and to a drilled depth of over 500 metres. Drilling largely focused on the western part of the Saddle South trend where a moderately westward-plunging zone (Saddle South, West Side) was delineated with dimensions roughly 500 metres east-west by 150 metres north-south. The Saddle South West Side zone is associated with a strong gold-in-soil anomaly and comes to surface. It encompasses a well-developed network of gold and silver bearing quartz-carbonate-sulphide veins that to date has shown excellent lateral and depth continuity. Selected intercepts within this broad zone returned up to 51.53 g/t Au over 6.95 metres in hole TTD007. The Company intends to test the strike extension of the Saddle South West Side zone farther to the west, beneath transported cover, and also test eastward along trend where reconnaissance drilling in 2017 (Saddle South East Side) yielded intercepts up to 12.12 g/t Au over 5.83 metres in core hole TTD059.
Saddle North Trend
Very late in the 2017 drilling season, reconnaissance hole TTD062 discovered intrusive hosted porphyry style mineralization beneath thick glacial cover toward the eastern end of the Saddle North trend (see news, Dec. 13, 2017). Grades in TTD062 strengthened steadily with depth, with the last 33.73 metres returning 0.22 g/t Au, 0.36 g/t Ag, and 0.24% Cu. The entire 210.53 metre intercept from bedrock surface ran 0.14 g/t Au, 0.28 g/t Ag, and 0.16% Cu, with alteration mineralogy suggestive of proximity to an intrusive centre. One kilometer west along trend, hole TTD064 also intercepted intrusive hosted mineralization that returned 1.35 g/t Au, 1.42 g/t Ag, and 0.37% Cu over 18.40 metres, including 7.40 metres of 2.28 g/t Au, 2.03 g/t Ag, and 0.56% Cu that was coincident with porphyry-style sheeted chalcopyrite-quartz veins. Work undertaken by the Company on core from holes TTD062 and 064 shows similarities in the host rocks, and in the styles of mineralization and alteration, to the nearby Red Chris copper-gold mine, where grade also strengthens considerably with depth. The Company intends to deepen discovery hole TTD062 and, if results are encouraging, to drill step out holes. At the west end of the Saddle North trend, wide-spaced drilling in 2017 identified an additional zone, or zones, of vein hosted gold-silver mineralization (Saddle North, West End) with characteristics similar to Saddle South. This area will also be further evaluated in the upcoming drill program.
The Company believes that the sub-parallel precious metal vein systems at Saddle South (West Side, East Side) and Saddle North (West End) possibly represent a hydrothermal system related to a porphyry system, and perhaps that anchoring the central and eastern parts of the Saddle North trend. The strike extent of precious and base metal mineralization identified in the 2017 drill program is approximately 2 km along the Saddle North trend, and 1 km along the Saddle South trend. Both trends remain open along strike and, given the extensive glacial cover, are believed to offer considerable exploration potential.
Commenting on the Saddle exploration plans, Kevin Keough, President & CEO, stated, “We’re excited to be ramping up again for another season of work at Saddle. We intend to focus on expanding the precious metal vein zones but also to test the copper-gold-silver porphyry system. The results of this season’s work will then be combined with the 2017 results with the goal of completing a compliant resource calculation for delivery early in 2019.”
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.
For more information please contact:
GT Gold Corp.
Kevin M. Keough
President and Chief Executive Officer
Tel: (613) 622-1916
Website: www.gtgoldcorp.ca
GT Gold Corp.
Charles J. Greig
Vice President, Exploration
Tel: (250) 492-2331
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.
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