VANCOUVER, British Columbia, Dec. 13, 2018 (GLOBE NEWSWIRE) -- GT Gold Corp. (“GT Gold” or the “Company”) (TSX.V: GTT) is pleased to announce positive assay results for four additional holes from its Saddle North porphyry Au-Cu-Ag discovery on its wholly-owned Tatogga property in British Columbia’s Golden Triangle. The latest holes, coupled with previously-released results, demonstrate that a 300 to 500 metre thick (true width) high-grade mineralized zone is continuous along a dip extent from surface to more than 1,000 metres depth. The high-grade core zone has a strike extent of a minimum of 500 metres (for details on past results refer to press releases of September 10, October 10 and November 19, 2018). This high-grade core zone sits within a much broader mineralized envelope which has a drilled strike length now in excess of 650 metres, a true width of approximately 700 metres, and a down-dip extent of more than 1,200 metres. Given the extent of mineralization within the southeasternmost holes (TTD107 and 098), the Saddle North system remains open for expansion both along strike and down-dip, with results still pending for the final hole drilled (TTD109) in the 2018 program.
Highlights
- TTD106: 0.24 g/t Au, 0.21% Cu, 0.51 g/t Ag (0.37% CuEq; 0.56 g/t AuEq1) over 532.73 metres2 from 20.27 to 553.00 metres
° Including 0.41 g/t Au, 0.34% Cu, 0.85 g/t Ag (0.61% CuEq; 0.93 g/t AuEq) over 114.50 metres from 328.50 to 443.00 metres - TTD107: 0.17 g/t Au, 0.17% Cu, 0.34 g/t Ag (0.28% CuEq; 0.43 g/t AuEq) over 546.50 metres from 265.50 to 812.00 metres
- TTD108: 0.43 g/t Au, 0.32% Cu, 1.09 g/t Ag (0.61% CuEq; 0.93 g/t AuEq) over 323.84 metres from 4.07 to 327.91 metres
° Including 0.54 g/t Au, 0.37% Cu, 1.21 g/t Ag (0.73% CuEq; 1.11 g/t AuEq) over 246.81 metres from 81.10 to 327.91 metres
° Including 1.48 g/t Au, 0.82% Cu, 2.33 g/t Ag (1.81% CuEq; 2.75 g/t AuEq) over 30.78 metres from 240.00 to 270.78 metres
° Including 0.83 g/t Au, 0.52% Cu, 1.39 g/t Ag (1.07% CuEq; 1.63 g/t AuEq) over 116.91 metres from 211.00 to 327.91 metres - TTD110: 0.33 g/t Au, 0.20% Cu, 0.49 g/t Ag (0.42% CuEq; 0.63 g/t AuEq) over 545.55 metres from 32.50 to 578.05 metres
° Including 0.40 g/t Au, 0.26% Cu, 0.59 g/t Ag (0.52% CuEq; 0.79 g/t AuEq) over 318.55 metres from 259.50 to 578.05 metres
“As with the previous holes from Saddle North, these four holes deliver exceptional porphyry-style gold-copper intercepts that considerably advance the project,” commented Charles Greig, Vice-President of Exploration for GT Gold. “The three northerly holes - 106, 108 and 110 - are particularly significant as they link the higher-grade parts of holes 93, 85, and 90 to the south and east, and hole 102 to the north and west. Within holes 93, 106 and 108, continuity of the higher grades up-dip to surface is now also apparent. The resulting picture is a broad zone of high-grade stockwork and sheeted vein mineralization in place at surface, extending more than 1,000 metres to depth and broadening out along strike; grades within it also apparently increase to depth. We now eagerly anticipate the results of our deepest hole, TTD109, which is testing our high-grade core down-dip of holes 93 and 85.”
Complete assay results for holes TTD106 and TTD108 (drilled on section 5740 up-dip of previously released hole TTD093), TTD110 (drilled on section 5620 up-dip of previously released hole TTD102), and TTD107 (drilled on section 5830 and crossing previously released hole TTD098) are presented in Table 1 of this press release, along with a drilling plan view (Figure 1) and three cross-sections (Figures 2-4).
Table 1. Saddle North Hole TTD106, TTD107, TTD108, and TTD110 Assay Results. For hole locations, dips and azimuths, please refer to the accompanying drilling plan view (Figure 1) and drill sections (Figures 2, 3 and 4), as well as Table 2, below. Widths reported are drilled core lengths. True widths are estimated at approximately 85% of drilled lengths.
| Hole TTD106 | From (m) | To (m) | Interval2 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEq1 (%) | AuEq1 (g/t) |
| Interval | 20.27 | 553.00 | 532.73 | 0.24 | 0.21 | 0.51 | 0.37 | 0.56 |
| Including | 86.82 | 443.00 | 356.18 | 0.25 | 0.23 | 0.59 | 0.40 | 0.61 |
| Including | 228.00 | 443.00 | 215.00 | 0.34 | 0.29 | 0.74 | 0.52 | 0.78 |
| Including | 328.50 | 443.00 | 114.50 | 0.41 | 0.34 | 0.85 | 0.61 | 0.93 |
| Also including | 505.27 | 553.00 | 47.73 | 0.49 | 0.36 | 0.71 | 0.69 | 1.04 |
| Hole TTD107 | From (m) | To (m) | Interval2 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEq1 (%) | AuEq1 (g/t) |
| Interval | 265.50 | 812.00 | 546.50 | 0.17 | 0.17 | 0.34 | 0.28 | 0.43 |
| Including | 625.40 | 698.05 | 72.65 | 0.24 | 0.30 | 0.51 | 0.46 | 0.69 |
| Hole TTD108 | From (m) | To (m) | Interval2 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEq1 (%) | AuEq1 (g/t) |
| Interval | 4.07 | 327.91 | 323.84 | 0.43 | 0.32 | 1.09 | 0.61 | 0.93 |
| Including | 81.10 | 327.91 | 246.81 | 0.54 | 0.37 | 1.21 | 0.73 | 1.11 |
| Including | 211.00 | 327.91 | 116.91 | 0.83 | 0.52 | 1.39 | 1.07 | 1.63 |
| Including | 240.00 | 270.78 | 30.78 | 1.48 | 0.82 | 2.33 | 1.81 | 2.75 |
| Hole TTD110 | From (m) | To (m) | Interval2 (m) | Au (g/t) | Cu (%) | Ag (g/t) | CuEq1 (%) | AuEq1 (g/t) |
| Interval | 32.50 | 578.05 | 545.55 | 0.33 | 0.20 | 0.49 | 0.42 | 0.63 |
| Including | 124.00 | 578.05 | 454.05 | 0.36 | 0.22 | 0.54 | 0.46 | 0.70 |
| Including | 259.50 | 578.05 | 318.55 | 0.40 | 0.26 | 0.59 | 0.52 | 0.79 |
| Including | 373.50 | 578.05 | 204.55 | 0.44 | 0.30 | 0.66 | 0.59 | 0.90 |
| Including | 508.50 | 578.05 | 69.55 | 0.56 | 0.37 | 0.859 | 0.75 | 1.13 |
| 1. Prices used to calculate CuEq and AuEq are: Cu: $2.64/lb, Au: $1,194.70/oz, Ag: $14.17/oz. All values are reported in USD and do not consider metal recoveries | ||||||||
| 2. Widths reported are drilled core lengths. True widths are estimated to be approximately 85% of drilled lengths | ||||||||
| Table 2 – Saddle North Collar Information: Refer also to the accompanying drilling plan view and drill sections | |||||||
| Hole Number | Azimuth (degrees) | Dip (degrees) | Length (m) | Elevation (m) | UTM E | UTM N | Section |
| TTD106 | 25 | -60 | 597 | 1617 | 435978 | 6408393 | 5740 |
| TTD107 | 25 | -60 | 861 | 1655 | 436003 | 6407884 | 5830 |
| TTD108 | 50 | -45 | 348 | 1643 | 436065 | 6408487 | 5740 |
| TTD110 | 25 | -60 | 621 | 1623 | 435855 | 6408442 | 5620 |
Saddle North Geology
The Saddle North intrusive complex appears to be similar lithologically to the nearby Red-Chris porphyry system, 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, and are commonly strongly altered by potassic (magnetite, potassium feldspar, biotite) or chlorite-sericite-silica alteration assemblages. The intrusive rocks 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.
QA/QC Procedures
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.
Qualified Person
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 the program of expansion drilling currently underway.
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 |
| Website: www.gtgoldcorp.ca | ||
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.